Maryland Lottery & Gaming generated record-breaking $1.5B this fiscal year
BALTIMORE -- Maryland Lottery and Gaming said Monday it contributed over $1.5 billion to the state through the lottery, six casinos, sports wagering and fantasy sports in the Fiscal Year 2022, a record-breaking sum.
The revenue supports the state's schools, public health, public safety and other state services. The agency said it is the state's fourth-largest source of revenue after income, sales and corporate taxes.
"We are immensely proud to be a vital source of funding for programs and services that Marylanders depend on every day," said Maryland Lottery and Gaming Director John Martin. "We're in the entertainment business, but we never lose sight of the role we play and our place in the community."
The Lottery made a $673.7 million profit this fiscal year, surpassing the previous record set last year by over six million dollars, the agency said. Lotto money goes to the Maryland General Fund, which supplies budgets for a litany of state programs.
Maryland's six casinos raked in $832.3 million for the state, beating last year's record-setting total by nearly $109 million.
Casino revenue supports the Education Trust Fund, small minority-owned businesses, and the jurisdictions the casinos are based. The education fund got yet another record-breaking contribution: $611.6 million up from nearly $70 million last year.
Sports wagering and fantasy sports contributions are also directed to education programs. Since the state's first five sportsbooks opened in December, sports wagering has contributed $3 million and fantasy competitions have contributed $2.6 million
The commission estimates that when the sports wagering program is fully built out, it will contribute about $30 million a year.
Across the state, 17 entities have been designated to conduct sports wagering. Eleven of those entities are qualified and six of them are already in operation.
