Maryland Considers Moderate Increase in Sports Betting Tax

SportsGrid

Watch Maryland Considers Moderate Increase in Sports Betting Tax - SportsGrid on Dailymotion

Transcript

00:00So, Maryland thinking about cutting sports betting tax rates while everybody else is

00:04trying to raise them?

00:06What's going on here?

00:07Well, sort of.

00:08So, what happened was coming into this year, Maryland session, Governor Westmore set out

00:14his budget proposal.

00:15You know, they've got a $6 billion deficit they need to figure out in Maryland.

00:21And so, he figured one of the ways to do that was to hike sports betting taxes, double actually

00:2715% to 30%.

00:29And he also included a table games hike at actual casinos from 20% to 25%.

00:36And so far in, you know, the legislative meetings as it's going through the legislature, because

00:41it has to be approved by, you know, the General Assembly and the Senate.

00:46By April 7th, there was a meeting last week where an assembly committee said, you know

00:51what?

00:52No, that's too much.

00:53Going from 15% to 30%, that's a huge hike.

00:55Let's not do that.

00:56Let's go up to 20%.

00:57So, it's not going from 15% to 30% at the moment.

01:00It's going from 15% to 20%.

01:02So, not a big hike, not terrible in that sense for the operators.

01:08The table games tax hike was eliminated.

01:11And so far from what it sounds like, online casino, which has been a topic of discussion

01:15in the legislature in Maryland the past two years, sounds like it's all but dead again.

01:21Might not even pass either chamber, which it did last year, it passed the assembly last

01:26year.

01:27Interesting kind of there in a tax rate, you know, and that's the second state now that

01:31we've seen legislators kind of said, whoa, this isn't okay from the governor.

01:36Ohio just recently also, you know, Governor Mike DeWine proposed in his budget a jump

01:42from 20% to 40%.

01:45And though we haven't seen that actually get trimmed yet, lawmakers have come out and said,

01:50nope, we're not going to do that.

01:51That's aggressive.

01:52If you recall, Mike DeWine signed a budget in 2023 to double from 10% to 20%.

01:58So he's eager to get those tax rates up and get money, which in Ohio would go to stadium

02:03funds, which is kind of interesting.

02:06And yeah, you know, there's a couple other states that have also recommended or talked

02:10about raising taxes, but they haven't gone super far.

02:15Similar things happen in New Jersey, been told that's probably not going to go very

02:18far.

02:19So yeah, Maryland, there was a proposed doubling of the 15% tax rate and now lawmakers are

02:26saying, let's keep it at 20 and we'll see.

02:30So there's a few more meetings that it has to go through.

02:32It could go back up to 30, but it seems like once you kind of trim it back, it's going

02:35to stay there.

Category

Transcript

Be the first to comment

Recommended