Maryland Sports Betting Contributes Millions in Tax Revenue for FY 2024

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 SportsMaryland took in $60.3 million in sports betting tax revenue in FY 2024The state reported $5.3 billion in total sports betting handleThe 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 p 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.”