New Gambling Regulations are prepared in Massachusetts
Over the past few years the online gambling industry has shown a massive expansion. In the effort to offer better player protection many states and regions have started drafting new gambling laws and regulations.
Massachusetts is one of the first to implement new gambling laws within the United States.
Massachusetts Gambling History
Massachusetts has a rather colourful gambling history dating back to the beginning of the previous century. This US State has many Tribal casinos and other gambling establishments. They include land-based casinos, dog racing establishments and many others.
According to the Supreme Court each individual state within the US was responsible for the regulation of online sports betting within their state.
The state authorities in Massachusetts have recently started focusing on their gambling laws and restrictions for legalizing online gambling and sports betting. They are aware of the massive losses of funds they might experience on such platforms. From the other hand, this is the right way to protect players from possible threats.
Changes have been started
To encourage progressive reforms quite a big number of proposals have been recently put forward by the government. The intentions of the Governor are to make online and sports betting a regular activity.
In the near future sports betting will become a regular offering in full-fledged casinos, which means that there would be sports betting lounges in the top 10 online casinos as well as sports parlours. Sports betting license holders will be the suppliers of online and sports betting.
By ensuring this Massachusetts will be able to compete with other states in the regulated sports and online gambling industry.
Fees and Taxes
According to the latest suggestions the state taxes on online betting should be higher than retail betting, namely 12.5%. A sports betting license application fee amounting to $100,000 would be paid by companies applying for a sports betting license. Every 5 years after their approval they will have to pay a $500,000 fee.
Sports betting will be restricted to professional sporting events only.
Optimistic people think all these restrictions and high fees will support the progressive developments the state are hoping to achieve.
Actually all this is only the beginning, like a first step but taken in the right direction.
The residents of Massachusetts can soon place bet online legally, at online casinos and sports books.