ESPN Bet Records $42.4M Wagers in Maryland, Sees Growth

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00:00 (upbeat music)

00:03 - Now ESPN bet is another story

00:04 that we've been following all year long

00:06 as far as their progress is concerned.

00:08 How does it look like for them in terms of the money raised

00:11 or made I should say in Maryland?

00:14 - Yeah, so this was the first full month,

00:19 December in Maryland that we have complete ESPN bet figures.

00:24 'Cause if you recall when they launched

00:27 halfway through November,

00:29 their parent company Penn Entertainment

00:31 was still accepting bets as the Barstool Sportsbook

00:35 for the first half of November

00:36 before that rebranded app relaunched as ESPN bet

00:41 halfway through the month.

00:42 So ESPN bet took in $42.4 million in wagers

00:47 in Maryland for December.

00:50 It was about 8% of online handle there,

00:53 which is a few percentage points up from November,

00:58 which is a positive trend.

01:01 They offered that $5.8 million in promo.

01:05 So the promos did drop off a little bit

01:08 as one might expect after their launch month in November.

01:13 And that promo spend made up about 14% of their handle.

01:18 Now the total online handle in Maryland for December

01:22 was 541.7 ish million.

01:27 Fanduil had the most,

01:30 245 million in online bets for Fanduil

01:33 making up 45% of that market share.

01:36 DraftKings was next with 167.1 million,

01:40 31% of market share for DraftKings.

01:45 Parleys, like we've been talking about a lot, Craig.

01:48 Parleys continue to be the bet of choice

01:52 in most markets across the US,

01:56 especially here in Maryland in December.

01:58 Parleys were 45% of all betting

02:02 and the sportsbooks held 19%.

02:05 So a 19% win rate for the sportsbooks on those parleys,

02:10 the combination bets that bettors like to partake in.

02:15 Like we've also talked about, Craig,

02:19 not super successful for the bettors

02:22 and really a way to pad the bottom line

02:26 for the sportsbooks.

02:27 And we've seen plenty of sportsbooks in recent months

02:31 really tout those parlay products,

02:34 whether it be through the NFL, the NBA, NHL,

02:38 all of the top brands in the US sports betting landscape,

02:42 improving those parlay products

02:44 and it's certainly paying dividends for them,

02:48 especially here in Maryland in December.

02:51 Pro football and basketball in Maryland,

02:54 pretty tight in terms of overall betting for the two.

02:59 The bettors fared a little bit better

03:02 against the house with football.

03:05 The, excuse me, the sportsbooks held on to 2% there

03:12 for football and about 6% for basketball.

03:16 One other interesting note out of Maryland,

03:18 hockey, not all that popular,

03:22 just about 1% of online handle there,

03:25 which I thought was a little bit surprising.

03:28 You have the Washington Capitals relatively close there,

03:32 which is a fairly large market team.

03:35 So seeing only one,

03:37 barely 2% of online handle for hockey in December

03:42 just stuck out to me as a little bit interesting.

03:44 (upbeat music)

03:47 (upbeat music)

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