After a little more than two months of legalized sports betting in Maryland, the house isn’t doing as well as you might think.
Maryland Lottery and Gaming reports players wagered $25.5 million at the state’s first five sportsbooks in February. Total winnings paid to players was nearly $24.6 million.
For sportsbooks, the take for casinos was $955,377, or 3.74%. After deducting promotional play costs, the taxable take was $893,710. The sports wagering tax is 15% after that, for an after-tax total of about $759,000.
Those taxes, a total of $134,628, go to the state’s Blueprint for Maryland’s Future Fund, which supports public education programs.
Five of Maryland’s six casinos — MGM National Harbor, Live! Casino, Horseshoe Casino, Ocean Downs Casino and Hollywood Casino — began sportsbook operations in mid-December. Other sportsbooks in Maryland will open in the near future.