Betfred exits Maryland’s sports betting market
It was disclosed during the Maryland Lottery meeting that Betfred intends to leave the state's sports betting industry.In collaboration with Long Shot's in Frederick,...
Maryland governor purposes 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.
Maryland online casino bill hits senate hurdles
A bill to legalize online casinos in Maryland faces hurdles in the Senate committee after passing the House by a 92-43 majority.HB 1319, which would allow statewide...
