Maryland Casino Income and Tax Gathering Overview
Although revenue from Maryland Casinos decreased slightly month-to-month, it demonstrated a bit of growth year-on-year. The state's six casinos made over $163 million in June 2023 from slots and table games, as per Maryland Lottery and Gaming data.
This monthly revenue fell short of the $169.4 million collected in May. However, the year-to-year figures are encouraging; the $163.7 million earned in June 2023 represents a $971,931 (0.6%) increase compared to the same month in 2022.
Alongside reduced casino earnings, Maryland's state tax contributions enjoyed an uptick. Casino gaming yielded $69,430,233 in taxes for the state in June. This represented a 1.6% boost from the same period last year. Moreover, the Education Trust Fund received $50 million in gaming taxes. For the year, this fund has accumulated more than $250 million.
MGM National Harbor dominates as the leader in casino revenue growth. It secured approximately $69 million in June.
The initial half of this year has seen Maryland casinos churning out $1B roughly. This figure falls short of the $2.051 billion generated last year, which constituted a 6.7% jump from 2021.
Maryland's Sports Betting Industry Mixes Results
Maryland's sports betting industry is transforming with multiple online and retail operators. While revenues increased, May 2022 figures revealed a slight decline in comparison with May 2023.
The state's sports betting handle clocked in at about $320.32 million in May. This figure marked a 2.5% dip from April’s $328.4 million handle. The combined taxable winnings were valued at $31 million.
Upon a breakdown of online sports betting, it amounts to approximately 95% of total wagers. Maryland Live! scored the highest handle, totaling $146.3 million, with DraftKings close behind at $101.9 million.
Sports betting legislation in Maryland occurred in May 2021.
Inspection for Online Casino Expansion
A study by the Maryland Lottery Commission is investigating the implications of online casino legalization. The study assesses various aspects, such as the effect on players, potential markets, economic repercussions, and possible consequences of problem gambling.
This report is critical, as states such as Connecticut, Michigan, New Jersey, New York, Pennsylvania, and West Virginia already enable online casino gaming. Rhode Island expects to join the trend with a new law set for March 2024.
Champions of online casino gaming in Maryland believe that without legalization, the state will miss out on potential taxes and economic benefits.
By November 15, the study's findings must be submitted to the Maryland General Assembly. Failed attempts occurred in the 2023 legislative session to introduce online casino gaming to Maryland voters.
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Source: www.casino.org
