On Thursday, Massachusetts lawmakers in the House of Representatives voted in favor of legalizing sports betting. The support was overwhelmingly high and, as they pointed out, this is a home run for the state. Representative Jerry Parisella D-Beverly stated that legalizing betting on sports is a big boom for the Commonwealth and an overall boost for the economy.
Legalizing Sports Betting Massachusetts Will Bring Millions of Dollars
According to some calculations, the House bill that will deem sports betting as a legal activity could have massive potential for the state in terms of making a profit. It is estimated that on an annual basis, sports betting will bring $60 million in tax revenue and an extra $70 million in fees on licensing. After all, every operator that will want to provide Massachusetts residents with betting services will have to possess a license.
Parisella added that sports betting is legalized in most of Massachusetts’ north neighbors and in 30 states across the US. Connecticut and New York, as well as New Hampshire and Rhode Island, have legalized betting and, since the state of Massachusetts is extremely passionate about sports, it has to be taken advantage of it.
Rep. David Muradian R-Grafton is happy with the money that the legal sports betting industry could generate. He stated that authorities will make sure that the money will be put to the best use and help 351 towns and cities to grow.
The Sports Betting Industry Has Other Perks As Well
By legalizing sports betting in Massachusetts, there would be numerous job openings too. That is why many fans wonder why this process took so long. A Boston Red Sox fan stated that legal sports betting is just a question of when, rather than if. He added that there’s no point of being able to go and wager at casinos legally, but not be able to wager on sports.
The fan outside Fenway Park concluded that DraftKings gained a lot of popularity recently and he’s not wrong. Recently, DraftKings was the only gaming stock to be listed on the secular growth list by Morgan Stanley.
More Work Still Needs to be Done
This legislation must offer some protection for the consumers. As Phil Sherwood from the Massachusetts Council on Gaming and Health explained, the use of credit cards will be prohibited because the Council doesn’t want people to overextend themselves. Additionally, the prohibitions for people under 21 should also be strong, especially when it comes to betting online.
Massachusetts’ legislation concerning sports betting must be approved by Senate lawmakers and then, Governor Charlie Baker, who supports the legislation, will sign off on it. After this is complete, Massachusetts will join the bandwagon as the list of US states that have legalized sports betting or are in the process of legalizing it continues to grow.