In the second quarter, Maryland scored first with a 35-yard touchdown run by running back Lu Gambino. On the first possession of the second half, Georgia quarterback John Rauch engineered an 87-yard drive culminating in a one-yard quarterback keeper for a touchdown. Maryland responded with an 80-yard drive of their own and another Gambino touchdown. Georgia fumbled on their own 40-yard line and Maryland recovered. The Terrapins capitalized with a 24-yard John Barone pass to Gambino for a third touchdown. In the fourth quarter, Georgia running back Joe Geri ran it from the one-yard line for a score. Rauch threw a nine-yard touchdown pass to John Donaldson, but Georgia missed the extra point. The final result was a 20–20 stalemate.
Lu Gambino was named the 1948 Gator Bowl Most Valuable Player. He rushed for 165 yards and recorded all three of Maryland's touchdowns. His rushing yardage would stand as a school bowl game record for 60 years, until broken in 2008.
John Rauch's 58-yard pass to Billy Henderson remains a Gator Bowl record.