The state of Maryland has set a new sports betting tax record with a 43% year-over-year increase in revenue for the month of September. This surge in revenue comes as a result of the growing popularity of sports betting in the state.
The Maryland Lottery and Gaming Control Commission reported that the total sports betting handle for the month of September was $59.2 million, up from $41.3 million in August. This increase is a positive sign for the sports betting industry in Maryland, which has been steadily growing since it was legalized in 2021.
The state also saw a significant increase in tax revenue from sports betting, with the total tax revenue reaching a record high of $1.3 million for the month of September. This tax revenue is used to support various state programs and initiatives, making sports betting an important source of funding for the state.
The rise in sports betting revenue in Maryland reflects a larger trend seen across the country as more states legalize and regulate sports betting. With the popularity of sports betting on the rise, states like Maryland are reaping the benefits of increased tax revenue and economic growth.
Overall, the success of sports betting in Maryland is a testament to the growing interest in sports betting and the positive impact it can have on state economies. As the industry continues to evolve and expand, Maryland is poised to continue setting new revenue records and reaping the benefits of a thriving sports betting market.
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