Governor Wes Moore has approved a bill that will impose a 20 per cent sports betting tax rate.
US.- Maryland Governor Wes Moore has signed off on House Bill 352 into law, which increase the state’s online sports betting tax rate from 15 to 20 per cent. The extra funds from the increased online tax rate are intened to plug a forecast budget gap of $2.7m
Moore initially proposed increasing it to 30 per cent in the budget plan, but the Maryland House Ways and Means Committee proposed a middle ground of 20 per cent. That proposal was approved by legislators, while a proposed increase in casino table game taxes from 20 to 25 per cent was rejected. The tax rate on in-person sports betting will remain at 15 per cent
Maryland’s sports betting market launched in late 2021. Since then, operators have contributed over $135m in tax payments. There are currently 11 sportsbooks licensed in the state: BetMGM, Caesars Sportsbook, DraftKings, FanDuel, Fanatics Sportsbook, ESPN BET, BetRivers, Crab Sports, betPARX,
Bally Bet and LetsBetMD. There has been some speculation that some may consider leaving the market due to the tax hike or else pass on the extra cost to players.
https://focusgn.com/maryland-governor-signs-sports-betting-tax-increase-into-law