Maryland Lottery and Gaming Boosts State Budget with $1.5 Billion Contribution, Bolsters Education Funding
In an announcement made on Monday, Maryland Lottery and Gaming revealed that it has contributed over $1.5 billion to the state’s budget for fiscal year 2023. This substantial amount was generated through various avenues, including the lottery, six casinos, sports wagering, and fantasy sports.
The revenue generated by Maryland Lottery and Gaming plays a crucial role in supporting a range of essential state services, particularly education funding, public health initiatives, and public safety programs. It is noteworthy that the agency stands as the state’s fourth-largest source of revenue, following income, sales, and corporate taxes.
During the fiscal year, the Lottery alone contributed $714 million to the state’s revenue from $2.7 billion in sales, marking a notable increase of 3.8% compared to the previous fiscal year. The funds generated from the lottery are directed towards the Maryland General Fund, which provides budgets for numerous state programs aimed at benefiting the community.
Equally significant, Maryland’s six casinos collectively amassed $848.1 million for the state from $2 billion in sales, reflecting a 2.9% increase over the prior year. Casino revenue contributes significantly to the Education Trust Fund, small minority-owned businesses, as well as the jurisdictions where the casinos are located. Notably, the education fund alone received $622.7 million during the fiscal year, an increase of 1.8% from the previous year.
The contributions from sports wagering and fantasy sports also make a significant impact on education programs within the state. A notable $25.3 million was directed towards the Blueprint for Maryland’s Future Fund, which specifically supports public education initiatives. With the sports wagering program expected to expand further, the commission estimates an annual contribution of approximately $30 million once it is fully developed.
Looking at the progress made throughout the fiscal year, it is evident that the gaming landscape in Maryland continues to evolve. The addition of sports wagering has provided new opportunities for revenue generation while ensuring that the core mission of supporting good causes remains intact. According to Maryland Lottery and Gaming Director John Martin, the agency is proud to adapt to new responsibilities while remaining committed to its fundamental objective since its launch in 1973.
The positive outcomes reflected in the contributions made by Maryland Lottery and Gaming speak to the agency’s dedication to fulfilling its mission. As it celebrates its 50th anniversary this year, the commitment to generating revenue for the betterment of the state is evident. The continuous evolution of the gaming landscape presents opportunities for increased revenue, which will further strengthen the support provided to important state programs and services.
In conclusion, the $1.5 billion contribution made by Maryland Lottery and Gaming to the state’s budget is a testament to its significant impact on funding essential services. The revenue generated not only bolsters education funding but also supports public health, public safety, and other vital state programs. As the gaming landscape continues to evolve, Maryland Lottery and Gaming remains steadfast in its commitment to its core mission and looks forward to even greater contributions in the future.
