Maryland gaming generates $1.59bn for the state in fiscal year 2023
The Maryland Lottery and Gaming Control Agency has reported figures for the full year.
US.- The Maryland Lottery and Gaming Control Agency has reported $1.59bn in contributions to the state in fiscal year 2023 from lottery ticket sales, the state’s six casinos, sports betting and daily fantasy sports.
From July 1, 2022, to June 30, 2023, the combined contribution to the state included $848.1m from casinos, $714.3m from Lottery, $25.3m from sports wagering and $1.2m from daily fantasy sports. Lottery sales were $2.764bn, up 3.8 per cent, with profit returned to the state hitting $714.3m, up 6 per cent.
Prizes totalled $1.73bn, an increase of 2.2 per cent. The Lottery paid an average of $4.7m per day in prizes. Retailer sales and cashing commissions of $219.9m, up 8.3 per cent, and the average retailer commission was $50,000.
Lottery profits contribute to the Maryland General Fund, which provides budgets for a range of state programmes including schools, public health and safety services and environmental initiatives.
Maryland Lottery and gaming director John Martin said: “The Maryland Lottery launched in 1973 with the mission to generate revenue for the state’s good causes. As we’ve been celebrating our 50th anniversary this year, we’ve also been navigating a gaming landscape that is continually evolving, most recently with the addition of sports wagering. But as we adapt to new responsibilities, we’re always mindful of that core mission, and we’re proud to do our part.”
Maryland’s six casinos generated revenue from slot machines and table games of $2.06bn, up 2.9 per cent. The contribution to the state was $848.1m, up 1.9 per cent, including $622.7m to the Education Trust Fund. Local aid paid to the jurisdictions and communities where the casinos are located $108.9m, up 3 per cent. Casino gaming revenue also contributed $92.1m to Maryland’s horse racing industry and $19.9m to a state fund for small, minority and women-owned businesses.
Casinos pay annual assessments of $425 per slot machine and $500 per table game to the Problem Gambling Fund. In FY2023, these assessments totalled nearly $4.5m.
In terms of sports betting, the market expanded in FY2023, as mobile wagering launched on November 23, 2022. The fiscal year began with five retail sports wagering locations and no mobile wagering. As of the end of FY2023 on June 30, there were 10 retail locations and 10 mobile operators, and two more mobile operators have launched so far in FY2024. Additional retail locations and mobile platforms are expected to begin operating in the near future.
Contributions to the state from sports wagering were $25.3m, paid to the Blueprint for Maryland’s Future Fund, which supports public education programmes. Sports betting licensees pay 15 per cent of their taxable win to the Blueprint.
Nearly $2.9bn was wagered, and prizes to players totalled more than $2.5bn. Expired sports betting prizes are paid to the Problem Gambling Fund and totalled nearly $2.1m. Maryland has 11 approved daily fantasy sports operators who also pay 15 per cent of their revenue to the Blueprint. These contributions totalled $1.2m.
Maryland casinos generate $174.3m in gaming revenue in July
Maryland’s six casinos generated $174.3m in gaming revenue in July, down 4 per cent compared to July 2022 but up 6.4 per cent monthly compared to June of this year. July was the third most-successful month of the year for Maryland casinos in terms of revenue after March and April.
Among the state’s six casinos, MGM National Harbor was the top revenue generator, with $72.2m. It was followed by Live! Casino & Hotel, with revenue of $62.7m. Horseshoe Casino reported $16m, Ocean Downs Casino $10.1m, Hollywood Casino $7.5m and Rocky Gap Casino $5.8m. Live! Casino was the only facility to report a year-on-year revenue increase for July.
