The Massachusetts Gaming Fee (MGC) stated this week that 29 entities responded to its “Scoping Survey,” a prerequisite for a professional sports activities wagering utility.
The Scoping Survey is a short two-page doc searching for enter from potential sportsbook candidates in Massachusetts. The survey required sportsbook corporations mulling a bid for licensure in Massachusetts to element their operational historical past, key traders and executives, and what kind of sports activities betting license the corporate would doubtless search within the state.
Massachusetts’ sports activities betting legislation created three classes of operator licenses: Class 1 licenses are reserved for land-based casinos, Class 2 licenses are for the state’s horse racetrack services, and Class 3 permits are for absolutely on-line sportsbooks. The Class 1 and a pair of licenses moreover permit the brick-and-mortar venues to companion with on-line sportsbooks to take bets remotely over the web.
Class 1 sports activities betting licensees can companion with as many as two on-line sportsbook skins. Class 2 licensees can contract with solely a single on-line sports activities betting operator.
Curiosity Robust
The MGC stated the preliminary survey is step one towards licensing. The state gaming regulator has since opened its utility interval that runs by way of 2 p.m. EST on Monday, Nov. 21, 2022.
The appliance interval requires a non-refundable $200K charge made payable to the MGC. The fee is to cowl prices related to the processing and investigation of the sports activities betting applicant.
Upon issuance of a license, the sportsbook might want to pay the state a $5 million charge, minus the $200K utility charge, for a five-year privilege. Renewals are set for one more $5 million each 5 years.
Sports activities betting income generated from in-person wagering will likely be topic to a 15% tax. On-line sportsbook revenue will likely be taxed at 20%.
Encore Boston Harbor, MGM Springfield, and Plainridge Park every submitted scoping surveys for Class 1 sportsbook licenses. Suffolk Downs, Raynham Park, and Nice Meadowbrook Farm did so too, however for Class 2 licenses.
Some 23 entities submitted scoping surveys with Class 3 intent. The key gamers all participated, together with DraftKings, FanDuel, Caesars Sportsbook, and BetMGM. So did smaller sportsbook operators, comparable to MaximBet, BetRivers, Betway, and Fanatics.
Massachusetts’ sports activities betting legislation permits as much as 15 on-line sports activities betting licenses.
The state’s three casinos say they’re prepared to start sports activities betting instantly upon receipt of their licenses. However the first authorized guess isn’t anticipated to be positioned till early 2023. MGGC Government Director Karen Wells has set a February goal date for sports activities betting’s graduation.
School Betting Loophole
Regardless of pushback from the sports activities betting business, Massachusetts is shifting ahead with its sports activities playing launch largely with out faculty sports activities involving state-based colleges. Massachusetts’ sports activities betting legislation prohibits oddsmakers from taking bets on video games involving in-state schools. However there are exceptions.
Authorized sportsbooks will be capable of take bets on Boston School, for instance, as long as the Eagles are collaborating in a event involving a minimal of 4 groups. So a Boston School basketball sport within the NCAA March Insanity males’s basketball event would qualify for sportsbook inclusion, however a regular-season sport wouldn’t.