Maryland Gov. Wes Moore (D) sent a jolt through Wall Street today when he proposed steep tax hikes on gambling in the Free State. Taxation of online sports betting revenues would be doubled from 15 percent to 30 percent, while casinos’ table game winnings would be levied at 25 percent rather than the current 20 percent.
Cautioned Deutsche Bank analyst Carlo Santarelli, “this is not a tax increase. It is a proposal. The agenda will now need to be legislated in committees, thereby likely making Speaker of the House, Adrienne Jones, a key figure in this process.” Jones, also a Democrat, represents the Baltimore area, home to two casinos.
