Maryland's Education Fund Boosted by June's Sports Betting Surge

By David M. Higgins II, Publisher/Editor on July 11, 2024

BALTIMORE — Maryland's sports betting market saw a significant rise in June 2024, generating $5,728,503 for the state from a total wagered amount of $384,687,982. This revenue supports the Blueprint for Maryland's Future Fund, which enhances public education programs.

June's contribution marks the fifth highest in a single month since the state launched sports wagering, more than doubling from the $2.8 million recorded in June 2023. The handle, or total amount bet, also surged by 51.2% compared to $254.5 million in the same month last year.

The fiscal year, running from July 1 to June 30, ended with Maryland sports wagering contributing $60,311,456 to the education fund. Additionally, $985,862 from expired betting prizes was directed to the state's Problem Gambling Fund during Fiscal Year 2024.

Statewide betting totals for June included $11,268,992 from retail and $373,418,990 from mobile platforms, with mobile betting incorporating $811,187 in free promotional wagers. Retail and mobile combined paid out $345,019,100 in winnings to players.

The net amount after payouts, termed the "hold," stood at $39,668,882, which is a 10.3% hold percentage. The taxable win after accounting for all deductions was $38,190,023, with the state earning a 15% tax on these winnings, totaling the $5.7 million.

A detailed breakdown of June's wagering activity by each sportsbook—including handle, hold percentage, prizes paid, promotional play, and taxable win—is available alongside the state's data at mdgaming.com. The information also highlights contributions to the state by sport and by platform.

Since the inception of sports betting in Maryland in December 2021, the total contribution to the Blueprint for Maryland's Future Fund has reached $88,453,160, with an additional $3,210,030 going to the Problem Gambling Fund from unclaimed or expired prizes.

Maryland's progressive approach to utilizing sports wagering funds for educational and social programs continues to yield substantial financial benefits, reflecting an increasing acceptance and integration of sports betting within the state's economic framework.