The conference committee on sports betting has reached agreement on legislation to legalize sports betting in Massachusetts, according to a tweet Monday morning from House Speaker Ron Mariano.
I am proud to announce that the Conference Committee on Sports Betting has reached agreement on legislation that will legalize betting on professional and collegiate sports in Massachusetts, bringing the immense economic benefits of a legal betting industry. athletes at MA. (1/2)
The legislation would allow betting on professional and collegiate sports in the Bay State, according to President Mariano’s tweet.
The president thanked fellow lawmakers for “recognizing the incredible economic opportunity that legalizing sports betting presents.”
“People are already betting, so let’s let them bet legally and give them consumer protection,” said Rep. Jerry Parisella of Beverly.
The legislation would allow betting on professional and collegiate sports in the Bay State, according to President Mariano’s tweet.
Rep. Parisella has been working on the bill for a few years now and says that in the deal casinos and racetracks will get retail licenses and there will be 15 mobile apps to enable mobile betting.
Tax rates are 15% on retail and 20% on mobile, which the operator will pay.
Parisella said each licensee would have to pay $5 million in licensing fees, which would likely bring in between $70 million and $80 million. Licenses should be renewed every five years.
“We’re legalizing it, we’re bringing it out of the shadows, and we’ll also bring people back who go to Rhode Island, New Hampshire, Connecticut and New York,” Parisella said. “We are surrounded by it, so why not legalize it, regulate it and get tax revenue from it.”
DraftKings CEO Jason Robins said the organization was “thrilled” in a statement after the announcement.
“We are delighted that our home state has acted to protect consumers, create jobs and increase incomes in the Commonwealth,” Robins said in the statement. “We especially want to thank President Mariano, Senate President Spilka, Presidents Michlewitz and Rodrigues, and members of the conference committee for their leadership. We hope the Legislature will quickly pass this bill and that Governor Baker will sign it. ”
Less than two weeks ago, Speaker Mariano said House and Senate negotiators were “far off” on the legislation. One of the main talking points was whether or not to allow college sports betting in addition to professional sports.
If signed by Governor Baker, Massachusetts will join 30 other states and Washington D.C. in legalizing sports betting.
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