Maryland Gambling Tax Revenue Surpass US$1.3 Billion in 2019
Some recent statistics released by the Maryland Lottery and Gaming Control Agency has revealed that the state has garnered more than US$1.3 billion in tax revenue from gambling-related sources, such as casinos and the state lottery. It has been stated that this is a 4.7% increase compared to last year (or around US$61 million).
Broken down, the group’s data showed that a total of US$717.5 million came from casinos, whereas the remainder of the sum (US$593.1 million) came from the state’s lottery games. Speaking on the tax revenue gained from gambling, state Governor Larry Hogan commented that the tax funds were used to ensure that there is funding for essential operations and services that are both beneficial to state development and widely used by citizens.
Governor Hogan also provided some information about where exactly all this money will be going. According to sources, the following groups will receive the below-stated funds:
- Maryland Education Trust Fund – US$542.7 million
- Local aid – US$92.8 million
- Horse racing industry – US$77.6 million
- Maryland General Fund – US$552 million
- Stadium Authority – US$20 million
- Baltimore City Schools – US$20 million
Maryland Casinos See Increase in Gross Gaming Revenue
Maryland experienced its best-ever year in terms of gaming revenue for the fiscal year of 2018-19. The six casinos located within the state reported a total gross gaming revenue of US$1.76 billion. This is up to US$81.4 million from the previous year.
The state’s highest-earning casino was the MGM National Harbor, which was followed by the Live! Casino Hotel and then the Caesars-owned Horseshoe Baltimore. The only casino to experience a downfall in market share was the Horsehoe, which dropped from 15.2% to 14.2%.
With regards to lotteries within the state, it seems that the Mega Millions and Powerball are the two biggest multi-state games, bringing a total of US$56 million and US$49.2 million in respectively. With regards to games exclusive to the state, the biggest game is the Pick 4, which sold US$312.2 million worth of tickets.
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