Maryland’s gambling industry generates bumper profits

On Monday, the Maryland Lottery and Gaming Control Agency (MLGCA) disclosed that the state’s gambling industry generated over $1.5 billion as revenue for the fiscal year 2022.

The report, which covers the time period which began July 1, 2021 and ended June 30, 2022, reveals a number of other records that were set within the industry. The recent report revealed that the state’s six casinos, Maryland Lottery, sportsbook, and fantasy sports operations collectively contributed $1.5 billion to the state for FY2022
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These earnings did not only serve to improve public safety and public health in Maryland, but they also funded the state’s educational system, in addition to other programs and services.

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In comparison to a year earlier, the recent entry of $1.5 billion in donations to the state represents an increase. The revenue for the fiscal year that began on July 1, 2020 and ended on June 30, 2021 was $1.4 billion. This means that there was an increase of about nine percentage points, or USD $120 million.

It is very clear that casino gaming brought in the most revenue during the FY2022, which was followed by the traditional lottery and sports wagering operations.

The majority of the state’s total tax revenue, 832.3 million dollars, came from the state’s six commercial casinos. The casino sector in Maryland achieved a record gross gaming income of more than $2 billion. The state of Maryland receives 20% of the casinos in the state’s table game winnings. A tiered tax system that varies from 40% to 61% is applied to the net winnings from slot machines.

Upon further dissection, it was discovered that the Education Trust Fund of the state was granted a total of $611,6 million, while the Local Aid budget was given a total of $105,9 million. The horse racing industry was the recipient of an additional $90.8 million, while firms owned by women and minorities, as well as small businesses, received $19.6 million. About 0.2% of the entire revenue generated from casino gaming, or about $4.5 million, was designated for responsible gambling initiatives.

Nonetheless, the lottery in Maryland also had very excellent financial results for FY2022. Lottery ticket sales for the time period reached a total of $2.7 billion. From that sum, the players were compensated a total of $1.7 billion, retailer commissions were valued at $203 million, and operating costs came to $91.1 million. The business of the lottery yielded a profit of $673.7 million for the state during the FY2022.

MLGCA noted that sales of $2.7 million in lottery tickets set a new high. The sales for the most recent period have eclipsed the previous record, which was set in FY2021, by a margin of 2%. A new benchmark was also established with regard to the rewards that were distributed among the winners. The old record for prizes paid was established in FY2021, but in FY2022 it was topped by 2.3%, which is the equivalent of $37.5 million.

According to the state regulators, the easing of COVID-related constraints was a significant factor in the casinos’ achievement of record-breaking revenue for the fiscal year. In point of fact, the casino gaming revenue of $2 billion represented a 14.7% rise when compared to the amount earned in FY2021. Furthermore, the revenue from casino gaming for the FY2022 was even higher than the figure for FY2019, which was an increase of 13.7%.

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