The state of Maryland is now home to a large and successful gambling industry. In fact, the casinos here are out-performing many of the others around the country. Today, we’re going to break down the newest reports on Maryland’s casino revenue.
It’s an exciting time to be a gambling fan in this state. There are some new options set to become available here in the near future.
Let’s take a look at how the casinos in this state have been faring!
Voters in Maryland Approve Measure to Legalize Sports Betting
In May of 2018, the US Supreme Court struck down PASPA. This was a huge move for the country’s gambling industry. With PASPA gone, every state could set its own laws and regulations towards sports betting.
Within weeks, several states had their sports betting operations up and running. Today, there are more than 25 states with approved sports gambling legislation. We can now add Maryland to that last.
Voters in the state officially approved a new bill to legalize sports betting. More than 75% of voters gave the green light. This approved referendum allows sports wagers to be placed at licensed establishments and online.
Analysts claim this new form of gambling could bring the state upwards of $18 million annually. All sports betting operations will be taxed at 20%. Governor Larry Hogan claims he expects the state’s first regulated sports gambling platforms to become available sometime in early 2021.
Maryland is slowly becoming a major gambling destination. There are already a large number of successful casinos operating here. Soon, both land-based and online sportsbooks will launch in this state, as well.
New reports indicate the casinos in Maryland are now earning as much money as they did last year.
Here’s Another Update on Maryland’s Casino Revenue
Casino revenue has been plummeting in most states. 2020 has proven to be an extremely difficult year for casinos. Even major gambling destinations such as Las Vegas are seeing large dips in both casino revenue and tourism.
Maryland seems to be the exception. Here, casinos have been performing great. New reports on Maryland’s casino revenue for the month of October are out that show how well things are going.
The state has revealed that the six casinos here managed to bring in $142.7 million in October. Of that revenue, the state takes in $59.9 million. Incredibly, that’s less than a 1% drop in revenue when compared to October of 2019.
The MGM National Harbor managed to bring in the most money at $56.6 million. The Live! Casino & Hotel came in next with $49.6 million. Baltimore’s Horseshoe Casino came third in terms of overall revenue at $17.3 million.
It’s incredible to see how much money the casinos here are bringing in. At the moment, all of these casinos are operating at just 50% capacity. It goes to show how many gambling fans this state is home to.
Things are looking great for the casino companies here. Maryland could soon become a hotspot for other casino operators around the country.
Other states aren’t seeing the same level of earnings from casinos right now.
New Jersey, Massachusetts Continue Seeing Low Revenue Figures
It’s great to see Maryland’s gambling industry find success under such difficult circumstances. The legalization of sports betting will make things better. This state is expected to see more revenue increases over the next six months.
Not all of the states on the East Coast are doing quite as well, though. Not long ago, reports surfaced that show New Jersey’s casinos brought in just $323.3 million during the month of September. That represents a month-on-month increase, but a large drop when compared to September of 2019.
Massachusetts’ casino industry is hurting, too. Combined casino revenue here came to $70.7 million. Again, this is a large drop when compared to the same month a year ago. To make things worse, the Encore Boston Harbor has been forced to change its hours significantly.
Some analysts are predicting even larger drops when the winter months approach. Cases of Covid-19 are continuing to climb around the country. This could lead to states shutting down casinos once again.
Maryland’s casino revenue is still going up. Hopefully, we see more states profit from their casinos, as well. Stay tuned for more updates over the next few months!
Are you surprised to see the casinos in Maryland bring in so much money? Do you think this trend will continue for the rest of the year? Let us know in the comments section below!
Kevin Oldroyd
A longtime sports and gambling enthusiast, Kevin looks to present up-to-date and reliable information for readers. If he’s not writing, he’s probably watching MMA or playing blackjack. …
