Massachusetts Gov Charlie Baker said he is for sports betting. The good news is state lawmakers also want to legalize the activity. At present, legislators are tackling five sports betting bills. In addition, they hope the bills get their approval soon.
Once legalized, sports betting will bring in around $35 million in tax revenue for a year. Not only that, but the state can also earn from licensing fees for firms wanting to become a bookie in Massachusetts.
The bill presented by Massachusetts Gov. Baker listed the licensing fees and taxes the state will collect. For instance, an operator needs to pay a fee of $100,000 to apply for a license in the state. In addition, the operator needs to pay $500,000 every five years to renew the license. Sports wagers made at a physical sportsbook will have a 10 percent tax. On the other hand, online bets have a 12 percent tax.
The bad news is that only current gambling operators can apply for a sports betting license. According to gambling industry news, the bill also prohibits wagers on college sports events.
Another sports gambling bill in Massachusetts is the Senate Bill 882. Senator James Welch sponsored the bill that wants to legalize both online and offline sports betting. In addition, Senator Bruce Tarr sponsored a bill that will give the Massachusetts Gaming Commission 180 days to study the impact of sports betting to the state.
Legalization of sports betting will give Massachusetts a boost in revenue. Once it becomes legal, players can place their bets at three MGM Resorts in the state. It will help MGM Springfield bring in more revenues. At present, it is suffering from declining revenue. Also, people are concerned about the increase in crime in nearby communities.
MGM Encore Boston Harbor is set to open in June 2019. However, state regulators are still deciding on whether the firm can keep its license to operate the casino. They are still investigating how the casino handled the sexual misconduct allegations against founder Steve Wynn.