Maryland’s betting market has contributed over $5 million to the state in August, fueling local education through the Blueprint for Maryland’s Future Fund. The industry has so far donated over $100 million to the cause since the regulation of online wagering.
The Betting Industry Continues to Fuel Public Education
In August 2024, Maryland’s 11 mobile sportsbooks and 12 retail locations handled $377,381,689 in wagers, up 43% from August 2023. The retail sector, for context, handled $8,980,741 in wagers. The mobile betting sector, on the other hand, reported a handle of $368,500,947.
This figure translated into $5,584,303 in contributions to the state, marking a significant year-on-year increase from $2.6 million in the prior year period.
The money went to the Blueprint for Maryland’s Future Fund, which supports public education in the state. As mentioned, August 2024 saw the industry surpass $100,291,520 in contributions to the fund since the betting program’s beginning in 2021.
An additional $78,740 in unclaimed prizes was donated to the state’s problem gambling fund, supporting the treatment of gambling addiction in the Free State. The fund has been given $3,377,724 in unclaimed prizes since 2021.
Speaking of prizes, in August 2024, the betting industry awarded $7,799,945 to its retail players and $330,331,749 to its mobile players. In total, the sector’s players have won $338,131,694 in August.
In addition to the money provided to Blueprint for Maryland’s Future Fund and the problem gambling fund, the industry paid $5,584,303 in taxes to the state. This figure includes $176,546 in taxes from the retail betting sector and $5,407,758 from the mobile betting sector.
The Casino Sector Experienced a Slowdown in July
While the sports figures in August were favorable, Maryland’s casino sector experienced a slowdown in July. During that month all six casinos in the state, namely MGM National Harbor, Live! Casino Hotel, Horseshoe Casino Baltimore, Ocean Downs Casino, Hollywood Casino Perryville, and Rocky Gap Casino Resort, experienced declines in their revenue.
In total, the six casinos generated almost $170 million in July, which represented a slight 2.6% decline from July 2023.
While the casino sector experienced setbacks, lottery players in the state fared well, winning several big prizes. In July, a Dundalk man by the nickname Extreme Green Dream claimed $1 million from a $20 ticket.
A week later, a woman from Frederick County won $540,000 from the Multi-Match game.
