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Maryland gambling revenue sets new record in fiscal year

ANNAPOLIS, Md. (AP) — Maryland raised a record $1.5 billion for the state from gambling revenue in the last fiscal year, the lottery announced Monday.

The new all-time state record includes money raised by the lottery, the state’s six casinos, sports betting and fantasy sports wagering. The revenue for the last fiscal year beat the amount raised in the previous one by $120 million, the lottery said. Maryland’s fiscal runs from July 1 to June 30.

The lottery and casinos both contributed more than ever before to the state. Lottery profits totaled $673.7 million. Casinos contributed $832.3 million.

The lottery’s profits to the state in the last fiscal year beat the record set in the previous year by $6.3 million. Sales totaled almost $2.67 billion, an increase of $51.5 million, compared to the prior record set in fiscal year 2021. Scratch-off tickets have boosted the lottery’s growth in recent years.

John Martin, the Maryland lottery and gaming director, said the lottery, which will be 50 years old next year, has developed a variety of games to play over the years.

“We have a fairly equal product mix,” Martin said. “We’re not overly dependent on any one thing.”

The $832.3 million from casinos is an increase of $108.9 million, compared to last the fiscal year’s record total. The amount set aside for the Education Trust Fund was an all-time record of $611.6 million.

Total gaming revenue at the casinos was just over $2 billion, up about $242 million from the previous record set in fiscal year 2019.

The combined revenue of $1.5 billion from the lottery and casinos beat the $1.39 billion raised during the previous fiscal year.

The start of sports betting and wagering on fantasy competitions in Maryland raised another $5.6 million. Maryland’s first five retail sportsbooks opened in December. The Blueprint for Maryland’s Future Fund, which supports public schools, received a total of $3 million from the $174.8 million in wagers that were placed in the last fiscal year.

More retail sportsbooks and online sportsbooks are expected to open this fiscal year. It is estimated that when the sports wagering program is fully developed, it will contribute roughly $30 million per year to education funding.

Maryland Lottery and Gaming is the state’s fourth-largest source of revenue after income, sales and corporate taxes.

Lottery ticket profits go to the Maryland General Fund, which helps pay for schools, public health and safety services as well as environmental programs.

Money the state raises from casino revenue supports education. Some casino revenue also is allocated to the communities where the casinos are located, the state’s horse-racing industry and small, minority- and women-owned businesses.

Sports wagering and fantasy competition contributions also are directed to education programs.

Source: Associated Press