Both Maryland Lottery and Gaming and the North Carolina State Lottery Commission reported collective sportsbook holds above 10% for March as operators are showing early signs of notable year-over-year revenue increases.
The 6.3% nationwide hold last March was the low point of 2025, as sportsbooks watched the betting public fare unusually well thanks to a Final Four comprised entirely of No. 1 seeds. This time around, operators got an early boost when defending champion and South Region No. 1 seed Florida was bounced in the second round. Sportsbooks also likely got a boost from perennial NCAA tournament betting favorite and fellow No. 1 seed Duke being eliminated in the East Regional final.
Maryland sportsbooks finished with a 10.4% hold to claim $62.7 million in gross revenue from $604.7 million handle. That revenue figure was up 31.1% from March 2025.
Their North Carolina counterparts racked up $75.9 million — nearly double the amount posted 12 months earlier — from $726.2 million worth of accepted wagers, translating to a 10.5% win rate.
The Old Line State collected $8.8 million in tax receipts, and the $105.7 million in tax revenue generated this fiscal year is running more than $40 million ahead of last year’s pace, boosted by the state’s decision in March 2025 to increase the rate to 20%. North Carolina coffers received an inflow of $13.7 million for the month, lifting the fiscal year total there to $109.9 million.
No Terps means less action
Sportsbooks in Maryland did not have the added draw of the local Terrapins appearing in the NCAA tournament this year. That dramatically impacted men’s college basketball handle, as the $63 million wagered was down 28.1% from 2025. Revenue, however, slid only 6.9% to $4.2 million, as the 6.7% hold was more than 1.5 percentage points higher.
Pro basketball, however, was a key source of sport-specific revenue as the house set a state record with $9.6 million in winnings on a 6.2% win rate against $155.7 million handle. The previous record for pro basketball revenue in one month was set last September at $8.9 million.
The biggest chunk of operator winnings came from parlays, which provided sportsbooks $39.8 million in revenue. That was up 50.3% from last year, when bettors were able to roll the four No. 1 seeds into various parlays. The 18.1% parlay hold, while a 2026 low, was six percentage points higher than March 2025.
FanDuel maintained its status as Maryland’s top sportsbook, clearing $28.4 million in gross winnings thanks to a fifth consecutive month with a 12%-plus hold. FanDuel also continued to aggressively court business; its $8.5 million promotional spend accounted for close to half the $17 million overall outlay by mobile operators.
North Carolina shows handle growth
March marked the third NCAA tournament with wagering available in the Tar Heel State, and bettors again came out in droves. The $726.2 million in wagering was up 6% from a year ago and was the third highest in 25 months of legalized betting.
Promotional spend among operators was also strong; the $20.8 million in credits and bonuses was up 15.9% from last year but was also less than 3% of total handle. That remains a far cry from the March 2024 launch, when operators opened the floodgates of free bets and offers with $202.6 million in such credits.
March was the eighth consecutive month operators had a collective hold of 9.6% or higher, with the month’s win rate up nearly 4.9 percentage points from 2025. The North Carolina State Lottery Commission does not publish operator- or sport-specific statistics.
Indiana numbers are in too
Though Indiana was the site of the Final Four this year and Purdue reached the regional final, Hoosier State handle dipped 6.5% from last year to $517.8 million for March, according to the Indiana Gaming Commission.
Presumably playing into the decline was the way the state’s pro basketball team has struggled. The injury-impacted Indiana Pacers were among the NBA’s worst teams, winning just 19 games, a far cry from pushing the Oklahoma City Thunder to seven games in the 2025 NBA Finals.
Basketball handle plummeted 18.8% from the previous March to $219.3 million, while parlay wagering also saw a slight dip to $175.1 million. The catch-all “other” category, which includes soccer, golf, tennis, hockey, and MMA, had an 11.6% year-over-year uptick to $100.6 million.
Though DraftKings and FanDuel both had year-over-year declines in handle, they each had upswings in revenue. DraftKings led all operators with a $16.9 million haul, crafting a 9.4% hold from $178.9 million worth of wagers.
FanDuel countered with $15.2 million in winnings thanks to a 10.6% hold against $142.8 million handle. It was the fifth straight month FanDuel had a double-digit win rate in the Hoosier State and was the 12th month in the last 15 to cross that barrier.
The two digital titans did cede some market share to Fanatics and BetMGM, both of which more than tripled their winnings compared to a year ago. Fanatics narrowly crested $4 million in revenue while handle surged 38.6% to $42 million; BetMGM had a 16.6% bounce in action and kept $3.2 million of the $44 million worth of wagers accepted.
