Maryland Lottery and Gaming reported an all-time monthly record of $97.3 million in gross sports betting revenue for November as sportsbooks battered the public on parlays and pro football.
Operator winnings were up 18.2% from last year as the revenue total smashed the previous record of $85.2 million set in the first full month of mobile wagering in December 2022. The 13.5% hold marked the seventh time this year operators had a collective win rate of 12% or better. The $720.2 million wagered trails only the $736.6 million reported for October and represented a 12.6% increase from November 2024.
The state was able to levy taxes on $95.4 million in adjusted gross revenue, redirecting $19 million to its coffers. The increase in the mobile tax rate to 20% that took effect in June has already provided an immediate boost to Fiscal Year 2026 figures as the $62.9 million collected through the first five months is running $22.8 million ahead of last year’s pace.
The record revenue haul also made Maryland the 12th state to surpass $2 billion in operator winnings post-PASPA.
Parlay wagering yields big wins for the house
Maryland bettors followed up a record $300.6 million parlay handle in October by wagering another $305 million on the multi-leg bets in November. Any relative success they may have enjoyed in limiting operators to a 15.2% hold in October went by the wayside in November as the house put up a 23.9% win rate in keeping a record $73 million on those wagers.
That was up 29.8% from last year and put the state’s sportsbooks in position to surpass $500 million in parlay revenue for the year with minimal effort in December. Operators have a 21.1% hold on parlay bets in 2025, keeping $473.9 million of the $2.25 billion wagered.
In addition to parlay woes, Maryland bettors did not fare well when it comes to single-event NFL wagering. Despite the Baltimore Ravens going 3-1 in November and being able to fade a struggling Washington Commanders team that went winless for the month, sportsbooks still claimed a monthly record $11.3 million in football bets while posting a 9.5% hold on $118.7 million worth of wagers. Revenue was up 27.2% from last year, fueled by a bounce of nearly 1.5 percentage points for the hold.
FanDuel giving thanks … and beatings
In the three states where November operator handle and revenue figures are available — Maryland, New York, and Iowa — FanDuel is on track to have a breathtaking and record-setting November. The digital colossus has set all-time monthly revenue records in all three states and attained holds of 12.5% or better in each locale.
The near-$48 million in Maryland winnings finally eclipsed its previous record of $45.2 million set in December 2022 and is an all-time high for any mobile book in the Old Line State. FanDuel also surpassed $1 billion in all-time revenue in Maryland as it put bettors on blast with a 16.2% hold on $295.9 million handle.
FanDuel has had a hold of 9.2% or better every month this year, and November marked the third time it was above 16%.
DraftKings also enjoyed the spoils of parlays and NFL action, also posting a record revenue haul of $26.7 million as it crafted a 12.2% win rate against $218.9 million worth of wagers. The margin in setting a new record was more narrow as November’s haul was $448,800 better than the $26.3 million claimed in December 2022.
BetMGM fended off bet365 for the final podium spot for revenue, though the England-based sportsbook had a 15% hold. BetMGM notched a 10.4% win rate itself while keeping $5.7 million of its $55 million handle. Bet365 reported $5.3 million in winnings from $35.6 million worth of wagers and surpassed $20 million in revenue in its first three-plus months of operations.
Fanatics rounded out the top five with $4.7 million in revenue, posting an 11.1% win rate from $42.1 million in bets accepted. It continues to track to more than double its 2024 revenue of $20.3 million and entered December with a 9.9% hold on $384 million handle for 2025.
ESPN Bet goes out on a high note
As ESPN Bet leaves the mobile sportsbook scene, Maryland was a state where its performance could not be pilloried in contrast to its inability to claim market share. The Penn Entertainment-based operator capped its run in the Old Line State with seven consecutive months of double-digit holds after landing at 11.2% in November.
That helped ESPN Bet surpass $2 million in monthly revenue for the first time since December 2023 as it headed to the exit. Year-to-date revenue was up 18.2% compared to the first 11 months of 2024 at $16.3 million, an impressive feat considering handle in that span plunged 30.9% to $156.5 million.
