Maryland Sees $60 Million Tax Revenue Windfall

The Maryland Lottery and Gaming Control Agency reported that sports gambling had contributed a whopping $60.3 million in tax revenues. More than the state generates from civil cases and general fines. From that $60.3 million windfall, an incredible $58.06 (96%) came from the state's 12 online sportsbooks.

The Maryland Lottery and Gaming Control Agency reported sports betting contributed $60.3 million in tax revenues from July 1, 2023, through June 30, 2024.

Online sports betting contributed $58.06 million of the total.
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That's a 280% jump from the previous period (July 1, 2022, to June 30, 2023), when the contribution to the state from online books was only $20.695 million.

Since online sports gaming was legalized on November 23, 2022, Maryland has pulled in $78.7 million in tax revenues. The state's biggest revenue month was January 2023 when books generated $53.3 million in revenues with the state netting $7.99 million in tax revenues.

Maryland bettors flocked to online books from November 2023 to March 2024, with the average monthly handle sitting around $510 million. That November to March timeline aligns with the NFL schedule, the playoffs, and the build-up to the biggest sports gambling event; the Super Bowl.

During the NFL's nearly six-month schedule from September 2023 to February 2024, the state's online sportsbooks took in almost $3 billion in handles generating $30 million in tax revenues. That $30 million accounts for just over 51% of Maryland's annual total.

With the 2024 football season nearing, and the popularity of online gambling growing, those tax revenues are expected to rise yet again. The NFL's four-week preseason is well underway. The regular season starts on September 5 as Maryland's own Baltimore Ravens face the 2023 Super Bowl Champion Kansas City Chiefs at Arrowhead Stadium.

That $58.06 million in tax revenue from online sportsbooks goes to the Maryland Blueprint for the Future Fund whose stated goal is to "transform public education in the state into a world-class education system". Online sports betting is proving to be a net positive for the state.