Maryland Sports Betting Scores Big for Education Funding
Maryland’s sports betting market has achieved a significant milestone in August, with its total contributions to the state’s education fund surpassing $100 million since its launch.
15% of Maryland sportsbooks' taxable revenue goes to the Blueprint for Maryland's Future Fund.
LISTEN TO THIS ARTICLE:As per results released by Maryland Lottery and Gaming, total player wagers in the state in August reached $377 million. The handle rose by 43.1% year-on-year, compared to $263.7 million in the same month last year.
While mobile betting accounts for $368 million of the total, retail bets contributed $8.9 million. During the month, players pocketed $338.1 million in winnings, $330.3 million by online and mobile players, and $7.8 million by retail players.
From the adjusted gross receipts, the state collected $5.6 million in sports betting revenue, mostly from mobile at $5.1 million. This total more than doubled the $2.6 million reported in August 2023.
According to state regulations, 15% of Maryland sportsbooks' taxable revenue goes to the Blueprint for Maryland's Future Fund, which supports public education programs across the state.
Furthermore, the state's Problem Gambling Fund received $78,740 from expired sports wagering prizes in the month.
Since December 2021, Maryland's sports betting program has contributed $100.3 million to the Blueprint for Maryland's Future Fund and $3.4 million to the Problem Gambling Fund.
After legalizing sports betting in 2021, Maryland expanded to online sports wagering in November 2022. The state is home to 12 retail betting locations and 11 mobile sportsbooks, including FanDuel, DraftKings, BetMGM, Caesars, and Hard Rock.
More Finance News
Maryland Casinos Revenue Grow Year-on-year
Earlier this month, Maryland released its August casino gaming revenue report, revealing a 7.8% year-over-year increase.
The casinos in the state generated a combined gaming revenue of $173.9 million in the month, roughly $13.5 million higher than the $160.4 million recorded in August 2023. It was also the ninth-highest monthly total since Maryland launched its legal casino market in 2010.
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