Recent reports have suggested that a slump has hit casinos and gambling overall in the Old Line State, with a significant drop in revenue being reported in October 2023.
But, is everything really as it seems? While these latest headlines might be enough to cause concern and panic amongst Maryland gamblers and casino bosses, there is a logical and reassuring reason as to why this isn’t exactly something to become overly concerned about.
In October of this year, Maryland’s six casinos saw a revenue of $159.8 million from slot machines and table games, reflecting a 24.9% decrease compared to the same month in 2022. While this year-over-year decline may appear substantial, it’s crucial to consider the context of the comparison: last October witnessed an extraordinary single-month revenue record due to unusually high volume in the fall. And, then there’s the fact that October 2023 had only eight weekend days compared to 10 weekend days in October of the previous year.
Being measured against a record-breaking month was never going to show October 2023’s play in a particularly impressive light when it came to revenue, but, rest assured, gambling in Maryland is thriving, with revenue only tipped to increase year-on-year. Compared to September 2023, October’s revenue was up 3% from $155.1 million, which makes for better reading.
There’s always the chance of an increase to the six established brick-and-mortar casinos in Maryland and further afield, but now for the bad news: there isn’t a specific timeframe in place for advancing online casino legislation in Maryland. The primary focus of state legislators immediately revolves around the implementation of both online and retail sports betting. In the meantime, many players are choosing to access online casinos like those featured on a guide about new sites in the US. Most of these are based offshore, and so are accessible to all.
Down the line, however, Maryland’s policymakers might explore the inclusion of online casinos within the expanding array of gambling choices in the state. Notably, New Jersey stands out as a neighboring state that outpaces all others in the U.S. in terms of revenue generated from online casino gambling. Additionally, states such as Pennsylvania, Delaware, and West Virginia have already embraced the concept, featuring legal online casinos in their gambling offerings.
However, when it comes to Maryland’s six established land-based casinos, despite the damning headlines, there’s very little to worry about. We are already seeing how casinos across the United States bring a host of benefits, so they won’t be going away anytime soon, particularly in states like Maryland. Let’s look at some of the stats:
A recent study conducted by the National Trade Association (which represents the casino gambling industry in the U.S.) revealed that the gambling sector contributes approximately $329 billion annually to the country’s economic activity. This extensive contribution is evident in the support of 1.8 million jobs, with 700,000 of them directly tied to casinos or affiliated businesses. Notably, these jobs collectively generated $104 billion in wages nationwide, marking a significant 40% increase from 2017. Furthermore, the industry exhibits a responsible fiscal commitment by contributing $52.7 billion in taxes to federal, state, and local governments in 2022, which is a significant rise of 29% since 2017, according to the comprehensive report.
