The board voted 2-1 Wednesday, with Gov. Martin O'Malley and Treasurer Nancy Kopp voting in favor of the renewal. Comptroller Peter Franchot voted against it.
Maryland law initially required the state to own slot machines at the state's five casinos. However, the law was changed in 2012.
Next March, three of the state's casinos will acquire their own slot machines.
The state will continue to lease and maintain slot machines for the casino at Ocean Downs near Ocean City and the casino at Rocky Gap in western Maryland.