It happened. Online sports betting is now legal in the state of Maryland. This is terrific news for many sports enthusiasts who also love betting on their favorite teams. But because this is all pretty new. This article is perfect for you if you are one of those people with many questions. Today, we will show you the most important things about online sports betting in Maryland.
If you are a sports lover and enjoy placing bets on many games, you should know that you can wager on your phone or computer inside Maryland’s boundaries or in person at local betting establishments.
The good news is that Maryland’s casinos launched in-person betting in December last year. There are also other local businesses like Long Shot’s in Frederick and Bingo World in Anne Arundel County, for example, who also have licenses for hosting sports betting.
It is safe to say that many people in Maryland are wondering if they can bet in person at FedEx Field while at a Washington Commanders game. Even though this would be an excellent betting option for the locals, the answer is not yet. The local club is now trying to get a license for an in-person sportsbook and mobile betting, but no news says when this may be done. But, many citizens of Maryland are happy to see that people are doing their best to make it happen.
Sure, the state of Maryland voters voted for online sports betting to be legal in 2020. But, the government tried its best to ensure legal and transparent online sports betting market for the citizens. This is why online sports betting took so much time to legalize in Maryland.
How Many Betting Sites Will There Be In Maryland, And Where Can You Learn About Them
This is among the most popular questions among eager sports lovers in Maryland. It is safe to say that seven companies have the licenses for live apps for the first wave of mobile sports betting, and three more are expected to come online next month. The good thing is that Maryland law allows for up to 60 mobile licenses so the market could get crowded, but that is good for customers. That means that the people of Maryland will have many betting options.
The first seven betting sites are Barstool Sportsbook, BetMGM, BetRivers, Caesars Sportsbook, DraftKings, FanDuel, and PointsBet. We must be honest; those are pretty good and respected betting sites. We are sure there will be other options soon, and if you want to read the best reviews, read the ones at BetbuddyMD, for example.
Do You Pay Taxes For Your Betting Wins?
This is also a popular question, but there are no surprises here. Yes, you must pay taxes if you win a sports bet in Maryland.
As you know, your tax bill depends on where you live and how much you earn. The bet winnings are subject to the state’s progressive income tax structure that taxes higher earners the most.
You will need to do your paperwork if you win more than $500. Yeah, we know. You must also file a state form and pay the state tax within 60 days. If you win more than $5,000, the sportsbooks have to withhold a part of your money and send it directly to the state to pay federal and state taxes. The bet winnings are subject to the state’s progressive income tax in the state of Maryland. But hey, at least betting is legal.
If you live in the state of Maryland, then you are thrilled with the news that online sports betting is now legal there. But you also need to know that just because it is legal to place bets in the state of Maryland, you cannot place bets on other sites from states where betting is illegal. You can only bet at sites that are registered in Maryland. If you are unsure when it comes to betting rules, try your best to research this issue. Trust us; this will make things easier for you.