Sports betting in Massachusetts is now incoming as lawmakers pass legislation by the session deadline.
The bill passes bringing both mobile and retail sportsbooks to Massachusetts with a 20% tax on mobile and 15% tax on retail sportsbooks.
There is a ban on in-stated collegiate teams and events.
BOSTON – Massachusetts lawmakers managed to compromise and pass sports betting legislation in the weighing hours of the legislative session.
Initially, it was doubtful that sports betting would pass as the House and Senate seemed to be at an impasse and struggled to come to a consensus.
Now, lawmakers will begin working on the official regulations for the Massachusetts sports betting market.
Sports Betting In Massachusetts Incoming
I am proud to announce that the Sports Betting Conference Committee has reached an agreement on legislation that will legalize wagering on professional and collegiate sports in Massachusetts, bringing the immense economic benefits of a legal sports betting industry to MA. (1/2)
— Speaker Ron Mariano (@RonMariano) August 1, 2022
Per the compromise, both mobile and retail sports betting will be regulated in Massachusetts. Retail sportsbooks will be taxed at a 15% rate while mobile sportsbooks will be taxed at 20%.
College sports betting will be limited following a Senate amendment. Regulated sportsbooks will be barred from offering odds on in-state collegiate teams and events with a clause allowing for sports betting on teams in tournaments like March Madness.
There is also a clause that prevents residents from using credit cards to fund betting accounts at local sportsbooks.
Local casinos and racetracks are able to apply for betting licenses in Massachusetts. Additionally, the law allows for up to seven online sportsbooks to operate.
What Are The Next Steps
The bill now heads to Governor Charlie Baker’s desk to be signed into law. This is the final hurdle before the market is officially regulated.
Once the Governor signs the bill into law, lawmakers will then work to complete the regulations in Massachusetts.
These final regulations will then go through a public commentary phase where residents can see and discuss the regulations.
If the regulations are approved, betting can go live shortly thereafter. Sportsbooks will begin applying for licenses and if approved, will go live following the set market launch date. Locals can expect the market at some point in 2023.
News tags: Aaron Michlewitz | Boston | Boston Red Sox | DraftKings | HB 3993 | Jerry Parisella | Massachusetts | Ron Mariano | SB 2844
Coming from a background in narrative-based writing, Giovanni strives to write stories that will keep the reader engaged. Although he does pride himself in being accurate, how the story is told is also very important to him. When he’s not keeping readers up to date on sports betting laws and legislation, you can find him writing and recording music, playing videogames, or engaged in heated sports debates with his friends.