Maryland Casino Revenue Down 2.6% Year On Year In July

Ziv Chen

Last Updated: August 12, 2024 3:49 PM EDT • 1 min 51 sec read. Twitter link Google News Link

Maryland Terrapins wide receiver Tai Felton speaks to the media as we look at some FY2024 Maryland casino financials and sports betting financials for July 2024 — Maryland Terrapins wide receiver Tai Felton speaks to the media during the Big 10 football media day at Lucas Oil Stadium. Photo by: Robert Goddin/USA TODAY Sports.

In July 2024, it was a different story for our best sports betting sites and Maryland's casinos.

The Maryland State Lottery & Gaming Control Agency (MLGCA) has published its casino revenue report for July 2024. The state’s six land-based casinos collected $169.8 million in revenue, representing a 2.6% decrease from last year’s $174.3 million. At the same time, revenue was up around 4.2% month-on-month, compared with the $162.9 million generated in June.

Almost $116.5 million of July’s revenue came from video lottery terminals (VLTs), and the remaining $53.4 million was generated by table games. While July marks the beginning of FY 2025, the figures have brought the calendar year total above $1.0 billion.

Casino performance breakdown

Maryland doesn't yet have real money online casinos, but its six brick-and-mortar casinos reported a year-on-year decrease in revenue. MGM National Harbor took the top spot with nearly $72.0 million in revenue, representing the smallest drop of just 0.2% from last July. Live! Casino & Hotel came in second place with $62.6 million in revenue, down 0.3%. In third place, Horseshoe Casino saw the largest year-on-year decrease of 16.9%, collecting $13.3 million.

Ocean Downs Casino reported $9.6 million in revenue, down 4.6% year-on-year. Hollywood Casino followed with $7.3 million, a 2.8% decrease. Rocky Gap Casino came last with $5.0 million in revenue, down 13.4% year-on-year.

Where does the money go?

In Fiscal Year 2024, which concluded at the end of June, Maryland's casinos claimed 57.5% of total revenue. Meanwhile, 30.5% was allocated to the Maryland Education Trust Fund, which aims to enhance the quality of public education across the state. Casino revenues also support local community initiatives, Maryland’s horse racing industry, small businesses, and responsible gaming initiatives.

For July 2024, nearly $72.2 million of the total casino revenue was allocated to the state, with $52.0 million going specifically to the Education Trust Fund. Both figures represent a 1.4% decrease compared to July 2023.

A different story for sports

The MLGCA has also released the Maryland sports betting figures for July, revealing a contrasting 34.7% year-on-year increase in handle to nearly $333.3 million.

Mobile sports betting generated over $324.9 million, with DraftKings alone contributing more than $106.5 million. Retail sportsbooks accounted for the remaining $8.4 million in handle. July’s sports betting figures resulted in a $6.3 million contribution to the state.

History of gambling in Maryland

Since the launch of casino gaming in Maryland in 2010, the industry has generated over $18.0 billion in revenue. Hollywood Casino Perryville was the first casino to open in the state in September 2010, while MGM National Harbor was the most recent, opening in December 2016.

Legal sports betting in the Old Line State launched in December 2021 after Governor Larry Hogan signed HB940 earlier that year. Since its inception, the industry has contributed over $94.7 million to the Blueprint for Maryland’s Future Fund and nearly $3.3 million to the Maryland Problem Gambling Fund.

Written By:
Ziv Chen

Ziv has over two decades of experience in the igaming and sports betting industry, having served in senior marketing and business development positions with both B2C and B2B companies, including Playtech and Microgaming. In 2019, Ziv decided to pursue his passion for writing and became a fulltime industry journalist, covering casino, sports, and gambling business news. He’s specialties include casino games and technology, US state gambling regulation, company performance, as well as gambling affiliates and marketing. As a Pitt graduate, Ziv is a diehard fan of all Pittsburgh sports teams, with the Steelers at the top of the list. In his free time, he enjoys reading crime fiction, biographies (mainly of sports personalities, but not only) and American history. Ziv’s Favorite quote: “We're going to pursue perfection, knowing full well we won't catch it, but we're going to relentlessly chase it," Mike Tomlin, Pittsburgh Steelers Head Coach.