- Fiscal year earnings hit record highs.
- The revenues beat the previous record by $120 million.
- The earning totals increased across the board.
The state of Maryland is doing well when it comes to gambling revenues.
The Lottery and Gaming Control Agency recently released the 2022 fiscal year figures, showing the state earned a total of $1.511 billion from gaming operations.
This is a new record and $120 million more than what was earned in the previous record-setting fiscal year.
Details of the Revenue Totals
For the year, the lottery brought in just over $673 million in earnings. The six casinos in the state contributed more than ever before with $832.3 million. The combined figure easily beat out the $1.391 billion earned in 2021’s fiscal year.
John Martin, the Maryland Lottery and Gaming Director, stated that revenue numbers were up across the board. Casino revenues pushed over $2 billion but only $832 million went to the state. Of that amount, $611 million goes to the Education Trust Fund. So far, since starting in 2010, the fund has added over $4.5 billion from gaming.
Sports betting and fantasy sports also helped to contribute to the overall payments. Around $5.6 million was added from these two sectors. Scratch-off tickets were also a big contender this recent fiscal year. Players are really taking to instant games with sales increasing year after year.
Profit Contributions: Where Does the Money Go?
When it comes to lottery ticket sales, proceeds go towards the state’s General Fund. This fund is used to pay for state programs including schools and public health. The casino gaming earnings help with educational needs, in particularly where the casino venues are located.
Revenues are also passed along to the horse racing industry and businesses that are owned by women and minorities. A portion of proceeds are set aside for problem gambling treatment and services at no cost to the individual.
As far as the lottery is concerned, over 60% of the sales total returns to players in prize money. For 2022, the record sales saw a high total of prize contribution, coming in at over $1.6 billion. This was a boost from the previous record set in 2021 by over $37 million.
The lottery was able to reach Level 4 status within the World Lottery Association during the recent fiscal year and is only one of 10 lotteries in 10 in the US to reach this level of success. Next year, the 50th anniversary of the lottery will be celebrated with plenty of promotions and products expected to be on offer via mobile and retail locations.
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