Maryland Lottery and Gaming reported $43.4 million in gross sports betting revenue for February on Monday as operators failed to notch a double-digit hold for just the third time in 16 months since sports betting apps have been available in the Old Line State.
The winnings were still an 8% increase from February 2023, which was the first time Maryland bettors had access to mobile wagering for the Super Bowl. While the state agency did not release handle and revenue figures specific to Super Bowl LVIII, it appears the public fared quite well with its wagers placed in Kansas City’s 25-22 overtime victory over San Francisco — operators paid out $4.5 million above the $13.2 million worth of pro football wagers placed in February.
Handle totaled $442.6 million for the 29-day month, up 30.4% from last year. Operators finished with a 9.8% hold for the month as February joined August 2023 (9.4%) and November 2023 (7.6%) as the only months the house failed to attain a 10% hold on gross revenue since the first mobile bets were accepted in November 2022.
Handle was down 18.8% from January’s $545 million, while gross revenue was 45.7% lower compared to the $80 million in operator winnings from the previous month. The 9.8% hold was nearly 4.9 percentage points lower than the 14.7% win rate to kick off 2024.