Maryland Governor releases proposal to raise tax rates for casinos, sports betting

Rates would increase for those making more than $500,000 as well.

In an effort to reduce the state’s $3bn deficit, Maryland Governor Wes Moore has put forth a budget plan that would raise state taxes on Maryland’s casino table games, according to an Associated Press report.

Under the new proposal, tax rates on casinos throughout the state would increase from 20% to 25%.

Taxes on Maryland sports betting would grow from 15% to 30% with the governor’s budget plan, as well, the AP report said.

Governor Moore’s plan aims to bring in close to $987m in revenue.

The state’s gambling industry would not be the only group affected under this plan. The proposal would also raise rates for taxpayers who make more than $500,000.

Those with incomes higher than $500,000 would have a new tax rate of 6.25%, and those making more than $1m would see their tax rate rise to 6.5%.

During a recent news conference, Moore said in a statement, “And Marylanders who have done exceptionally well financially, we’re going to be asking to contribute a little bit more so we can make targeted investments in economic growth and targeted investments in public safety and targeted investments in education.”

Good to know: The Governor’s plan includes close to $2bn in spending reductions statewide

Moore’s plan would require state legislator approval to move forward.

In other state news, the Maryland Lottery and Gaming has released its sports betting report for the month of December. Sports wagering last month generated nearly $6.5m in contributions to the state.

Players throughout the state wagered nearly $637.3m last month, an increase of 13.8% year-over-year.

Nearly $619.5m in bets came from wagers placed online, while $17.8m in bets were placed at retail sportsbook locations.

Laura Mack

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