While Maryland sports bettors grow increasingly impatient waiting for mobile betting to be approved, the amount of potential tax revenue the state is losing grows as well. Despite Governor Larry Hogan’s fiery push to have online sports betting ready for the kick-off of the 2022 NFL season, no launch date has been set. How much money has Maryland left on the table as a result of the mobile betting delay? Let’s look at some numbers.
MARYLAND SPORTS BETTING REVENUE
Like all other states with some form of legalized sports betting, revenue is created by imposing a tax on sportsbook operators’ revenue. Beyond that, almost no two states are exactly the same, with differences in tax rate and where the tax revenue ends up. As of this writing, the states with legal sports betting have tax rates that range anywhere from 6.75% (Iowa) all the way up to 51% (New York).
Maryland’s sports betting tax rate is set at 15% with revenue going towards the state’s Blueprint for Maryland’s Future Fund. Retail sports betting has brought in $2.8 million for the fund on $174.8 million in total wagers from December 2021 through June 2022. The 11.2% hold, the amount of money sportsbooks keep as revenue, is higher than the national average of 7%. Of the 26 states with wagering reports available, only three states have a higher hold percentage.
Click here to read the rest of the article written by Cody Kutzer over at Maryland Reporter
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