Massachusetts Lawmakers Reach Deal on Sports Wagering
Very late night, early morning in Boston, but negotiators finally reached a deal on sports wagering. The final bill looks much closer to the bill iDEA advocated for than what was passed in the Senate. It addresses some of the key issues we raised with lawmakers such as market access, collegiate betting and tax rates (Jeff Ifrah’s statement on behalf of iDEA here). Some additional details:
Tax Rate
- 15% retail AGR
- 20% mobile AGR
Definition of AGR: “Adjusted gross sports wagering receipts”, the total gross receipts from sports wagering less the sum of: (i) the total of all winnings paid to participants; and (ii) all excise taxes paid pursuant to federal law; provided, however, that the total of all winnings paid to participants shall not include the cash equivalent of any merchandise or thing of value awarded as a prize.
Market Access
- Casinos get 2 individually branded mobile platforms and retail (category 1)
- OTBs/Horse track – one mobile and retail (category 2)
- 7 Untethered mobile, issued at the discretion of the gaming commission (category 3)
Collegiate Betting
Yes to all collegiate betting, except for betting on in-state college teams, UNLESS they are part of a larger tournament.
Advertising
Reasonable restrictions to advertising similar to what we see in other jurisdictions where the Commission creates standards for operators to abide by.