He founded the Albert H. Maggs Composition Award of the University of Melbourne in 1966, and he was posthumously honoured with the creation of the Albert Maggs Scholarship for Postgraduate Medical Research by the St Vincent's Institute of Medical Research.
[2] At University High School, Melbourne he studied actuarial science, which skills he later used in his bookmaking business.
[1] Maggs was a pianist who studied at the University of Melbourne Conservatorium, and a patron of the musical and theatrical arts.
[3] Its recipients have included such names as Larry Sitsky, Colin Brumby, Richard Mills and Brenton Broadstock.
After his death in 1966, the Institute created an "Albert Maggs Scholarship for Postgraduate Medical Research".