Massachusetts Governor Charlie Baker has signed a bill legalizing sports betting in the state. [Image: Shutterstock.com]
Massachusetts Governor Charlie Baker has signed the sports betting law. The governor — a long-time proponent of legalizing betting — also traded on 16 other bills on Wednesday.
draft regulations already drawn up
After the bill is signed, the Massachusetts Gaming Commission must finalize the industry’s regulations and begin the licensing process. The national gambling regulator has already drawn up draft rules and a meeting will be held on Thursday to discuss the launch of betting.
Under gambling law, only people 21 and older are allowed to bet on both professional and college sports. This does not apply to Massachusetts college teams unless they are participating in a tournament that includes at least three other colleges.
Both online and retail sports betting will be launched in the Commonwealth State, with retail offerings opening at casinos, simulcast centers and slots parlors.
Massachusetts is the 15th most populous state in the US and is home to a number of successful sports teams, so it will likely boast a sizable gambling market.
Commenting on the signing of the sports betting law, Governor Baker thanked the legislature for his work on the matter and said he looks forward to “supporting the Massachusetts Gaming Commission’s work on responsible implementation of the law in the coming months.” “
Since the US federal betting ban expired in May 2018, 30 other states have legalized sports betting. Massachusetts lawmakers discussed legalization as early as spring 2018. However, it took until 2020 for formal discussions to really move forward regarding legislation.
The gambling law signed by Governor Baker on Wednesday marked the last cases sent to him just before the end of formal 2022 legislative sessions. It was in the early hours that lawmakers in the House and Senate finally agreed on the final terms of the bill.
could bring in about $60 million in tax revenue
Massachusetts lawmakers estimate that legal sports betting can bring in about $60 million in tax revenue each year. They also hope that the license fee will be $80 million, which must be renewed every five years.
However, there are some concerns that the restriction on college team betting will dampen potential earnings levels. Opponents argue that this restriction could lead people to black market bookmakers.
This post Massachusetts Governor Signs Sports Betting Act
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