Maryland Casinos and Sports Betting Elevate Financial Competition
The Maryland Lottery and Gaming Agency has announced a growth in revenue across various sectors. In the fiscal year 2023, the agency overseeing casinos and sports wagering organizations reported generating $1.589 billion in contributions to the state.
With a total sales figure of $2.764 billion, this represents a nearly 4% increase from the previous fiscal year. The breakdown for FY2023 includes:
- $848.1 million from casinos, a 2% increase
- $714.3 million from lottery profits, a 6% increase
- $25.3 million from sports wagering
- $1.2 million from daily fantasy sports
Maryland Lottery and Gaming is currently the fourth-largest revenue source in the state following income, sales, and corporate taxes. These funds contribute to the Maryland General Fund, which supports different essential state programs such as education, healthcare, and environmental initiatives.
“Our lottery profits help fund vital state programs like schools, public safety services, and environmental initiatives,” said John Martin, Director of Maryland Lottery and Gaming.
Between slot machines and table games, Maryland's six casinos reported combined revenue of $2.060 billion. The annual assessments paid by casinos amount to $425 per slot machine and $500 per table game, going to the problem gambling fund. Lawmakers are concerned about the potential for problem gambling and its impact on online gaming.
Legislative Shift for iGaming
The launch of mobile wagering in November 2022 expanded Maryland's sports wagering industry. This has reignited discussions on introducing iGaming, virtual slot machines, and other casino games.
The 2024 session, starting in January, is expected to cover iGaming legislation. However, by mid-November, the Maryland Lottery and Gaming Control Agency aims to submit a report to state lawmakers on iGaming's impact on other states.
Topics for the report include the potential advantages of a lawful iGaming market in Maryland and possible consequences for problem gambling.
"I would vote against that in a 'New York Minute,'" said Katherine Klausmeier, a Democratic state Senator from Baltimore. "It's far too easy to lose money."
The National Council on Alcoholism and Drug Dependence of Maryland, along with the Maryland Center of Excellence on Problem Gambling, also opposes iGaming. They cite evidence of increased access to internet casino games, like poker, blackjack, and roulette, resulting in increased problem gambling incidence.
Supporters of iGaming argue it would establish a new source of funding for education, with an increase in revenue by allowing players from different states to participate in betting games.
Expanding the Mobile Sportsbook Market
In July and August, the number of mobile sportsbooks in Maryland grew from 11 to 12. Greenmount Station and partner Parx Interactive received the necessary license approval. There are currently also 10 retail sportsbooks in the state.
In July, sportsbooks recorded $3,312,623 in state contributions, with mobile wagering generating $3,081,264 and retail sportsbooks contributing $231,369.
State authorities anticipate the launch of more retail locations and mobile sportsbooks in the coming months.
As debates over iGaming intensify, there is also a focus on addressing the projected $2 billion education funding deficit in 2027. Currently, if iGaming legislation is enacted in 2024, Maryland's six casinos would be authorized to operate online games.
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Source: www.casino.org
