Source: Maryland Lottery and Gaming (MD)
Maryland Lottery and Gaming said the state’s five sports wagering facilities contributed $415,801 to the Blueprint for Maryland’s Future Fund in April 2022. The facilities reported $26,908,845 in handle and $2,772,004 in taxable win; the tax rate is 15% of taxable win.
The figures show Maryland operators’ taxable wagering activity and the resulting state tax contribution for April.
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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 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.
Maryland’s sports wagering facilities generated $452,897 in state tax for May 2022, according to Maryland Lottery and Gaming. The agency reported $23,095,542 in handle and $3,019,311 in taxable win; the tax supports the Blueprint for Maryland’s Future Fund.
Maryland Lottery and Gaming said the state’s five sports wagering facilities generated $644,098 for the Blueprint for Maryland’s Future Fund in January 2022. The facilities recorded $32,530,831 in wagers and $4,293,989 in taxable win; the tax rate is 15% of taxable win.