Around Maryland, Business, Education, Entertainment, Sports

Lottery, casinos, sports wagering contribute $1.589 billion to State of Maryland in FY2023

BALTIMORE, MD—The Maryland Lottery and Gaming Control Agency helped to generate $1.589 billion in contributions to the state during Fiscal Year 2023 from Lottery ticket sales, the state’s six casinos, sports wagering and daily fantasy sports.

In FY2023 (July 1, 2022 through June 30, 2023), the combined contribution to the state included $848.1 million from casinos; $714.3 million from the Lottery; $25.3 million from sports wagering; and an additional $1.2 million from daily fantasy sports. Maryland Lottery and Gaming is the state’s fourth-largest source of revenue after income, sales and corporate taxes.

“The Maryland Lottery launched in 1973 with the mission to generate revenue for the state’s good causes,” said Maryland Lottery and Gaming Director John Martin. “As we’ve been celebrating our 50th anniversary this year, we’ve also been navigating a gaming landscape that is continually evolving, most recently with the addition of sports wagering. But as we adapt to new responsibilities, we’re always mindful of that core mission, and we’re proud to do our part.”

Traditional Lottery

The Lottery delivered the following performances in FY2023:

  • Sales of $2.764 billion, up 3.8% from FY2022.
  • Profit returned to the state of $714.3 million, up 6% from FY2022.
  • Prizes to players of $1.733 billion, an increase of 2.2% from FY2022; the Lottery paid an average of $4.7 million per day in prizes.
  • Retailer sales and cashing commissions of $219.9 million, up 8.3% from FY2022; the average retailer commission was $50,000.

Lottery profits contribute to the Maryland General Fund, which provides budgets for a wide range of vital state programs including schools, public health and safety services and environmental initiatives.

Maryland’s Casinos

The state’s six casinos generated the following figures in FY23:

  • Revenue from slot machines and table games of $2.060 billion, up 2.9% from FY2022.
  • Contributions to the state of $848.1 million, up 1.9% from FY2022.
  • The contributions to the state included $622.7 million to the Education Trust Fund, up 1.8% from FY2022.
  • Local aid paid to the jurisdictions and communities where the casinos are located of $108.9 million, up 3% from FY2022.
  • Casino gaming revenue also contributed $92.1 million to Maryland’s horse racing industry and $19.9 million to a state fund for small, minority and women-owned businesses.
  • Casinos pay annual assessments of $425 per slot machine and $500 per table game to the Problem Gambling Fund. In FY2023, these assessments totaled nearly $4.5 million.

Sports Wagering and Daily Fantasy Sports

Maryland’s sports wagering market expanded during FY2023, as mobile wagering launched on Nov. 23, 2022. The fiscal year began with five retail sports wagering locations and no mobile wagering. As of the end of FY2023 on June 30, there were 10 retail locations and 10 mobile operators, and two more mobile operators have launched so far in FY2024. Additional retail locations and mobile platforms are expected to begin operating in the near future.

Contributions to the state from sports wagering in FY2023 were $25.3 million, paid to the Blueprint for Maryland’s Future Fund, which supports public education programs. Maryland Lottery and Gaming projects that when the sports wagering market is fully launched, it will generate $25 million to $30 million a year in contributions to the Blueprint.

Sports wagering licensees pay 15% of their taxable win to the Blueprint. Nearly $2.9 billion was wagered, and prizes to players totaled more than $2.5 billion. Expired sports wagering prizes are paid to the Problem Gambling Fund and totaled nearly $2.1 million in FY2023.

Maryland has 11 approved daily fantasy sports operators who also pay 15% of their revenue to the Blueprint. In FY2023, these contributions totaled $1.2 million.

Photo via Pixabay

Please follow and like us: