THE MALDEN ADVOCATE–Friday, October 7, 2022 Page 13 Groundbreaking at the Stone Zoo on Sept. 27 Massachusetts legislators Senator Jason Lewis and Representative Michael Day joined Zoo New England CEO John Linehan and others to break ground on the innovative new solar array being installed at the Stone Zoo in Stoneham. Sen. Lewis and Rep. Day secured state funding for this project, which will supply nearly all the power required by the zoo, reducing carbon emissions and lowering operating costs. (Photo courtesy of the office of Senator Jason Lewis) FOOGI Annual Fall Fest on the Plaza T he Friends of Oak Grove, Inc. (FOOGI) will be partnering with Ward 3 Councillor Amanda Linehan, Ward 3 School Committee Member Jenn Spadafora and the Beebe PTO to host a Fall Fest again this year on the Beebe Plaza, on Saturday, Oct. 22, from 12 p.m. to 2 p.m. The Fest will have music, hot chocolate, treat bags, pumpkin decorating, a fall photo backdrop and even a pet costume contest – open to all ages and residents of the entire city. Costumes are definitely encouraged! If folks have any questions, they can reach out to Amanda at alinehan@mapc.org or 781-873-9224. Hope to see lots of folks there! BETTING | FROM PAGE 3 license to host in-person sports betting. In fact, Everett's Encore Boston Harbor and the MGM in Springfield have already built sports bars in their casinos that are basically sports books-inwaiting. The Plainridge Park Casino intends to set up a sports book, too. The law also allows Raynham Park and Suffolk Downs — which have continued to host simulcast betting on dog and horse racing — to open on-site sports books. Additionally, the three casinos, two race tracks and up to seven other companies (think: DraftKings or FanDuel) will be able to launch mobile sports betting apps. The law says you have to physically be in Massachusetts when you're placing a bet. So, you won't be able to take your phone to, say, Vermont and place bets across state lines. At some point in the future, there's also the possibility that you'll bet at businesses like restaurants and hotels in Massachusetts. How exactly do you place a bet? Here's another important point: No credit cards. That means you'll likely need a debit card or bank routing number to set up mobile wagering accounts. The rule is intended to keep problem gamblers from going deep into debt. Is the industry taxed? You bet. But unlike the state's sales tax or marijuana excise tax, consumers won't see it imposed on their wagers or winnings. Instead, the law calls for taxing the overall monthly revenue that casinos and other companies bring in from sports betting. The rates are a 15% tax on revenue from in-person wagering, a 20% tax on revenue from mobile wagering and a 15% tax on revenue from fantasy sports. That's actually much less than the tax rates in New Hampshire and Rhode Island, both of which impose a 51% tax on operator revenue. Experts say the lower rates in Massachusetts may help the state compete against peers with more established sports betting industries. Lawmakers estimate that the taxes will bring in $60 million in state revenue each year in addition to $70 to $80 million from initial licensing fees, which must be renewed every five years. Where does all that money go? The law divides the state's wagering tax revenues into several different funds: about 45% of the money will go to the state's General Fund, which is the giant pool of money that lawmakers use for the yearly budget and can spend how they want. A total of 27.5% will go to the Gaming Local Aid Fund, which is distributed to cities and towns to spend how they like. Some 17.5% will go to a newly created Workforce Investment Trust Fund, which will provide grants to promote job opportunities in low-income communities. And 9% will go to the state's Public Health Trust Fund, which invests in various programs to prevent and treat problem gambling. Also 1% will go to a new Youth Development and Achievement Fund to provide financial aid to local college students, after-school programs and youth sports. What happens to unclaimed winning? Individuals have up until to one year to claim their winnings from a bet on a game or event. After that, operators are required to deposit unclaimed winnings into a fund that pays for the Gaming Commission's work to oversee sports betting. Fall Fest Info flyer Like us on Facebook advocate newspaper Facebook.com/Advocate.news.ma
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