• Thu. Mar 30th, 2023

Maryland Sports Betting Taxes Developing As Promos Decline Soon after Launch


Mar 16, 2023

The Maryland sports betting business continues to develop, with the state’s most recent figures revealing a record $two.eight million worth of taxes collected in February, according to the Maryland Lottery and Gaming Commission.

It marks the second straight month of record highs for MD sports betting tax income, which has risen as untaxed promotions curtail.

Though total betting handlel for February decreased slightly for the second month in a row, to $339 million, the figure incorporated just $15.eight million in promotional bets. That is down 27% from January and 77% from December.

MD sports betting promos not taxed

Like Michigan and Ohio, Maryland makes it possible for all income from promotional bets to go untaxed, supplying a substantial incentive for sportsbooks to offer you free of charge bets at launch.

Other states like New York treat all betting income as taxable earnings. To produce much more income, some states like Colorado and Virginia have adjusted the tax perk right after launching with deductions.

Maryland is contemplating a quantity of alterations to its sports betting law, such as banning specific college partnerships and much more vetting for its operators, even though the legislature has however to take up promo tax therapy.

FanDuel at the front in Maryland

FanDuel led Maryland sportsbooks with $157.7 million in deal with, which includes $7.three million in promotions. It has been the top rated mobile operator in each categories given that launch, providing much more than $86 million in bet credits in much less than 4 months.

It was followed in month-to-month deal with by:

  • DraftKings: $one hundred.four million
  • BetMGM: $33.two million
  • Caesars: $15.9 million
  • Barstool Sportsbook: $9.eight million
  • BetRivers: $three.three million
  • PointsBet: $four.1 million
  • Betfred: $406k

FanDuel held an MD sports betting-higher of 14.7% in February. Considering that launching, FanDuel has accounted for much more than 49% of all legal on-line bets in Maryland.

Fanatics retail off to slower begin

Clothes retail giant, Fanatics launched its initially sportsbook at FedEx Field earlier this year

It was the only operator (retail or on-line) to post a damaging hold on the month, at -21.7%. It paid $ in taxes to the state.

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