Massachusetts sports betting might look entirely different if a new costs proposed in the Senate is successful. And if history is any indicator, controlled sports betting in other states could also change considerably.
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 requires a complete restriction on live betting (in-game betting) and prop bets.
The main point to keep in mind is that Massachusetts has actually been at the forefront of more stringent sports betting policies. The 2nd thing to know is that the language of this bill resembles the SAFE Bet Act, a federal piece of legislation presented in 2024.
This bill was introduced not long after previous Massachusetts Governor and existing NCAA president Charlie Baker testified in front of the Senate in a meeting on sports betting policy.
So, while this is presently a Massachusetts bill, it's most likely to affect other states that use managed sports betting.
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A closer look at SD 1657
Taxation
Beginning with the tax rate increase, bringing sports betting to 51% has actually been a target for Sen. Keenan before. Keenan proposed a tax increase at the last legal session, but it was declined. This increase would have been available in the state's spending plan expense.
Just three markets have tax rates of 51%, the highest in the country: New York, Rhode Island, and New Hampshire. At 20%, Massachusetts presently ranks 6th highest.
Banning live betting and prop betting
The procedure prohibits in-play (live betting) or prop betting. Just straight wagers would be permitted, restricting sportsbooks to using just moneyline, spread, and totals.
While Massachusetts and other markets have limitations on collegiate betting, this would affect even expert sporting events.
The expense also looks for to include bonuses and same-game parlays to the category of "unreasonable and misleading practices." Sportsbooks favour same-game parlays due to their high "hold" percentage, the amount of money they keep off each $1 bet.
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Player Limits
SD 1657 also intends to create compulsory day-to-day and monthly limitations for bettors. Bettors could not wager more than $1,000 a day and $10,000 a month without an 'cost assessment' which includes inspecting savings account. A player can not wager more than 15% of the amount in their account.
Massachusetts would end up being the first market to require an affordability evaluation on bettors.
Marketing limitations
Keenan likewise wishes to get rid of marketing throughout telecasted sporting events. The procedure would prohibit sportsbooks from running ads during video games. The Massachusetts Gaming Commission has actually checked out developing a ban on in-game ads before. Nevertheless, this did not go through as national TV offers make this tough to impose.
Will the procedure pass?
The measure is harsh in its changes to the sports betting industry in Massachusetts. Banning prop betting and increasing the sports betting tax rate will likely cause pushback from local sportsbooks and market supporters.
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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 need to persuade the other senators who did not support his initiative before to alter their minds. If and when the Senate discusses this procedure, it is difficult to inform how it will be gotten.
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New MA Sports Betting Proposal Includes Massive Tax Increase and Ban on In-Play Betting
maricruzdegari edited this page 2025-01-30 05:52:20 +01:00