Betting News 
The sports betting market in Maryland has seen a healthy expansion, contributing significantly to the state’s tax revenues. According to the Maryland Lottery and Gaming Control Agency, more than $60.3 million was generated from sports betting tax in the fiscal year of July 1, 2023 to June 30, 2024. This formed part of the state’s overall gaming tax revenues of $1.585 billion.
The sum made this period the second-highest single-year gaming tax revenue contribution to the state, falling just short of the previous fiscal year’s record $1.589 billion. This figure encompassed $824 million from casino gaming, $699.6 million from lottery proceeds, and $61.3 million from both sports wagering and daily fantasy sports combined.
Of note, the fiscal year 2024 was the first full year for online sports betting in Maryland, previously having only been active for seven months in 2023. Sports betting tax revenues are channeled into the Blueprint for Maryland’s Future Fund, aimed at bolstering public education programs.
During the year, the sports betting sector experienced significant growth, with three retail sportsbook outlets and two mobile sports wagering platforms launching. In total, 13 retail locations and 12 mobile platforms were operational during the fiscal year.
The total sports betting handle for 2024 reported by Maryland Lottery and Gaming was $5,374,116,452. Online sports betting led the charge, amassing more than $5.19 billion in handle, notably surpassing retail sports betting, which handled a total of $180,622,269.
Online sports betting also drove the revenue numbers for the Blueprint for Maryland’s Future Fund, contributing $58,069,256 in tax revenues compared to $2,242,200 from retail sports betting. The state’s sports betting for the FY 2024 resulted in a 10.6% hold rate.
Excess sports wagering prizes, which amounted to $985,862 during the fiscal year, are earmarked for supporting responsible gaming programs.
The year in review was the second biggest year of gaming contributions to the state, as reported by the Maryland Lottery and Gaming Control Agency. On average, the combination of the lottery, casinos, sports wagering, and daily fantasy sports provided an average of $4.3 million daily to state programs and services.
John Martin, the Director of Maryland Lottery and Gaming, praised the performance. He stated, “Despite the exceptional results from FY 2023 setting a challenging benchmark, FY 2024 also delivered a robust performance. With the launch of a new daily lottery game and the continuous expansion of the sports wagering market, we are proud to facilitate funds for vital state programs.”
