Despite Marylanders gambling less money on sports in May than in April, the state saw an increase in revenue from sports wagering, thanks in part to sportsbooks having more revenue left over from lost bets. <\/p>\n
Hold, or the revenue remaining after sportsbooks pay out winners, rose by 20% during a month that two underdogs teams from Florida the Panthers in the National Hockey League and Miami Heat in the National Basketball Association improbably rose from the bottom of their playoff brackets to their respective championship series. <\/p>\n
Thats always gonna vary. Theres no firm way of predicting it, Maryland Lottery and Gaming Control Agency spokesperson Seth Elkin said of the increase in hold. Theres just always an inherent volatility to it. <\/p>\n
The increase in hold occurred even as bettors wagered about 3% less in May than in April, following a recent but expected trend fewer people tend to bet on warm-weather sports like baseball, golf and tennis compared to football and basketball. <\/p>\n
The variation in hold amount contributed to the states 10 retail and 10 mobile sportsbooks generating $4.6 million in state revenue in May, compared to the $3.9 million that 10 retail and nine mobile sportsbooks generated in April. <\/p>\n
About 95% of the total amount of money that Marylanders wagered on sports in May was through a mobile sportsbook. The states mobile sports betting market will likely continue to grow, too, as the Lottery and Gaming Control Agency is expected to grant 11 more mobile sportsbook licenses. <\/p>\n
RELATED: Maryland problem gambling center struggles with growing demand <\/p>\n
The online retailer and betting company Fanatics, which has a sportsbook facility inside the Washington Commanders FedEx Field, opened in May as Marylands 10th active mobile sportsbook. <\/p>\n
But as the sports betting market expands, more bettors especially young ones are calling, texting or sending chat messages to a help hotline at The Maryland Center of Excellence on Problem Gambling. <\/p>\n
And while a funding stream for problem gambling was part of the legalization of slot machines, video lottery terminals and table games in Maryland, state lawmakers left it out when implementing sports wagering. <\/p>\n
Sportsbooks are required to direct unclaimed prizes to the states problem gambling fund, but mobile operators automatically pay out winnings to a bettors account. <\/p>\n
In May, Marylands sportsbooks contributed about $212,000 to the problem gambling fund, which typically totals between $4 million and $5 million each year, Mary Drexler, director of The Maryland Center of Excellence on Problem Gambling, has said. <\/p>\n
Marylands wagering law requires sportsbooks to contribute 15% of their taxable win, which is the amount remaining after paying out winners, to the Blueprint for Marylands Future, a long-term plan for comprehensive education reform that includes increasing funding for schools by $3.8 billion each year over the course of a decade. <\/p>\n
Since the states sports wagering program began in December 2021, sportsbooks have generated more than $25 million for public schools a drop in the bucket compared to what the states casinos bring in. In May alone, Marylands six casinos brought in more than $51 million for public schools. <\/p>\n
While state revenue from sports wagering may not be a game changer, its a steady funding stream for public schools, Elkin said. <\/p>\n
The Lottery and Gaming Control Agency predicted that sports wagering would contribute $25 million to $30 million each year. With one month left in the current fiscal year, its brought in about $22 million, Elkin said. <\/p>\n
The states casinos generated nearly $612 million for an education trust fund last fiscal year. <\/p>\n<\/p>\n
<\/p>\n
View original post here:<\/p>\n
Sports gambling revenue increases in May even as bettors wager less - Maryland Daily Record<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Despite Marylanders gambling less money on sports in May than in April, the state saw an increase in revenue from sports wagering, thanks in part to sportsbooks having more revenue left over from lost bets. Hold, or the revenue remaining after sportsbooks pay out winners, rose by 20% during a month that two underdogs teams from Florida the Panthers in the National Hockey League and Miami Heat in the National Basketball Association improbably rose from the bottom of their playoff brackets to their respective championship series. Continue reading