Maryland Lottery and Gaming reported $51.1 million in gross sports betting revenue for May on Monday as operators routed the public when it came to parlay wagering.
The 25.7% hold on the multi-leg wagers was the highest for any month since the state agency began breaking out handle and revenue figures by sport category last June. The $36.2 million in revenue from those wagers accounted for 70.9% of all winnings compared to the $140.9 million handle from those bets representing 32.7% of the Old Line State’s $431.5 million in total bets accepted.
The May revenue was the sixth-highest in 30 months of sports betting in Maryland, but the 11.8% overall hold was 17th. Gross winnings were up 19.5% year-over-year, trailing the 34.8% surge in handle as last year’s win rate was 1.5 percentage points higher.
Due to an all-time low of $3.2 million in promotional credits and bonuses, the state was eligible to tax $46.6 million in adjusted gross revenue. Promotional spend was down 70.9% compared to May 2023 and 71.3% versus April’s $11.1 million. The second-highest monthly AGR in state history resulted in close to $7 million in state taxes, and the near-$30 million in receipts through the first five months of the year is $11.3 million ahead of the same period in 2023.