Sports betting in Maryland contributes $8.2m to the state in January
The money will support public education programs through the Blueprint for Maryland’s Future Fund
Sports wagering in Maryland has generated $8.2m in tax contributions to the state, fueled by NFL playoffs last month.
The $8.2m comes from total handle of $544.9m for the month and sports betting revenue of $55m.
This marks the highest state contribution from sports wagering to date in Maryland.
The majority of the nearly $545m was generated from mobile sports betting, with $527.7m of the bets placed from a mobile device.
The contribution will go to the Blueprint for Maryland’s Future Fund, which supports public education programs.
The $8.2m contribution to the state surpassed the previous month’s record high of $6.5m in December 2023.
January’s contribution was nearly four times the month’s 2023 total of $2.1m, signaling an increase of 23.4%.
Marland’s February numbers are due to be released on March 11 and will include wagers on the Super Bowl.
Maryland Lottery and Gaming Director John Martin shared his thoughts on the reason behind last month’s strong numbers: “The calendar is always the driving force in sports wagering, and the football playoffs in January reliably produce strong numbers.
“The AFC Championship game didn’t go the way Ravens fans were hoping or expecting, which may have contributed to the results we saw. It’s a reminder that unforeseen outcomes happen, so it’s always best for anyone who wagers to set a budget, have a plan and stick to it, and keep the focus on having fun.”
During the first seven months of Fiscal Year 2024, calculated from July 2023 through January 2024, sports wagering has contributed $32.8m to the state.
Since the beginning of Maryland’s sports wagering program in December 2021, $60.9m has been contributed to the Blueprint for Maryland’s Future Fund and $2.7m to the Problem Gambling Fund.
The NFL has impacted sports wagering. Last month, GeoComply data found a 24% increase in geolocation transactions during NFL playoffs.
Moreover, the AGA estimated that Super Bowl wagers could reach $23.1bn this year, a significant increase compared to last year’s $16bn.
In other related news, Maryland casinos reported $153.2m in January revenue, an 8.4% decline when compared to results from a year ago. Last month, it was reported that the state is also considering the legalization of iGaming and poker.
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