Legislation

Sports Betting Legalized in Massachusetts

Monday 08 de August 2022 / 11:33

⏱ 2 min read

(Massachusetts).- It came down to the wire during the latest legislative session, but sports betting has finally been legalized in Massachusetts.

Sports Betting Legalized in Massachusetts

According to the newly signed bill online sports betting will be taxed at 20 percent, while retail sports betting will incur a 15 percent tax. One key piece of the bill which had been argued was prohibiting bets on in-state college sports teams. There is an exemption for college teams playing in tournaments.

All state casinos and racetracks will be eligible to receive sports betting licenses and there will be seven online sports betting licenses available. There will be no ban on advertising for sportsbooks in the state, but bettors will not be allowed to fund account by using credit cards.

There are several compromises made to get the bill passed at the last hour. The college sports betting ban was one contentious issue as the Senate wanted it prohibited while the House did not. The Senate won out on that issue.

There was also a disagreement over the tax rate. The House asked for a more operator-friendly tax rate of 15 percent for online and 12.5 percent for retail. The Senate wanted a much higher rate of 35 percent for online and 20 percent for retail. The eventual compromise was more inline with the House’s proposal at 20 percent for online and 15 percent for retail.

To be made into the law the bill will now need to be signed by Gov. Charlie Baker. This is expected to not be a problem as the Governor was a supporter of sports betting in the state and continually urged the Senate and House to pass the bill before the end of the legislative session.

Categoría:Legislation

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País: United States