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Massachusetts to legalize sports betting after lawmakers reach agreement

The sports betting legalization is to be realized as Massachusetts lawmakers agreed to the bill. According to sources, House Speaker Ron Mariano announced the agreement during the state’s 2022 legislative session on Monday. It was the six-person committee that agreed on a total of eight-weeks meetings.

The sports betting legalization was written in the final version of House Bill 5164 (HB5164) which includes retail and online sports betting. With the agreement, Massachusetts will allow casino and betting operators within the state. Also, the bill will legalize college sports, but any bettor could not place their bets on the game that involves Massachusetts-based colleges.

Lawmakers compromise on legalization

The sports betting legalization was supported by state persons, including Governor Charlie Baker that will sign the bill into law. But, the Senate and House had been in extensive negotiations on certain aspects of the sports betting bill.

During the legislative session, six people from the House and Senate agreed to a 15 percent tax rate for retail sports betting revenue and 20 percent for online betting. The tax will come from three commercial casinos in Massachusetts and the two race tracks which must apply for their license to operate for $5 million for five years. Also, with the billing agreement, there will be seven licenses for online sports betting operators to operate in Massachusetts in the future.

For the bettors, despite there being no restrictions on betting activities, they won’t be allowed to use credit cards to deposit funds to their betting accounts. From the deposit tax according to the bill, there is an opportunity for the state to collect revenues, including nine percent of all sports betting-related tax revenue. The funds will be given to facilitate the research of sports betting impact on people, college sports, and gambling problems.

Sports fan to bet on sportsbook

With the signing of the bill into law by the governor, there is a time interval for any sports fan to bet on their favorite team in Massachusetts. On average, a state needs eight months after legalizing sports betting because of licensing process and additional rules. According to sources, after the legalizing process finish, fans can go place their wager on any Massachusetts-based,

Massachusetts sports fans will be able to bet on major league matches, including NHL and NFL sooner, as well as for college sports sooner. According to sources, when the process finishes, Mariano said that the betting activities for the pro and college team in the state will bring economic benefits to the state

“I am proud to announce that the Sports Betting Conference Committee has reached an agreement on legislation that will legalize wagering on professional and college sports in Massachusetts, bringing the immense economic benefits of a legal sports betting industry to [Massachusetts],” he said.

Previously, sports betting activities from operators and sportsbooks in the state are banned recent years, but if the bill is signed by the governor, sports betting is legal. To place the bet on, bettors must age 21 and use only a licensed sportsbook and from the transactions, bettors will be taxed 15 percent on net revenues from in-person wagers and 20 percent for online betting.

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