The Maryland Lottery and Gaming Control Agency, the body tasked with regulating the gambling industry in the state, released the financial results for the fiscal year 2022.
Maryland Enjoys $1.5BN in Contributions from Gambling
The results cover the period between July 1, 2021 and June 30, 2022 and reveal multiple records set by the industry. One of the highlights of the recent report is that the state’s six casinos, sports wagering and fantasy sports operations, as well as the Maryland Lottery, cumulatively contributed $1.5 billion to the state for FY2022. Those contributions helped boost public safety, public health, but also supported schools as well as important programs and services in Maryland.
The recent result of $1.5 billion in contributions to the state marks an increase when compared to the same period a year ago. The fiscal year revenue for the period between July 1, 2020 and June 30, 2021, was $1.4 billion. When compared to the result for FY2022, an increase of nearly 9% or $120 million is observed. It’s no surprise that casino gaming made the biggest contribution for the fiscal year 2022, followed by traditional lottery and sports wagering operations.
Casinos Set New Record for Gaming Revenue
Overall, casinos in the state reported $2 billion in gaming revenue for FY2022. A breakdown provided by the regulator reveals that from that total, $832.3 million were allocated to the state, while the casinos’ share was $1.2 billion. A further breakdown reveals that the state’s Education Trust Fund received $611.6 million, while $105.9 million were allocated toward Local Aid. Another $90.8 million benefitted horse racing, while $19.6 million were allocated toward women-owned, small and minority businesses. Some 0.2% of the total casino gaming revenue or $4.5 million were allocated toward responsible gambling.
According to the regulator in the state, the lifting of COVID-related restrictions helped the casinos hit record revenues for the fiscal year. In fact, the $2 billion in casino gaming revenue marked a 14.7% increase when compared to FY2021. What’s more, the casino gaming revenue for the fiscal year 2022 even surpassed the result from FY2019 by 13.7%.
Sports Betting and Lottery Contributes to the State’s Coffers
Not unexpectedly, the lottery in Maryland also enjoyed strong financial results for FY2022. In total, the lottery sales for the period hit $2.7 billion. From that total, $1.7 billion was paid to the players, $203 million were claimed as retailer commissions, while $91.1 million were the operating expenses. The profit for the state from lottery operations in FY2022 was $673.7 million.
The $2.7 million in lottery sales set a new record, according to the regulator. The sales for the most recent period surpassed by 2% the previous record that was set in FY2021. Additionally, the prizes paid to players set another record. The previous record set for prizes paid dates back to FY2021, but in FY2022 it was surpassed by 2.3% or $37.5 million.
Although sports wagering contributed to the state’s coffers in FY2022, this wasn’t a full fiscal year for the activity. The state launched its legal sports betting operations back in December last year. Still, the activity brought $2.9 million in contributions to Maryland.