Gambling taxes over the past fiscal year have have broken all previous records in the state.
The combined taxation figure of the Maryland Lottery and all statewide casinos has broken the previous record in the last fiscal year.
The total figure directed towards the state of $1.3 billion is up 4.7% from the previous fiscal year, totaling $1.2 billion.
The Statewide Lottery made a whopping $593 million in generated revenue towards the state from total sales of $2.1 billion.
There are 6 casinos in Maryland, each in a different town. The first to open was the Hollywood Casino in Perryville. The Horseshoe Casino is located in the state’s largest city, Baltimore. The largest casino is the Live! Casino & Hotel in Hanover.
Between them, the casinos made a contribution of $717 million towards the state including $542.7 million going straight to the Maryland Education Trust Fund.
This fact was emphasised by the State’s Governor, Larry Hogan, who was not shy in commenting on how beneficial gambling revenue is to Maryland’s progress and future.
“The $1.3 billion provides funding for essential state programs that our citizens rely on every day. Education is our top priority. Our students and classrooms will benefit from a contribution… to the Education Trust Fund.”
Gordon Medenica, the Maryland Lottery & Gaming director, was also quick to point out the industry’s utility to the state government.
“We’re happy to report on new records” he said. “But equally, we’re proud to serve as a vital source of revenue for the state…. The hard work continues as we move into the new year.”
Maryland’s feel good story is a positive for the Gaming industry, which more frequently contends with negative press. It is quite rare to hear of the positive contributions the industry can make through taxation. As is often the case with contentious industries, it is far better to tax and regulate, rather than to ban outright, pushing business underground.