Maryland Sports Betting Tax Revenue, Explained
Maryland taxes sports betting revenue at a rate of 15%. Since legal sports gambling in Maryland began in December 2021, the state's Lottery & Gaming reported that to the Blueprint for Maryland’s Future Fund. The Blueprint”s stated mission is to transform the public schools into a world-class education system.
Maryland launched online sports betting on November 23, 2022. The first week of online activity brought in $186,084,496. Promotional bets dominated the last week. There is no limit on promotional play at sportsbooks during their first fiscal year. The limit takes effect after each operator’s first full fiscalyear. It is to protect the state”s interests and ensure that sports wagering will generate revenue for education.“Promotional play can exceed 20% of a book's taxable win from the previous year‚ according to the regulations.
