- The Maryland State House passed sports betting bill MD SB 4.
- Now the sports betting bill is going to be reviewed by Maryland Governor Larry Hogan.
- Voters will have to decide to legalize sports betting in Maryland’s November ballot.
ANNAPOLIS, Md. – On Tuesday, the Maryland State House passed a bill that will legalize sports betting in Maryland.
States surrounding Maryland have already legalized sports betting or are in the process of doing so. Now Maryland is passing its own sports betting legislation to keep potential tax revenue in the state.
Some Bill Details
Now that MD SB 4 has fully passed within the state legislature, a clearer picture of Maryland sports betting has been formed. Land-based sportsbooks are expected. The Maryland legislature did not do what Tennessee did and decided against online-only sportsbooks.
On top of retail sportsbooks, online sportsbooks will be available as well. There will be nine potential online sports betting licenses up for grabs in the state of Maryland. That will give sports bettors in the state a larger number of sportsbooks to bet on sports.
A Higher Tax Rate
States that decide to legalize sports betting tax the activity based on the needs of the state. Maryland sports betting has a higher tax rate than most states and set it at 20 percent. Typically, states will tax sports betting at around eight to 12 percent.
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Maryland is very clear on what they want the taxed income to go to. Around 19 percent of the taxed sports betting revenue will go towards funding education in the state. The rest of the funds will go to minority business enterprise programs.
With all that in mind, sports betting in Maryland has around a 50 percent chance of passing. The bill is heading towards Governor Larry Hogan’s desk for him to look over.
But it is not up to the governor to decide the fate of Maryland sports betting. The registered voters will decide if sports betting should be legal or not. A poll shows that local voters are split on the legalization of sports betting.
If the bill does pass the ballot in November, sportsbooks will launch in Maryland sometime in 2021.
Daniel has been a big sports fan ever since he was a kid. He decided to use his writing skills to become more deeply involved in the world of sports and sports betting. When he is not writing, you can catch him cheering on the Miami Heat.
