Maryland’s first five sports wagering facilities opened for business last month and contributed $469,297 to the Blueprint for Maryland’s Future Fund, which supports various public education programs. Each sports wagering licensee contributes 15 percent of its taxable winnings to the State of Maryland.
Five casinos — Hollywood Casino in Perryville, Horseshoe Casino in Baltimore City, Live! Casino & Hotel in Anne Arundel County, MGM National Harbor in Prince George’s County, and Ocean Downs Casino in Worcester County — are operating sportsbooks in Maryland. Additional facilities are expected to open later this year.
According to a press release:
Here are the statewide sports wagering totals for December 2021:
Handle (The amount players wagered, including promotional wagers provided to players by sportsbooks):
$16,552,430Prizes (Winnings paid to players):
$13,382,430Hold (Handle less prizes paid):
$3,170,000, or 19.2%Taxable Win (Amount remaining after paying winners and deducting promotional play and other amounts):
$3,128,660Sports Wagering Tax (15% of the taxable win):
$469,297
Last year, Maryland voters approved a constitutional amendment to expand commercial gaming by authorizing sports and events wagering for the primary purpose of raising revenue for education.
Although sports wagering is generally understood to be a low-margin, high-volatility business, proponents in the gaming industry tout the ancillary benefits of retail sportsbooks – specifically, bringing in younger, net new customers to a gaming facility with an aging customer base; increasing table games and slots revenue; and boosting onsite food, beverage, and hospitality business.
Stay tuned to Conduit Street for more information.
