Maryland’s gaming industry witnessed a modest 3.7 percent year-on-year decrease in September, with the state’s six casinos generating $159.3 million in gaming revenue. This dip in revenue was also evident compared to the previous month, where the total revenue reported in August was $169.3 million. Among the casinos, MGM National Harbor led the pack in revenue generation, followed closely by Live! Casino & Hotel and Horseshoe Casino. Despite the overall decline, the state contributed over $68 million to the Maryland Education Trust Fund. On another front, mobile sports betting in Maryland is set to launch earlier than expected, with the Sports Wagering Application Review Commission allowing online sportsbooks to operate as soon as they receive their licenses. With the application deadline set for October 21, Maryland could see its first sports betting apps up and running by late November or early December, opening up exciting opportunities in the betting landscape.
Maryland Casinos Witness Slight Revenue Decline in September
In September, Maryland’s six casinos collectively recorded $159.3 million in gaming revenue, representing a marginal 3.7 percent decrease compared to the same period last year. Additionally, the revenue figure declined from the $169.3 million reported in August. Among the casinos, MGM National Harbor remained at the forefront of revenue generation, reporting $63.8 million, albeit with an 8.2 percent dip from September 2021. Live! Casino & Hotel demonstrated resilience, recording $56.8 million with a 0.6 percent increase, while Horseshoe Casino saw a minor 1.6 percent decline, registering $17.3 million.
Contributions to Maryland’s Education Trust Fund
Despite the slight dip in gaming revenue, Maryland’s casinos continued to contribute significantly to the state’s Education Trust Fund. With over $68 million being allocated to the fund, the proceeds will support various educational initiatives and programs in the state. The Education Trust Fund serves as a vital resource for enhancing the quality of education and fostering opportunities for Maryland’s students.
Sooner Launch of Mobile Sports Betting in Maryland
The Sports Wagering Application Review Commission has made an exciting decision to expedite the launch of mobile sports betting in Maryland. Instead of waiting for all licensed operators to launch simultaneously, online sportsbooks will be permitted to start operating as soon as they receive their licenses. The application process for up to 60 mobile sports betting licenses is currently underway, with operators required to submit their applications by October 21. Following a 45-day review period by SWARC, Maryland could witness its first sports betting apps in operation as early as late November or the first week of December, offering sports enthusiasts and bettors a new and immersive betting experience.
Maryland’s Journey Towards Sports Betting Legalization
Maryland’s foray into the world of sports betting began with a November 2020 referendum, where voters overwhelmingly approved sports betting in the state. Last year, Governor Larry Hogan solidified the legalization of online and retail sports betting by signing a bill into law. With the upcoming launch of mobile sports betting, Maryland’s sports wagering landscape is set to evolve, offering new opportunities for operators, bettors, and the state’s economy as a whole.
Maryland’s gaming industry experienced a slight decline in September, with gaming revenue decreasing by 3.7 percent compared to the previous year. However, the casinos’ contributions to the Maryland Education Trust Fund remain commendable, supporting vital educational initiatives in the state. Moreover, the anticipated launch of mobile sports betting brings excitement and anticipation, as Maryland positions itself to join the ranks of states with a thriving sports betting market. The accelerated launch timeline presents an excellent opportunity for operators to engage with bettors and enhance the overall sports betting experience in the state. As Maryland embraces this new chapter in its gaming and betting landscape, it stands ready to welcome a future of innovation and growth.