Maryland’s gaming industry has witnessed a remarkable surge in revenue, with the state’s six casinos collectively generating $212.9 million in October. This figure represents a staggering 37% increase from the same period last year and surpasses the previous monthly record set in July 2021. Among these casinos, MGM National Harbor stood out as the top performer, amassing over $115 million in gaming revenue, marking a remarkable 105.8% growth from October 2021. Additionally, Maryland’s sports betting landscape has experienced a significant boost, with a $31.4 million handle recorded in September, indicating a robust 67.9% increase from the previous month.
Maryland Casinos Achieve Unprecedented Success:
The gaming industry in Maryland has witnessed an exceptional period of growth, with all six casinos reporting substantial revenue gains. MGM National Harbor took the lead with an impressive $115 million in gaming revenue, showcasing a remarkable 105.8% increase from the same month in the previous year. Live! Casino & Hotel at Arundel Mills, while still performing well with a revenue of $59.7 million, experienced a slight decline of 1.9%. Baltimore’s Horseshoe Casino, on the other hand, recorded a noteworthy 1.5% increase, amassing $17.4 million in gaming revenue.
The state’s smaller casinos, including Ocean Downs, Hollywood Casino, and Rocky Gap Casino, have also contributed to the overall success. Ocean Downs reported $8 million in revenue, marking a significant 4.7% increase from October 2021. However, Hollywood Casino experienced a slight decline of 1.3%, recording $7.5 million in gaming revenue. Rocky Gap Casino faced a more significant challenge, with a decrease of 9.5%, generating $5.2 million.
Allocation of Gaming Revenue to State Programs:
The success of Maryland’s gaming industry has resulted in substantial contributions to various state programs. In October, the state collected nearly $80 million in gaming revenue, and a significant portion, $58.3 million, was allocated to the Education Trust Fund. These funds play a crucial role in supporting education initiatives across the state, empowering schools and students with the necessary resources for a better future.
Soaring Sports Betting Market:
In addition to casino revenue growth, Maryland’s sports betting market has also experienced a surge in popularity. In September, the state’s seven sportsbooks reported a remarkable handle of $31.4 million, a staggering 67.9% increase compared to the previous month’s figure of $18.7 million. The win rate also witnessed an upswing, reaching 17.6%, surpassing the August rate of 17.2%.
Key Players in Maryland’s Sports Betting Landscape:
Among the sportsbooks operating in Maryland, Live! Casino, powered by FanDuel Sportsbook, emerged as the leader with a substantial handle of $12.7 million. MGM National Harbor, operating as BetMGM, followed closely with an $8.6 million handle. Horseshoe Casino, featuring Caesars Sportsbook, and Ocean Downs Casino, associated with TwinSpires, each reported a $1.5 million handle. Hollywood Casino, in partnership with Barstool Sportsbook, rounded up the top five with a $1 million handle.
Maryland’s gaming industry is experiencing an unprecedented period of growth and success, with casinos reporting record-breaking revenues and the sports betting market flourishing. The substantial revenue generated by the casinos has not only contributed to the state’s economy but has also significantly benefited various state programs, notably the Education Trust Fund. As the state continues to foster a thriving gaming landscape, it presents a promising outlook for the future, supporting education, and providing entertainment to residents and visitors alike.