Monday, November 4, 2024
spot_imgspot_img

Top 5 This Week

spot_imgspot_img

Related Posts

Sports Betting Generates Almost $5.6 Million for Maryland in August


The Maryland sports wagering market has continued to grow, with the state generating $5.6 million in contributions in August 2024 from a handle of $377.4 million. This brings the program’s total contribution to the Blueprint for Maryland’s Future Fund to over $100 million since its launch in December 2021. The amount contributed in August was more than double that of the previous year, indicating a significant increase in activity.

There were 11 mobile platforms and 12 retail locations operating in August 2024, compared to 12 mobile sportsbooks and 12 retail locations in August 2023. The detailed summary of the results for each sportsbook, including handle, hold percentage, prizes paid, and contribution to the state, is available for download on the Maryland Lottery & Gaming website.

The total handle for August 2024 was $377.4 million, with retail and mobile contributions of $8.9 million and $368.4 million, respectively. Prizes paid out to players amounted to $338.1 million, leaving a taxable win of $37.2 million. The sports wagering tax, which is 15% of the taxable win, was $5.6 million for the month.

Overall, since the program’s inception, the cumulative contribution to the Blueprint for Maryland’s Future Fund has reached over $100 million, with an additional $3.3 million contributed to the Problem Gambling Fund from expired prizes. The growth and success of Maryland’s sports wagering market continue to benefit education programs and problem gambling initiatives in the state.

Source
Photo credit mocoshow.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Popular Articles