Massachusetts wants to become a sports betting titan in the US. Sports betting software providers are preparing for the launch of online wagers next week. Also, gaming regulators gave the green light to several online sports betting platforms to accept bets via websites and mobile apps.
Sports betting football fans were disappointed that Massachusetts would launch online sportsbooks after the Super Bowl. On the other hand, it is in time for March Madness. The NCAA Men’s College Basketball Tournament begins four days after the launch of mobile sports betting. As a result, basketball is the most profitable sport to bet on during the month.
Massachusetts legalized sports betting in August. Also, lawmakers developed a system to regulate and tax the sports wagering industry. According to the regulations, sportsbook operators will have a tax rate of 15 percent of the gross retail wagering sales and 20 percent for online wagers.
Massachusetts as a Sports Betting Titan
The law also permits wagering within the state on collegiate sports but not on Massachusetts teams unless they compete in a national tournament.
Three licensed casinos, including Plainridge Park Casino in Plainville, MGM Springfield, and Encore Boston Harbor in Everett, began allowing wagers on professional and college games at the end of January.
State casino regulators reported that on the first day of sports betting at those locations, more than $500,000 was gambled. A report on sports betting’s first full month of income will be made public in a few weeks.
On opening day, the state received $9,861 in taxes from MGM Springfield and Plainridge Park’s combined net revenues of $65,706. According to the Commission, Encore has lost $75,230.
FanDuel, DraftKings, and Caesars Sportsbook are just a few of the seven organizations that will begin taking bets online the following Friday. In May, other mobile operators, Fanatics and Bally Bet, will open for business and accept wagers.