Maryland Lottery and Gaming reported $43.8 million in gross sports betting revenue for July on Monday as sportsbooks hammered the public with a 13.1% hold for the month.
It was the second-highest win rate of the year behind January’s mark of 14.7% as operators attained a double-digit hold for the fourth consecutive month. The 11.2% hold through the first seven months of 2024 is slightly ahead of the 11.1% attained for all of 2023, with July’s percentage boosted by a robust 23.8% win rate on parlays and same game parlays.
Gross revenue surged 55.7% compared to July 2023, while the $333.3 million in wagers was up 34.7% from 12 months prior. Maryland became the 12th state to surpass $1 billion in all-time gross revenue for operators. Revenue was up 10.3% from June despite a 13.4% downturn in handle.
“We’re pleased with the growth of the market because it translates into education funding for Maryland,” said Maryland Lottery and Gaming Director John Martin via email to'upon reaching the milestone figure. “Sports wagering has contributed nearly $100 million to Maryland’s schools since launching in December 2021, which is a win for everyone in the state.”