Massachusetts’ new law has some important differences from sports betting schemes in neighboring states — and it's going to take some time to set up. Here's what you need to know:
"I want the public to understand, as we as commissioners are starting to understand, that this isn't something that's going to happen overnight," Commissioner Brad Hill said during a meeting last week."This is going to take a little longer than people probably anticipate, and I'm OK with that because I want to do it right."That means you'll likely need a debit card or bank routing number to set up mobile wagering accounts.
The commission must also set rules against deceptive or excessive advertising, as well as guidelines for casinos and other operators to promote"responsible gaming." Online and mobile betting platforms will be required to showBut unlike the state's sales tax or marijuana excise tax, consumers won't see it imposed on their wagers or winnings.
Lawmakers estimate that the taxes will bring in $60 million in state revenue each year in addition to $70 to $80 million from initial licensing fees, which must be renewed every five years.The law divides the state's wagering tax revenues into several different funds:
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