Total casino revenue across Maryland’s six land-based properties reached $162.1 million in October, representing a 1% increase, or $1.5 million more than the same month in...
Maryland governor proposes sports betting tax hike
Maryland Governor Wes Moore has proposed to raise the gaming table tax from 20% to 25% and double the sports wagering tax from 15% to 30%.
With this proposal, the state aims to address a 3 billion budget deficit. If approved, the increased betting tax is expected to boost state revenue from $7.5 million in 2025 to $95.4 million in 2026.
Gov. Moore said:
“By prioritising economic growth, modernizing government, and making taxes simpler, fairer, and for the vast majority of Marylanders, lower, we will weather this storm and emerge stronger. I look forward to partnering with the Maryland General Assembly to tackle this historic budget crisis and set Maryland on a path of sustainable economic growth.”
Secretary of Budget and Management Helene Grady supports the proposed sports betting tax hike, highlighting that neighboring states like Pennsylvania and New York have even higher rates at 36% and over 50%, respectively.
More US states increase sports betting taxes
Maryland’s plan to increase the taxes comes after a similar move from Ohio and Illinois. However, after the announcement, US leading betting operator DraftKings’ shares fell by 5.2%. Moreover, Penn Entertainment, which operates ESPN Bet, saw a decline of 2.4%. The tax strategy shows Maryland’s urgent need to close its budget gap while aligning its gambling tax rates with regional standards.
Bet365 is excited to announce it has secured a license from the Maryland Lottery and Gaming Control Agency to begin offering online sports betting in the state.Already...
