If you live in Delaware and you’ve ever felt frustrated at being unable to place a bet on your favorite sport, times are changing. The small state has taken the lead as the first to offer sports betting, thanks to the abolition of a Federal law that had prohibited sports betting there (and in most other states in the US) since 1992. The governor of Delaware, John Carney, celebrated the change by placing a bet on a baseball game. Luckily for him, he won the bet.
June 5th marked the day people could begin placing their bets at the three casinos in the state of Delaware. Parlay betting was already allowed in the state, but doubtless many gamblers will be keen to make the most of the change in the law. While most will enjoy a quick bet and maybe win a few dollars if their choices are correct, those who win more than $5,000 should know they will be due to pay tax on their winnings. It has been reported the casino will likely pay the winnings less 24% to cover taxes.
However, most won’t be thinking of the tax implications of placing bets in Delaware on sporting matches and events. For many, the ability to do this at all has been a long time coming. After a low-key beginning to the change, we expect sports betting in Delaware to become an enjoyable thing to do in the coming months.