Massachusetts Lawmakers Approve Sports Betting Legislation

Massachusetts is surrounded by states where sports betting is legal. The good news is that The Bay State has finally joined the sports wagering bandwagon after lawmakers agreed on a compromise bill.

Lawmakers waited until the last minute to agree on a compromise on the sports betting bills. According to the final version, Massachusetts will give out seven mobile sports betting licenses that are not partnered with any of the casinos in the state.

Sportsbook pay per head experts expect mobile sports betting to generate $60 million in taxes yearly. It was for that reason lawmakers on the fence agreed on the compromise. Once launched, players can find favorable odds on the market. But on the other hand, the state will have a new source of revenue.

Massachusetts Lawmakers Legalized Sports Betting

Maryland passed a similar law to legalize sports betting. Also, lawmakers are pressuring regulators to launch mobile sports wagering faster. It was the same with Ohio, which launched its sports wagering market on January 1.

States without legal sports betting are now feeling the pressure because they are losing out on tax revenue from the industry. Also, they become havens for offshore betting activity as per political news forum.

On the other hand, legal sportsbooks pay millions of dollars in licensing fees and taxes. Also, they sign sponsorship deals with sports organizations such as the NFL and MLB. According to SportsBettinSolutionAsia.com reports, legal sports wagering will spread to 34 states. Additionally, 23 states will have mobile sportsbooks.

Massachusetts doesn’t allow wagering on in-state college teams, except during the postseason. Also, regulators must develop the framework so the state can launch the market by fall.

The Bay State will charge mobile sportsbooks 20 percent on taxes. On the other hand, retail sportsbooks will have a tax rate of 15 percent. Also, the state will collect a license fee of $5 million that’s valid for five years.