The sports betting bill is signed by the governor

The sports betting bill is signed by the governor

An additional seven online-only licences will be made available under House Bill 5164, which will permit any operator of a land-based casino or racetrack in the state to apply for a licence. There is a $5m fee for every licence.

Consumers will be able to bet on a wide range of events, including college sports, with the exception of matches involving in-state teams, while online betting will be taxed at 20% and retail at 15%.

The Massachusetts Gaming Commission will be responsible for regulating the state’s new sports wagering market.

“On behalf of my fellow Commissioners and the staff of the MGC, we appreciate the confidence the Legislature and the Governor have in naming us as regulators of this new industry,” the chair said.

We have been keeping an eye on the laws governing sports betting for the past few years and taking the necessary precautions to set ourselves up for any prospective roles. As we go with this process, starting this week, we will be striving to comprehend the landscape of interest in operator licensure.

Karen Wells said that a lot of work has already been done by the team in anticipation of sports wagering becoming legal in Massachusetts.

Identifying over 200 potential regulations, adopting a framework to use industry-recognised technical standards, establishing an infrastructure to investigate and license applicants, and scheduling public meetings are some of the things that this includes.

We will collaborate with our stakeholders to quickly establish this new sector, with an emphasis on player safety, integrity, and consumer protection.

The law was enacted by the state legislature last week in the last hours of the current legislative session, breaking months of impasse after the House and Senate both passed their own versions with significant differences.

In July of 2021, the House passed a sports betting bill that included a tax rate of 12.5%, a licence fee of $5m and little product or marketing restrictions.

A ban on many forms of marketing such as promotional bets was included in the Senate version. The bill would have banned marketing during a live sports event and only allowed online marketing if 85% of the audience is 21 years of age or older.

College sports betting would not be allowed in the Senate bill. Retail sports betting would have been taxed at 20%, while online sports betting would have been taxed at 35%.

The sports betting conference committee was set up by the legislature due to the differences between the two bills.

The launch of legal sports betting in Massachusetts may take longer than expected, as the state prepares to create rules for the vertical.

Even if the launch date is pushed back, Commissioner Hill said that it was important that the state produced a strong set of regulations.

He said that if we are going to do this right, we need to take our time a little bit. I want the public to know that this is going to take a little while, because I have seen some people in the newspaper that hope to have this up and running in a very short amount of time.

I want to do it right, and I am okay with that. The public needs to understand that we need to go through this process.

Summary:

The US state of Massachusetts has passed a bill to legalise sports betting. An additional seven online-only licences will be made available under the bill, which will allow any operator of a land-based casino or racetrack in the state to apply for a licence. The Massachusetts Gaming Commission will be in charge of the state’s new sports wagering market.