Maryland Lottery and Gaming reported $736.6 million sports betting handle for October on Monday, the second consecutive month the Old Line State set a new record.
The figure represented a 13.2% increase from September’s short-lived standard of $651 million and was also up 24.2% from last year. Maryland sportsbooks have surpassed $5 billion in handle for the second straight year at $5.29 billion and have a strong chance of surpassing the 2024 full-year record of $5.94 billion with November’s report.
Operators had a collective hold of nearly 9.9%, resulting in $72.7 million in gross revenue. That was a 46.6% increase from October 2024 as the hold was 1.5 percentage points higher. The state was able to levy taxes on $70.8 million in adjusted gross revenue (AGR), the second-highest total all-time behind the $78.7 million reported last November.
The state’s 20% levy on AGR for mobile operators and 15% rate on retail counterparts resulted in an inflow of $14.1 million to its coffers. The $43.9 million in tax receipts the first four months of Fiscal Year 2026 is $15.6 million ahead of last year’s pace.
The old guard powers record handle figure
Mobile titans FanDuel and DraftKings both posted all-time handle highs for October, with each reaching a significant milestone. FanDuel became the first operator in Maryland to clear $300 million monthly handle, landing at $317.2 million.
It extended its string of double-digit holds to seven months, attaining a 10.4% win rate to claim $33.1 million in gross revenue. FanDuel is $34.2 million shy of becoming the first mobile sportsbook in the state to reach $1 billion in gross revenue.
DraftKings, meanwhile, eclipsed $200 million in handle for the first time at $216.9 million. A second consecutive single-digit hold at just over 9% resulted in $19.6 million in winnings. That was still up 43.6% from the previous October when it posted a 7.6% hold.
BetMGM easily held the final podium spot for revenue at $5.6 million, leading all mobile books with an 11.5% win rate from $48.8 million handle.
Fanatics, bet365 continue to give chase for No. 3 handle
BetMGM, though, had to fend off both Fanatics and bet365 to keep the No. 3 spot for handle. Fanatics set an all-time high for the second straight month at $46.7 million, up 63.8% from last year. Revenue growth lagged behind at 39.8% to $3.9 million as its 8.4% hold was down more than 1.4 percentage points.
England-based bet365’s second full month of operations saw a 24.1% decline in handle to $35.4 million as bettors were likely working through their introductory offers. Also, with more action likely wagered on events rather than futures, revenue plunged nearly two-thirds from September to $3.8 million to create a still-robust 10.6% win rate.
Caesars ($2.2 million) and ESPN BET ($1.9 million) rounded out the mobile sportsbooks to collect at least $1 million in October revenue. Caesars narrowly posted a year high in revenue, edging out its April haul by $698 as year-over-year winnings surged 62.6%. Its 7.8% win rate was up more than 2.4 percentage points from October 2024.
Despite the scrutiny ESPN BET has received about its lack of market share, something which heavily contributed heavily to PENN Entertainment’s decision to end its partnership, performance in Maryland has not been an issue. ESPN BET has had a 10% hold or higher for seven months running and reached 10.9% in October against $17.5 million handle.
Parlay wagering also a factor in record handle
Maryland is one of the few states that publishes handle and revenue by sport category, and October showed plenty of bettors are still enthralled by parlays. Handle for the multi-leg wagers totaled a record $300.6 million, which was more than 40% of all wagering.
The public also fared decently on those bets as the house had only a 15.2% hold in claiming $45.7 million in revenue. That dragged down the year-to-date win rate on parlays to a still-hefty $20.6 million as sportsbooks have claimed $400.9 million in winnings from those wagers.
The Baltimore Ravens’ and Washington Commanders’ inconsistencies have also helped the house. A perennial playoff team, Baltimore entered November 3-5 after losing five of its first six while superstar quarterback Lamar Jackson recovered from a hamstring injury. Washington closed October with three straight losses to fall to 3-5 on the heels of reaching the NFC title game last season.
The house claimed $9.1 million in revenue with a 7.7% hold on $118.3 million worth of bets placed for the month. The $19.4 million in combined winnings from September and October is nearly double the $9.8 million accrued in those months in 2024 as the 8.1% hold is nearly 3.9 percentage points higher.
