Efforts to legalize sports betting in Massachusetts is finally moving on. The state’s House reviews the various proposed retail and sportsbook software bills. According to the research presented to the House, Massachusetts can collect around $70 million in annual tax revenue from sportsbooks. And since there are a number of sports betting legislation on the table, these 19 drafts are being combined into one single bill, H.3974. The bill is currently under the House’s Committee on Economic Development and Emerging Technologies.
This bill will now move to the House Committee on Ways and Means. This is great news for the state, whose neighbors offer sports betting within their territories. However, the terms on allowing people to invest in retail betting sites or to start a gambling website largely depends on the laws of each state.
Proposed Retail and Sportsbook Software Betting
H.3974 aims to legalize sports betting for both retail and online sports betting. The bill will allow to the issuance of three types of licenses for sports betting: casinos, mobile sportsbooks, and race tracks. Like many who use pay per head bookie software, the state acknowledges the potential of mobile and online sports betting in generating more revenue from sports betting. According to the bill, pre-game and college sports will be permitted. However, live in-play betting and player props will be allowed when it comes to collegiate sports.
As for the cost of getting a license in the state, the application fee is at $100,000. Then the actual licensing fee is $5 million for the first five years, plus a $5 million renewal fee for another five years. As for the tax rate, legislators propose a 12.5% tax for in-person betting, and 15% for mobile wagering. The legislature will be in session up to December 31 of this year, and will meet after 2 years. If we want to see a legal sports betting market in Massachusetts soon, legislators need to pass the bill before the year ends.