Maryland Casino Revenue and Tax Collection Snapshot - Newstbt.com

Maryland’s six casinos reported a total of $163,717,230 in revenue from slots and table games for the month of June 2023. This is a slight increase from the same time the previous year, despite a slight monthly drop.

June 2023 proved to be a successful month for Maryland’s MGM National Harbor, as shown in the image above. Although total revenue decreased from $169.4 million in May to $163.7 million, year-over-year revenue was up by 0.6%, amounting to $971,931. The casino also contributed $69,430,233 to the state in taxes – an increase of 1.6% from June of the previous year. These tax contributions also aided the state’s Education Trust Fund, giving it more than $50 million last month and a total of more than $250 million thus far in the year. Out of all six casinos in the area, MGM National Harbor was the top performer with $69 million in revenue. After the first half of the year, these casinos contributed over $1 billion to the state as a whole.

In 2021 compared to 2022, the total casino revenue increased by 6.7%, going from $1.922 billion to $2.051 billion. Though sports betting revenue was mixed, it generally saw an increase overall.

Sports Betting Revenue Mixed, but Mostly On the Rise

It appears that Maryland’s sports betting industry is in a state of development. Despite an increase in revenue from the previous month, the May figures for 2023 show a small decline – the handle reached $320.32 million, approximately 2.5% less than April’s $328.4 million. Online sports wagers constituted 95% of the total, and, among the online sportsbooks, Maryland Live! prevailed with a handle of $146.3 million followed by DraftKings at $101.9 million. When sports betting became legalized in Maryland in 2021, the theoretical possibility of online casino gaming was also ran over.

Online Casino Gaming Under Study

The Maryland Lottery Commission will conduct a study to evaluate the repercussions of allowing online casinos in Maryland. This research will contemplate the effects on gamblers, determine the size of the potential market, assess the economic impact, and gauge the likelihood of “problem gambling”. As many other states, including Connecticut, Michigan, New Jersey, New York, Pennsylvania, and West Virginia have already began to permit online casino gaming, and Rhode Island following suit in March 2024, legislators pushing in favor of legalization argue that Maryland ought not miss out on the fiscal and economic opportunities this reform can bring. The Maryland General Assembly will be presented with the results of the study by November 15, 2023. Unfortunately, the idea of offering legal online casino gaming to the citizens of Maryland was not brought to realization in the 2023 legislative season.