How Will Legalized Sports Gambling Affect Your Taxes?
Although Maryland House Bill No. 989 failed to pass and legalize in-state sports betting in 2018, industry experts believe betting on sports will become legal in our state sooner rather than later, and it could have a major impact on Maryland’s economy.
In fact, with the flurry of legislative activity surrounding legalized sports betting in the United States over the past year, it seems the question isn’t if Maryland will someday have legal sports gambling, but rather when. But what would legalization mean in terms of taxes for the lucky winners (or unlucky losers)?
Keep reading to learn more about state-sanctioned sports gambling and find out how it could affect Maryland residents and their taxes. Read more