Record September for Maryland Sports Betting with Promo Boosts
Transcript
00:00 [MUSIC]
00:05 >> And we'll kick off now another state,
00:07 get some numbers in from Maryland.
00:09 The Baltimore Orioles have been hot.
00:10 Everyone's backing the Ravens, we know that.
00:13 So I guess, Jim, as you said on social media the other day,
00:16 another big spike for the upcoming football season.
00:19 Maybe it has something to do with some of the promotions as well?
00:23 >> Yes, certainly, Craig.
00:24 Second largest handle ever in Maryland at $442.5 million bet
00:33 during the month of September.
00:36 The NFL, certainly the most popular as it is everywhere else.
00:39 17% of that total handle coming from professional football.
00:46 Now, it's important to note that this is the first September in Maryland
00:52 with online sports betting.
00:54 They launched the online sports betting there in November of last year.
01:00 So it'll be interesting to see how Maryland does overall throughout
01:05 this football season with those first two months of the season,
01:09 giving them that complete run from September through the Super Bowl
01:15 in February to see how handle compares this year compared to last
01:19 with those extra two months.
01:21 Like you said off the top there, promo spending increasing as one might
01:26 expect as the sports books kind of jockey for position and
01:32 customers and deposits and all of that.
01:35 The top most popular apps in the market, DraftKings, Fanduel, BetMGM,
01:42 they all spent the most in promotions.
01:46 DraftKings just shy of $9 million in free bet giveaways.
01:51 Fanduel right around $8.5 million and MGM right around $3 million.
01:57 One interesting note, Fanatics.
02:00 This is their, September was their first full month of operations being open
02:04 to all customers.
02:06 If you recall, they were in an extended beta testing period.
02:10 So they dished out $2.4 million in bet credits in Maryland and that
02:16 translated to $12 million in total handle for them.
02:22 They are kind of inching up that handle leaderboard.
02:27 Certainly still quite a ways to go to catch the Fanduels and
02:33 DraftKings of the world.
02:34 But Fanatics, as we've seen in other markets, I believe we spoke about Ohio
02:40 last week, Fanatics not afraid to spend in terms of promotional dollars.
02:46 And as we've seen as they've gone through these beta testing periods in
02:50 a variety of states, month over month increasing that handle slowly but
02:56 surely.
02:56 And of course we saw them take a big jump in Maryland now that September
03:01 was that first complete month of being open for all customers to try this app.
03:08 [MUSIC]