Deal Reached For Massachusetts Sports Betting LegislationLaunch Of Online Sportsbooks Expected In 2023 |
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An agreement between policymakers has been reached to bring legal sports betting to Massachusetts.
According to a statement on Monday from House Speaker Ron Mariano, members of both chambers of the legislature are now in agreement on how to move forward.
“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,” Mariano said.
“I want to thank Rep. Aaron Michlewitz and Rep. Jerry Parisella, all the conferees and my colleagues in the House, as well as our partners in the Senate for recognizing the incredible economic opportunity that legalized sports betting presents.”
Online gambling on sports is expected to begin sometime in 2023.
The sports betting agreement calls for a 20% online sports betting tax rate, with up to seven online sportsbook licenses up for grabs. The state’s three casinos can also have sportsbooks. Colleges and universities in the state will not be allowed to be bet on through the regulated sportsbooks.
Though a small market state in terms of potential operator revenue, the Bay State has deep connections to the sports betting industry, as well as popular sports franchises like the Boston Red Sox and New England Patriots.
DraftKings, a top-three sportsbook in the U.S. in terms of national online betting market share, is headquartered in the state. Additionally, Barstool Sportsbook, another top brand, has ties to Boston, though it’s headquartered in New York.
“We are thrilled that our home state has acted to protect consumers, create jobs and grow revenue in the Commonwealth," DraftKings CEO Jason Robins said in a statement. “We particularly want to thank Speaker Mariano, Senate President Spilka, Chairs Michlewitz and Rodrigues, and the members of the conference committee for their leadership.”
Neighboring New Hampshire, Connecticut, and Rhode Island also have legal sports betting.
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