#betting tax

With Maryland now offering mobile wagering in addition to its existing retail sportsbooks, now is an excellent time to examine how much the state benefits from sports betting taxes. Maryland taxes sports betting revenue at a rate of 15%. Since legal sports betting in Maryland began in December 2021 at five retail sportsbooks, Maryland Lottery &…

It's finally here. Maryland, today is the day! As of November 17, the Maryland Lottery announced mobile sports betting will officially be legalized the day before Thanksgiving. But you don't have to wait until Wednesday to get started. Maryland will be commencing a soft launch period that launches today, November 21! New users can enjoy this sports…

The new legislation comes as lawmakers and regulators in the U.S. have been taking a tougher tone with the legal sports betting industry recently, including tax tweaks in Colorado and Virginia. Virginia has already tightened up the tax rules applied to online sports betting sites in the state, but there may be interest in toughening them even…

The first full month of Maryland online sports betting is in the books, but thanks to the high-level of promotional bets operators handed out to state customers only $44000 in online sports betting tax revenue was generated. Maryland online sports betting took in $478.3 million in bets for the month of December. Online operators gave away $70.9…

2022-12-20A beginner's guide to horse racing betting methodology from a seasoned pro My betting learning journey began in the winter of 1982, and until that point I had never really watched a horse race apart from the Grand National from the glory days of Red Rum. An October Saturday saw me having lunch at my friend Richard's home and, as usual,…

Want to bet on the Browns, the Cavs, or the Guardians? It's coming soon. When the clock strikes 12 a.m. on New Year's eve, you'll be able to legally participate on sports gaming in Ohio. The Ohio General Assembly passed House Bill 29, legalizing and regulating sports gaming in the state. Ohio will be the 32nd state where you can legally gamble on…

Betting on sports isn't inherently wrong. If you're going to take that risk, though, it's best to be smart about it: Do your research. Plan your strategy. Don't get carried away. Know when to say no. Otherwise you could be heading for disaster. The same cautions, apparently, hold true for state governments deciding whether to allow sports betting,…

JP McManus nods at the white boards at the other end of the office. It's late September in Martinstown and the rain is coming down in great grey sheets outside. "Our horses in training," he says, gesturing at the names of hundreds of thoroughbreds and their respective trainers. When asked the number he replies, "Marian Finucane once asked me how…

Good morning, and welcome to the Indy Gaming newsletter, a weekly look at gaming matters nationally and internationally and how the events tie back to Nevada. If a colleague or associate emailed this newsletter to you, please to sign up and receive your own copy of Indy Gaming in your inbox. - Howard Stutz (Note: This will be the last Indy Gaming…

Maryland mobile sports betting came out hotter than a blue crab from a seafood boil. In just one week of full operation, the Old Line State reported $186.08 million in online sports betting handle, which resulted in just $4262 in online sports betting taxes for the state (we'll get to this in a minute), according to a report from the Maryland…

New York enjoyed its biggest mobile sports betting month of the current fiscal year in October. It took in a handle of more than $1.5 billion, which translated to a $74 million windfall for state education. That same month, Caesars Sportsbook made a little more than $7 million in revenue. And Caesars is one of the biggest names in the American…

You've seen the offers from bookies promising to "double your deposit" or refund your bet "if your horse runs second". They're usually accompanied by a couple of asterisks pointing to disclaimers that tell you the extra $100 or the money you got back can't be used for anything, really, except placing more bets you probably won't win. Well, the odds…

Times Insider explains who we are and what we do and delivers behind-the-scenes insights into how our journalism comes together. The Kansas State Capitol is the state's greatest architectural treasure, a towering temple of democracy. Taller than the United States Capitol, the 119-year-old building is filled with reminders of Kansas' outsized role…

The latest numbers released show Connecticut's retail and online sportsbooks filled state coffers with a 13.3% hold as DraftKings and SugarHouse posted their best months since sports betting in Connecticut launched. Sports betting in Connecticut saw a massive jump in September revenue, according to data released by the Connecticut Department of…

In less than 10 months, New York online sports betting has collected $542 million in taxes. One day after being re-elected, Gov. Kathy Hochul (D) touted the success of the state's online sports betting market, as New York has collected $542 million in online sports betting tax revenue since its Jan. 8, 2022 launch. Additionally, the state has…

New York online sports betting gross gaming revenue eclipsed the $1 billion mark in less than a year of operation. Since its Jan. 8, 2022 launch, New York online sports betting has reported $1.03 billion in gross gaming revenue, far and away tops in the country this year. At the state's 51% sports betting tax rate, New York has generated more than…

In May 2018, the U.S. Supreme Court opened the spigot to the $165 billion U.S. sports betting industry by allowing states to legalize online sports gambling as legislatures pressed for ways to close budget gaps. Revenue from taxes from online betting has flowed into the treasuries of 22 states, including Georgia's neighbor Tennessee, which has made…

To quote the ever-poetic Tupac Shakur, "California knows how to party." That's certainly true with regard to the state's land-based gambling industry. For the sake of simplicity, California's existing gambling presence can be divided into three categories: tribal casinos, cardrooms and horse racing. California laws prohibit land-based casinos. The…

Tipico Sportsbook will match your first deposit with up to $100 in bonus credits if you sign up for an account today. You can simply click on the "BET NOW" button on this page to claim the Tipico Sportsbook promo in Colorado or New Jersey. Make a minimum deposit of $10, and Tipico will match it 100% with bonus funds, up to a maximum of $100. You…

Numbers recently released by the Virginia Lottery show $4.5 million in sports betting-related tax was paid to the state in August, up from $3.1 million collected in July and $1.4 million a year earlier. The tax tweaks to sports betting in Virginia have sent state revenues skyrocketing in recent months relative to their previous levels, as veteran…

The entire sports betting industry was anticipating the surge of action that September brings thanks to the start of the NFL season and the windup to the MLB postseason, but in New York that sports gambling market seemed to slow down during the course of that month. According to the New York State Gaming Commission's most recent update, that state…

FanDuel's dominance of New York online sports betting continues, and with football season in full swing it doesn't seem to be in danger of handing over its crown anytime soon. Since the start of College Football in early September and the NFL kicking off on Sept. 8, FanDuel has reported $466.8 million in online sports bets in the Empire…

Rachel Volberg has been researching the effects of gambling for almost four decades, and since 2013, she's been doing it at the behest of the Massachusetts Gaming Commission (MGC), which selected her team a decade ago to research the potential impacts of casinos. "We've kept a pretty careful eye on things, but only a few U.S. states have any…

The jockeying around the online NY sports betting tax rate discussion at next year's legislature already is underway. New York online sports betting handle fell $33 million from Week 1 of the NFL season to Week 2. Operators combined for $297 million in NY online sports betting handle from Sept. 12-18 after combing for $330 million from Sept.…

WORLD Rugby is investigating how tickets for Ireland's opening Rugby World Cup game in France ended up on a notorious scalping site, priced as high as €1316 each. Fans who forked out up to 14 times of the original value for their passes on the Viagogo website now face a double whammy of having their tickets cancelled. An investigation by The Pitch…

A new Missouri sports betting bill has been introduced during a special legislative session, but Gov. Mike Parson (R) is unlikely to allow it to be heard until the regularly scheduled 2023 legislative session. Rep. Dan Houx (R) introduced a new sports betting bill, HB 4, during the first day of a special legislative session last week and the bill…

BALTIMORE - Despite signing a bill to legalize sports betting in Maryland in May 2021, the rollout of MD mobile sportsbooks has been a frustrating matter for locals. In July, Governor Larry Hogan even urged the Sports Wagering Application Review Commission (SWARC) to be ready to launch mobile sports betting by September 8. This goal will not be…

For the second straight month, New York online sports betting failed to eclipse $1 billion in total handle, only recording $872 million in bets for August. New York hasn't recorded over $1 billion in a month since June, but help is on the way as football reclaims the hearts and minds of New Yorkers across the state. New York online sports betting…