Maryland Sports Wagering Boosts Education Funds by $6.5M in December
Maryland’s sports wagering market has made a significant impact on the state’s finances, contributing a whopping $6,510,765 in December 2024 alone. This marks a substantial increase from the previous year, with a total of $46,576,505 generated for the state over the first six months of Fiscal Year 2025. These contributions are channeled into the Blueprint for Maryland’s Future Fund, which plays a crucial role in supporting various public education initiatives throughout the state.
Impressive December Figures
In December, Maryland sports enthusiasts placed bets totaling $637,301,168 and received winnings amounting to $591,678,179. The sports wagering landscape in the state now boasts 11 mobile platforms and 13 retail sportsbook locations. A notable highlight in December was the reopening of Long Shot’s sportsbook in Frederick on December 21, now under the management of Caesars Sportsbook after replacing its former partner Betfred. The establishment had been shuttered since June 9.
Breakdown of Wagering Activity
For December 2024, the combined handle across both retail and mobile platforms hit $637.3 million, with retail wagers contributing $17.8 million and mobile wagers making up the bulk at $619.4 million. The total prize money awarded to bettors stood at $591.7 million, leaving the overall hold, or the remaining amount after prizes are deducted, at $45.6 million, equivalent to 7.2% of the handle. The taxable win, calculated post-prize deductions, promotional wagers, and other expenses, tallied up to $43.4 million, resulting in $6.5 million in state taxes.
Continued Industry Growth
The December report underscores the ongoing expansion of Maryland’s sports wagering sector, primarily driven by mobile platforms, which contributed $43.2 million to the taxable win. Retail sportsbooks chipped in $190,755 towards the taxable win, translating to $28,613 in state tax revenue, while mobile platforms generated $6,482,152 in tax contributions.
Since its inception in December 2021, Maryland’s sports wagering market has injected a total of $135,029,665 into the Blueprint for Maryland’s Future Fund, supporting vital public education programs. Furthermore, expired prizes have generated an additional $3,611,544 for the Problem Gambling Fund, which focuses on combating gambling addiction and associated issues.
For more detailed insights into the December 2024 results, including handle breakdowns, hold percentages, prize payouts, and contributions from each sportsbook and sport, interested parties can visit mdgaming.com.
This heartwarming story highlights how sports wagering in Maryland is not just about entertainment but also contributes significantly to crucial public education initiatives and combating gambling addiction. It showcases how a seemingly recreational activity can have a profound impact on the community, making a difference in people’s lives beyond the thrill of the game. Let’s continue to support responsible gaming practices and channel the benefits towards noble causes that uplift our society.
