Source: Maryland Lottery and Gaming (MD)
Maryland Lottery and Gaming reported that the state’s sports wagering facilities contributed $781,642 to the Blueprint for Maryland’s Future Fund in October 2022. Wagers totalled $39,663,586, while taxable win was $5,210,947; the state tax rate is 15% of taxable win.
The monthly figures give operators and investors a measure of Maryland sports betting activity and its tax contribution.
The day’s most important stories, free. One email a day.
It was reported that the Tax Law Center published an analysis on 1 October arguing that US sports prediction contracts qualify as wagers for federal taxation. Its interpretation would bring these contracts within gambling provisions covering excise taxes, winnings and loss deductions. The analysis calls for IRS clarification to reduce uncertainty.
An analysis from the Tax Law Center, dated Oct. 1, examines whether contracts tied to sporting events on venues like Kalshi belong within the federal rules that govern gambling. The center's position is that such contracts amount to wagers for federal tax purposes.
Maryland Lottery and Gaming reported that sports wagering generated $7,049,747 for the state in October 2024, from a record handle of $593,105,471. The contribution supports public education through the Blueprint for Maryland’s Future Fund; the agency said the contribution was 21.3% above October 2023.
Maryland Lottery and Gaming reported that sports wagering generated $5,812,245 for the state in October 2023. The 13 retail and 12 mobile sportsbooks recorded combined handle of $483,147,391, with mobile wagering accounting for 95.9%; the contributions support the Blueprint for Maryland’s Future Fund.
Maryland Lottery and Gaming reported that the state’s seven sports wagering facilities generated $477,840 for the Blueprint for Maryland’s Future Fund in August 2022. The facilities recorded $18,650,802 in handle and $3,185,601 in taxable win; the tax rate is 15% of taxable win.
Maryland Lottery and Gaming reported that the state's five sports wagering facilities contributed $189,323 to the Blueprint for Maryland’s Future Fund in June 2022. Wagering handle totalled $19,121,331, taxable win was $1,262,156, and the tax was 15% of taxable win.