Maryland gaming tax revenue reaches new record
Maryland generated a record $1.5bn in gambling tax revenue in the last fiscal year.
US.- The Maryland Lottery and Gaming Control Agency (MLGCA) has reported that the Maryland Lottery and the state’s casinos, sportsbooks, and daily fantasy sports platforms generated a record $1.5bn in tax revenue between July 1, 2021 and June 30, 2022. The combined revenue beat the $1.39bn raised during the previous fiscal year.
The lottery contributed $673.7m and casinos $832.3m. The launch of sports wagering and revenue from fantasy competitions added another $5.6m to that already record-breaking amount. The commission estimates that when the sports wagering market is fully up and running, it will contribute about $30m a year.
Director John Martin said: “We are immensely proud to be a vital source of funding for programs and services that Marylanders depend on every day.
“We’re in the entertainment business, but we never lose sight of the role we play and our place in the community.”
Profits from the sale of Lottery tickets go to the Maryland General Fund, which supplies budgets for many state programmes, including schools, public health and safety services and environmental programmes. Casino gaming revenue supports the Education Trust Fund. Casinos also contribute funds that enable the state to offer cost-free problem gambling treatment and services. Sports wagering and fantasy competition contributions are directed to education programmes.
See also: Maryland casinos set new gaming revenue record in July
Sports betting in Maryland
The Maryland Sports Wagering and Application Review Commission (SWARC) has approved regulations for launch of mobile sports betting. The move comes after governor Larry Hogan urged the commission to “accelerate and intensify” its work to get mobile sports gambling up and running by September. However, the launch date is still uncertain.
The commissioners have signed off on the amended online licensing procedures, which now go to the Maryland Legislature’s Joint Committee on Administrative, Executive, and Legislative Review for emergency approval. If the legislature ratifies the altered online sportsbook licensing process, SWARC will begin fielding applications and issuing permits to approved entities.
Governor Hogan signed a bill to legalise online and retail sports betting in Maryland last year after voters approved sports betting through a November 2020 referendum. Retail betting has been available for seven months, but online sports betting has not yet launched. Hogan has said he wanted to have mobile sports betting in time for the NFL season in September. There will be 60 mobile and 30 retail licences available.
