Massachusetts sports betting might look totally various if a new expense proposed in the Senate is successful. And if history is any indication, controlled sports betting in other states might likewise alter considerably.
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SD 1657 was presented by Sen. John Keenan. "An Act Addressing Economic, Health, and Social Harms Caused by Sports Betting" aims to increase the existing sports betting tax rate from 20% to 51%. In Addition, Sen. Keenan calls for a total ban on live betting (in-game betting) and prop bets.
The main thing to keep in mind is that Massachusetts has been at the leading edge of stricter sports betting policies. The second thing to understand is that the language of this costs resembles the SAFE Bet Act, a federal piece of legislation introduced in 2024.
This costs was presented not long after previous Massachusetts Governor and present NCAA president Charlie Baker testified in front of the Senate in a meeting on sports betting regulation.
So, while this is currently a Massachusetts costs, it's likely to impact other states that provide managed sports betting.
A closer look at SD 1657
Tax
Beginning with the tax rate increase, bringing sports betting to 51% has been a target for Sen. Keenan before. Keenan proposed a tax increase at the last legislative session, however it was declined. This increase would have can be found in the state's spending plan bill.
Just three markets have tax rates of 51%, the greatest in the country: New York, Rhode Island, and New Hampshire. At 20%, Massachusetts currently ranks 6th highest.
Banning live betting and prop betting
The procedure prohibits in-play (live betting) or prop betting. Only straight wagers would be enabled, limiting sportsbooks to offering only moneyline, spread, and totals.
While Massachusetts and other markets have limitations on collegiate betting, this would affect even professional sporting occasions.
The costs also seeks to include rewards and same-game parlays to the category of "unfair and misleading practices." Sportsbooks favour same-game parlays due to their high "hold" portion, the amount of cash they keep off each $1 bet.
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Gamer Limits
SD 1657 also intends to create mandatory daily and monthly limitations for bettors. Bettors could not wager more than $1,000 a day and $10,000 a month without an 'price assessment' which includes inspecting savings account. A gamer can not wager more than 15% of the amount in their account.
Massachusetts would end up being the very first market to require a cost assessment on bettors.
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Marketing limitations
Keenan likewise wishes to get rid of advertising throughout televised sporting occasions. The procedure would forbid sportsbooks from running ads throughout video games. The Massachusetts Gaming Commission has actually looked into developing a ban on in-game ads before. Nevertheless, this did not go through as national TV deals make this hard to enforce.
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Will the measure pass?
The step is harsh in its modifications to the sports betting industry in Massachusetts. Banning prop betting and increasing the sports betting tax rate will likely result in pushback from local sportsbooks and market fans.
Because of this, the measure will likely be combated in the Senate and your house of Representatives. In the previous session, Keenan stopped working to raise the tax rate.
He would have to encourage the other senators who did not support his effort before to change their minds. If and when the Senate discusses this step, it is difficult to inform how it will be received.
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New Massachusetts Sports Betting Bill Contains Significant Tax Hike and Ban on Live Betting
laurenegabriel edited this page 2025-01-29 18:23:26 +01:00