Sports Betting Weekly Update: Massachusetts Joins the Bandwagon
Let's Dish Out the Latest Sports Betting Buzz: A No-Holds-Barred Weekend Gossip Report!
The Show Must Go On: U.S. Sports Betting Shenanigans Unfold
Massachusetts Joins the Action: In a bold move, the Bay State enters the sports betting fray, legitimizing individuals to wager on games via phone and computer. With the NCAA Tournament on the horizon, the timing couldn't be better to cash in on the betting event cognatively known as the "Big Dance"!
Six national operators - including top dogs FanDuel and DraftKings, alongside four more set to join shortly - launched online operations on March 10th. This presents an irresistible new business opportunity, particularly for DraftKings, based there, and PENN Entertainment, which employs Boston-based Barstool Sports to promote their Barstool Sportsbook.
Advertising Regulations: The Beantown babes will face some tighter regulations regarding advertising and marketing compared to their early-legalized brethren. Let's see if that keeps those hot-headed Massachusetts bettors from stirring up trouble!
Regulatory Snafus Already Raising Eyebrows
Although Massachusetts casinos' retail sportsbooks have steered clear of offences so far, regulatory violations have already surfaced due to unique restrictions, such as betting on most in-state college sports teams. As online operators hop aboard the betting bandwagon, we'll keep our eyes peeled for any similar hiccups.
Cross-Country Sports Betting Scoops
New York, New Jersey, and the Pace Setters: The never-say-never city that never sleeps has a high tax rate of 51% for all operators, while the garden state has a more moderate tax rate of 9.75% for retail and 12.5% for online operators. Despite these differences, both states have thriving sports betting markets.
California and Ohio: The Golden State is yet to hop on the sports betting train, while the Buckeye State recently joined the U.S. sports betting lineup, much like Massachusetts.
Colorado and Michigan: Late reports have been circulating about these states investigating the possibility of WWE betting, but the Michigan Gaming Control Board has come clean, stating no direct talks on the matter have occurred. Cue the conspiracy theories!
Problem Gambling Treatment and the Money Game
Washington State is looking to put its money where its mouth is by doubling the amount dedicated to problem gambling treatment from revenue derived from lottery sales, horse wagering, and card rooms. Representative Chris Stearns has been at the forefront of this doubling down on treatment efforts, which will gradually raise the percentage over time.
The Sports Betting Industry in a Nutshell
Top Stories of the Week:
- Massachusetts launches online sports betting
- Regulatory violations surface in the Bay State
- Tax Rates: Massachusetts - 15% retail, 20% online, New York - 51%, New Jersey - 9.75% retail, 12.5% online
- Market Sizes: Massachusetts - growing rapidly, New York - large, New Jersey - one of the first and largest
- Online Availability: Massachusetts - retail and online, California - none, Ohio - launched online betting
- The launch of online sports betting in Massachusetts, headed by FanDuel and DraftKings, has presented a new business opportunity, especially for DraftKings, given its headquarters in the state.
- Massachusetts bettors, known for their passion for sports-betting, might face tighter advertising and marketing regulations compared to some early-legalized states.
- Despite Massachusetts casinos maintaining a clean regulatory record, regulatory violations have already occurred due to unique restrictions, like betting on most in-state college sports teams.
- California and Ohio, similar to Massachusetts, are making strides in the sports-betting market, while New York and New Jersey are established, thriving markets with different tax rates.
- Rumors have been circulating about Colorado and Michigan investigating the possibility of betting on WWE, although the Michigan Gaming Control Board has denied any direct talks on the matter.
