BOSTON ā Monday, August 1, 2022 ā The Massachusetts Legislature today passed An Act regulating sports wagering authorizing and regulating sports betting in the Commonwealth. The legislation authorizes the Massachusetts Gaming Commission to grant in-person licenses at gaming establishments, including casinos, racetracks and simulcast facilities, as well as mobile licenses through mobile applications or digital platforms. This legislation will generate an estimated $60 million in annual tax revenue for Massachusetts, in addition to collecting up to $70 to $80 million in initial licensing fees, which must be renewed every five years. The revenue collected will be distributed to municipalities, and for economic, workforce, education, and public health priorities.
āIām incredibly proud that today, and after years of House-led efforts to authorize legal sports wagering in Massachusetts, the Legislature has acted to bring the immense economic benefits of a legal sports betting industry to the Commonwealth,ā said House Speaker Ronald J. Mariano (D-Quincy). āLegalizing wagers on both professional and collegiate sports will create jobs and bring tens of millions of dollars in annual tax revenue to Massachusetts..āāÆĀ Ā
āIād like to thank the many Senators who have worked so hard on behalf of the Senate on the issue of sports betting legalization to bring this new industry to Massachusetts,ā stated Senate President Karen E. Spilka (D-Ashland).
āLegalizing sports wagering in Massachusetts will allow us to finally compete with neighboring states and will bring in new revenue and immense economic benefits. I am grateful that the conference committee was able to come to a compromise and thrilled that we were able get a Sports Betting bill to Governor Bakerās desk before the end of session,ā said Senator John C. Velis (D-Westfield).
āAn Act regulating sports wageringā 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.āÆ
- The funds in the Youth Development and Achievement FundāÆwill provide financial assistance to students enrolled in and pursuing a program of higher education, and for after school and out of school activities.Ā
Having been passed by the House and Senate, An Act regulating sports wagering now goes to Governor Baker for his signature.
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