The Maryland Lottery reported $66.2 million in gross sports betting revenue for May as sportsbooks combined for an eye-watering 26.7% hold on parlay wagers.
It was the highest monthly hold recorded since the Maryland Lottery began publishing sport category handle and revenue in June 2023. Operators claimed $47.9 million in revenue, a 32.3% year-over-year increase, while the $179.3 million wagered on parlays was up 27.2%. It was the second consecutive May sportsbooks held the upper hand on such wagers, with last year’s hold 25.7%.
Overall revenue was the fifth-highest total reported in state history and up 29.6% compared to last year. The $51.6 million in taxable operator winnings represented a 10.8% uptick. Operators had a combined promotional outlay of more than $13 million, and there was another $1.2 million in combined deductions from the 0.25% federal excise tax and loss carryover.
The state received $7.7 million in tax receipts for May, and the $33.1 million collected through the first five months of 2025 is running $3.1 million ahead of last year’s pace. Maryland’s tax rate will increase to 20% at the start of Fiscal Year 2026, which begins July 1.
FanDuel drops the hammer (yet again)
The Maryland Lottery does not provide handle and revenue figures by sport category per operator, but based on the overall parlay win rate, it does imply FanDuel had a banner May for such wagers. The mobile powerhouse had an overall 16.2% hold on $214.7 million handle, resulting in $34.7 million in gross revenue. It was FanDuel’s highest hold since attaining a 17.9% win rate in January 2024 and third time this year it had a hold above 15%.
DraftKings had back-to-back months of $17 million or more in revenue for the first time in Maryland, claiming $17.8 million for May with an 11.3% hold from $157.5 million worth of wagers. Its $3.5 million in promotional outlay was its lightest since operators could resume deducting credits and bonuses in January and barely more than half the $6.6 million it reported to begin 2025.
Fanatics had its best month since entering the Old Line State in May 2023, totaling $4.5 million in revenue while crafting a 13.5% hold. It continued to aggressively court business, topping $1 million in promotional spend for the ninth consecutive month, but the $1.1 million was a second consecutive monthly decline after reaching a 2025 high of $1.8 million in March.
One sportsbooks bettors fared relatively well against in May was BetMGM, which had a 7.9% hold that resulted in $3.4 million in revenue. BetMGM also cracked seven figures in promotional spend at $1.3 million, lifting its year-to-date total to $7.4 million.
The collective hold for the state’s 11 mobile sportsbooks was 13.1% as they kept $64.7 million of the $494.2 million wagered. It was the second time this year the win rate eclipsed 13% as total gross mobile revenue for the year reached $310.8 million.
Down on Tobacco Road …
May was also good to the eight sportsbooks in North Carolina as they reported $65.2 million in revenue while notching an 11.6% hold on $562.2 million.
Operator winnings were down 3.4% compared to last year as the hold was four-tenths of a percentage point lower. Handle ticked 7% higher as the Tar Heel State has eclipsed $8 billion handle in its first 15 months.
In terms of like-for-like comparisons for March through May, the house could not keep up with the blistering pace from last year fueled by April’s $105.3 million haul, as the three-month revenue total of $150.2 million is 36.1% lower compared to 2024. Handle in that stretch is practically flat, with the $1.82 billion wagered down 0.6%.
Sportsbooks are also seeing bettors continue to wager with their own money. The $14.4 million outlay in May was less than half of last year’s total. It represented 2.6% of the overall wagering — the lowest overall and third consecutive month it was below 3%.
