The rollout of legal sports betting in the state of Massachusetts has been highly anticipated. The area has seen nearby states such as New Jersey, Pennsylvania, and New York launch sports betting markets to major success. New York in particular has been a majorly successful state of sports wagering, as reflected by the fact that the total handle hit $1 billion in just a few months of availability. Well, soon enough, Massachusetts sports fans will get the chance to back some of their favorite teams. Here’s what you need to know about the most recent step on the way to betting in the Bay State.
Massachusetts Sports Betting Signed Into Law
Massachusetts Governor Charlie Baker just had a very busy Wednesday. A total of seven bills were signed into law by Baker, including one that confirmed both mobile and physical sports betting in the state. The signature comes after the House voted 36-4 on the legal betting bill, which gave Governor Baker a total of 10 days to lend his signature. With the bill signed, the Massachusetts Gaming Commission can grant a number of different licenses to different entities.
When it comes to online betting, the Commission can give licenses to different digital platforms and mobile apps, while retail sports betting licenses can be granted to racetracks, casinos, and different simulcast facilities. Now comes the wait for a launch date to be announced for the highly-anticipated Massachusetts sports betting market. The legal betting age for most gambling activities, outside of pari-mutuel wagering and the lottery, is 21 years of age.
Gov. Charlie Baker has signed the Massachusetts Sports Wagering Act into law. Sports betting is officially coming to the Commonwealth.
— Sammy P (@spshoot) August 10, 2022
Big Potential For Bay State Betting Market
Now that Massachusetts sports betting is officially signed into law, all eyes are on the major potential for wagering in the area. The state is home to nearly 7 million residents, with some major sports fans that would like to back local teams like the Boston Bruins, Boston Celtics, Boston Red Sox, and New England Patriots. The tax revenue potential is also major for the state.
The tax rate for sportsbooks in the area will be 20% on online wagering with a 15% tax on retail betting at a physical sportsbook. Current expectations are for around $60 million in annual tax revenue from sports betting for the state.
The commissioners estimate more than 40 operators could apply for 15 potential online sports betting licenses in Massachusetts.
— RLinnehanXL (@RLinnehanXl) August 11, 2022
What Sportsbooks Will Be Available In Massachusetts?
In the coming months, we should begin to get more details on what the betting scene in Massachusetts will look like. Plenty of different online sports betting sites are likely to expand into the state at launch. Some of the top sports betting operators such as DraftKings Sportsbook, Caesars Sportsbook, FanDuel Sportsbook, and BetMGM Sportsbook are most likely to roll out in the area. Rush Street Interactive, which has such sports betting apps as BetRivers Sportsbook, PlaySugarHouse, and RushBet, is likely to be available in Massachusetts as well.
Another mobile sportsbook that’s beginning to gain steam is the Penn National Gaming platform Barstool Sportsbook. And those are just a few options, as sports betting platforms such as PointsBet Sportsbook, Bally Bet Sportsbook, SI Sportsbook, FOX Bet Sportsbook, and WynnBET Sportsbook could all become available in the state at some point.