The Maryland Lottery and Gaming Control Agency recently released comprehensive figures for the fiscal year 2023, showcasing a total contribution of $1.59 billion to the state. This substantial sum was derived from various sources, including lottery ticket sales, casino revenues, sports betting, and daily fantasy sports.
Lottery Contributions:
In the fiscal year spanning from July 1, 2022, to June 30, 2023, the Maryland Lottery contributed significantly to the state’s coffers. Lottery sales saw a commendable increase of 3.8%, reaching $2.764 billion. Profits returned to the state experienced a 6% uptick, totaling $714.3 million. Prizes amounted to $1.73 billion, reflecting a 2.2% increase. The Lottery’s commitment to daily payouts saw an average of $4.7 million distributed in prizes each day. Retailer sales and cashing commissions rose by 8.3%, reaching $219.9 million, with an average retailer commission of $50,000.
Casino Contributions:
Maryland’s six casinos played a crucial role in the fiscal landscape, generating $2.06 billion in revenue from slot machines and table games, marking a 2.9% increase. The state received a substantial contribution of $848.1 million, a 1.9% rise, including $622.7 million allocated to the Education Trust Fund. Local aid to jurisdictions and communities hosting casinos reached $108.9 million, witnessing a 3% increase. Casino gaming revenue further supported Maryland’s horse racing industry with $92.1 million and contributed $19.9 million to a fund benefiting small, minority, and women-owned businesses.
Sports Betting:
The fiscal year 2023 witnessed the expansion of Maryland’s sports betting market, with mobile wagering launching on November 23, 2022. Contributions from sports wagering reached $25.3 million, directed to the Blueprint for Maryland’s Future Fund, supporting public education programs. The market evolution saw nearly $2.9 billion in wagers and over $2.5 billion in prizes to players. Expired sports betting prizes, totaling nearly $2.1 million, were allocated to the Problem Gambling Fund.
Daily Fantasy Sports:
Maryland boasts 11 approved daily fantasy sports operators, contributing $1.2 million to the Blueprint for Maryland’s Future Fund. These operators, akin to sports betting licensees, allocate 15% of their revenue to support public education programs.
Financial Impact and Future Outlook:
The cumulative contributions from the Maryland Lottery, casinos, sports betting, and daily fantasy sports underscore the integral role these industries play in supporting the state’s essential programs. Lottery profits directly contribute to the Maryland General Fund, funding critical areas such as education, public health, safety services, and environmental initiatives. As Maryland’s gaming landscape continues to evolve, the state remains committed to its core mission of generating revenue for the greater good.
The fiscal year 2023 has been a noteworthy period for Maryland’s gaming and lottery sectors, with substantial contributions benefiting various facets of the state’s economy. The synergy between lottery sales, casino revenues, sports betting, and daily fantasy sports has not only provided entertainment for residents but has also become a crucial financial pillar for supporting essential public programs. Maryland’s commitment to adapt to changing dynamics while staying true to its core mission is evident in these impressive fiscal figures.