SEN. TIMILTY, STATE LEGISLATURE LEGALIZE SPORTS BETTING
Massachusetts to join more than 20 states where sports betting is legal
BOSTON – Monday, August 15, 2022 – State Senator Walter F. Timilty (D-Milton) along with his colleagues in the Massachusetts State Legislature recently passed An Act regulating sports wagering authorizing and regulating sports betting here in the Commonwealth. The revenue collected, as a result of this law, will be distributed to municipalities, as well as to the Workforce Investment Trust Fund, the Youth Development & Achievement Fund, the existing Gaming Local Aid Fund, the Public Health Trust Fund, and the General Fund.
“Legalizing wagers in both professional and collegiate sports will help to create new jobs and bring an increase of annual tax revenue to Massachusetts. Additionally, this legislation will allow the strong fan-base here in the Commonwealth to bet on their favorite sporting teams in a regulated manner that promotes responsible gaming,” said Timilty.
Having been passed by the House and Senate, An Act regulating sports wagering was signed into law on Wednesday [08/10/22] by Governor Baker.
The law requires that people must be 21 years old or older to bet, and while betting on college sports will be allowed, the exception includes Massachusetts schools, unless they are participating in a tournament.
Timilty continued, “The Commonwealth of Massachusetts has been losing out on millions of dollars in revenue to surrounding states that have legalized sports betting. I am very pleased that my colleagues and I passed this legislation.”
The legislation will authorize the Massachusetts Gaming Commission to grant in-person licenses at gaming establishments, including casinos, racetracks, and simulcast facilities. Licenses will be granted through mobile applications or digital platforms. The law will also generate an estimated $60 million in annual tax revenue for Massachusetts. Furthermore, licensing fees, which are renewed every 5 years, are anticipated to collect up to $70 to $80 million for the Commonwealth.
“An Act regulating sports wagering” includes a 15 percent tax on in-person wagering and a 20 percent tax on mobile wagering. The legislation creates the Workforce Investment Trust Fund & the Youth Development and Achievement Fund which will receive 17.5 percent and 1 percent, respectively, of the revenue generated by the taxes and licensing fees. The rest of the funds will go to the existing Gaming Local Aid Fund (27.5 percent), the Public Health Trust Fund (9 percent) and the General Fund (45 percent.)
- The funds in the Workforce Investment Trust Fund will be used to develop and strengthen workforce opportunities for low-income communities and vulnerable youth and young adults, including to promote stable employment and wage growth.
- The funds in the Youth Development and Achievement Fundwill provide financial assistance to students enrolled in and pursuing a program of higher education, and for after school and out of school activities.
As directed through this legislation, the Gaming Commission will be conducting a study into the feasibility of allowing retail locations to operate sports wagering kiosks.
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