ANNAPOLIS, Md. (AP) — Maryland raised a state-record $1.5 billion from gambling revenue in the past fiscal year, the lottery announced Monday.
The new all-time state record includes money raised from the lottery, the state’s six casinos, sports betting and fantasy sports betting. Last year’s revenue exceeded the amount raised in the previous year by $120 million, the lottery said. Maryland’s fiscal year runs from July 1 through June 30.
The lottery and casinos have contributed more to the state than ever before. Lottery profits totaled $673.7 million. Casinos contributed $832.3 million.
Lottery profits for the state in the past fiscal year broke the record set the previous year by $6.3 million. Sales totaled nearly $2.67 billion, an increase of $51.5 million, from the previous record set in fiscal 2021. Scratch tickets have driven lottery growth these last years.
Maryland Lottery and Gaming Director John Martin said the lottery, which turns 50 next year, has developed a variety of games to play over the years.
“We have a pretty even product lineup,” Martin said. “We’re not too dependent on anything.”
The $832.3 million from casinos represents an increase of $108.9 million from the record total of the previous fiscal year. The amount set aside for the Education Trust Fund was an all-time high of $611.6 million.
Total casino gaming revenue was just over $2 billion, up about $242 million from the previous record set in fiscal 2019.
Combined lottery and casino revenue of $1.5 billion topped the $1.39 billion raised in the previous fiscal year.
The launch of sports betting and fantasy competition betting in Maryland raised an additional $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 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 betting program is fully developed, it will contribute approximately $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.
Proceeds from lottery tickets go to the Maryland General Fund, which helps pay for schools, public health and safety departments, and environmental programs.
The money the state gets from casino revenue supports education. Some casino revenue is also allocated to the communities where the casinos are located, the state’s horse racing industry, and minority and women-owned small businesses.
Sports betting and contributions to fantasy competitions are also intended for education programs.