Mar 28, 2024; Baltimore, Maryland, USA; Baltimore Orioles pitcher Corbin Burnes (39) is greeted by catcher Adley Rutschman (35) after the second inning against the Los Angeles Angels at Oriole Park at Camden Yards. Mandatory Credit: Mitch Stringer-USA TODAY Sports
- Maryland took in $60.3 million in sports betting tax revenue in FY 2024
- The state reported $5.3 billion in total sports betting handle
- The final hold was 10.6% on the fiscal year
The Maryland Lottery and Gaming Control Agency reported the Old Line State took in more than $60.3 million in sports betting tax revenues from July 1, 2023, through June 30, 2024, as part of the state’s total gaming tax revenues of $1.585 billion.
Casino gaming contributions to the state were $824 million, lottery profits were $699.6 million, and sports wagering and daily fantasy sports combined to contribute $61.3 million.
In total, this is the second-largest single-year gaming tax revenue transfer to the state, missing the record $1.589 billion figure from the last fiscal year.
Sport Betting Market Expands in FY 2024
This is the first full fiscal year for Maryland online sports betting, as it was only active for seven months in FY 2023. Sports betting tax revenues support the Blueprint for Maryland’s Future Fund, which supports public education programs.
The state’s sports betting market experienced a healthy expansion over the last fiscal year. Three retail sportsbook locations and two mobile sports wagering platforms launched during FY2024, and there were 13 retail locations and 12 mobile platforms that operated during the fiscal year.
Maryland Lottery and Gaming reported $5,374,116,452 in total sports betting handle for the year. Online sports betting dominated the market, with more than $5.19 billion in handle for the fiscal year, easily outpacing the retail sports betting handle total of $180,622,269.
The same was true of the sports betting tax revenue totals, as online sports betting contributed the vast majority of revenue to the Blueprint for Maryland’s Future Fund. Online sports betting contributed $58,069,256 in tax revenues compared with just $2,242,200 in tax revenues from retail sports betting.
All told, state sports betting resulted in a 10.6% hold rate for FY 2024.
Expired sports wagering prizes support responsible gaming programs and totaled $985,862 in the fiscal year.
More Than $1.5 Billion In Total Gaming Contributions
This was the second-highest year for gaming contributions to the state, according to the Maryland Lottery and Gaming Control Agency.
In total, the lottery, casinos, sports wagering and daily fantasy sports contributed an average of $4.3 million per day to state programs and services during the previous fiscal year.
“We had an exceptional performance in FY 2023, so we came into FY 2024 facing a challenging year-over-year comparison,” Maryland Lottery and Gaming Director John Martin said in a press release. “Nonetheless, we had another strong year on a number of fronts. The lottery added a new daily game, and the sports wagering market continued to expand. We’re proud of our role in generating funds for important state programs.”
Rob covers all regulatory developments in online gambling. He specializes in US sports betting news along with casino regulation news as one of the most trusted sources in the country.
In a groundbreaking development for the state of Maryland, sports betting has proven to be a lucrative source of tax revenue for the fiscal year 2024. With millions of dollars pouring in from this burgeoning industry, lawmakers and officials are celebrating the positive impact it has had on the state’s economy.
Since the legalization of sports betting in Maryland, the industry has seen exponential growth, with a significant increase in revenue generated from bets placed on various sporting events. This influx of money has not only benefited the state’s coffers but has also created new opportunities for job growth and economic development.
According to recent reports, Maryland has raked in millions of dollars in tax revenue from sports betting activities in FY 2024 alone. This revenue has been earmarked for various public services and initiatives, including education, healthcare, and infrastructure projects.
The success of sports betting in Maryland can be attributed to several factors, including the state’s favorable regulatory environment, the popularity of sports among residents, and the proliferation of online betting platforms. With more and more people turning to sports betting as a form of entertainment and potential profit, the industry shows no signs of slowing down.
In addition to the financial benefits, sports betting has also brought a sense of excitement and engagement to Maryland residents. Fans can now place bets on their favorite teams and athletes, adding an extra layer of enjoyment to watching sporting events.
As Maryland continues to reap the rewards of sports betting, lawmakers are optimistic about the future of the industry in the state. With careful regulation and oversight, sports betting is poised to become a significant driver of economic growth and prosperity for years to come.
