Here’s Why Legalized Sports Betting In Massachusetts Is Already A Bust by WillYakowicz
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The gaming-heavy state became the 31st to legalize sports gambling but the industry is waiting for bigger prizes like California, Texas and Florida.ports bettors in Massachusetts will soon be able to ditch their local bookie for a legal sportsbook.
The Massachusetts Sports Wagering Act was not a sure bet this year. It passed the state senate by 36 to 4 after elected officials pulled an all-nighter during the last legislative session of 2021-22. For two years, state lawmakers could not agree on a bill and up until the end of July, Governor Bakerhow it might not make it to his desk. Now that the bill has become law, the state’s Gaming Commission will begin working on the implementation and licensing—a process that is expected to take months.
Lawmakers estimate that legal sports betting will bring in $60 million in annual tax revenue, thanks to a 15% tax on in-person sports wagers and a 20% tax on mobile betting. Once companies are licensed, betting can take place at brick-and-mortar casinos, horse tracks and via mobile apps. The state’s Gaming Commission will regulate the industry and is allowed to license up to seven companies that do not already have a casino presence in Massachusetts.
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