THE REVERE ADVOCATE – FRIDAY, OCTOBER 7, 2022 Page 15 BETTING | FROM Page 1 agenda for its Thursday meeting was set up to address major sports wagering topics. Included were a discussion and possible vote for possible emergency adoption of regulations that lay out the application process for each of the three categories of licenses. Also, up for discussion was a presentation of a draft application form along with —A presentation on the application scoring process the commission could use —More discussions and possible votes on regulations related to sports betting taxes —The vendor licensing process —A discussion of whether to launch retail and mobile betting at the same time or on different dates. Commissioners could also take a vote Thursday related to “potential launch dates” for retail in-person betting and online/mobile betting, according to the agenda. Gov. Charlie Baker signed a bill to legalize sports betting on August 10, officially joining many states— including next-door New Hampshire and Rhode Island— that moved to okay sports betting after the Supreme Court dissolved federal ban in 2018. The new law makes Massachusetts the 36th state in the U.S. to legalize sports betting. Here are some of the known aspects of sports betting in Massachusetts: —You must be at least 21 years old to bet on sports in Massachusetts, just like gambling at one of the state's casinos. That's in line with Connecticut, but it's a bit stricter than New Hampshire and Rhode Island, which allow those as young as 18 to bet on sports. —Bettors may wager on professional and most collegiate sports, but not colleges in Massachusetts— unless they are participating in a tournament. You can also bet on e-sports. Betting on high school and youth sports remains prohibited. —The new law allows the state's existing casinos all to apply for a license to host in-person sports betting. I Everett's Encore Boston Harbor and the MGM in Springfield have already built sports bars in their casinos that are basically sports books-in-waiting. The Plainridge Park Casino intends to set up a sports book, too. —The law also allows Raynham Park and Suff olk 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. —In the future, there's also the possibility that betting will be allowed at businesses like restaurants and hotels in Massachusetts. —In addition, the new law empowers the Massachusetts Gaming Commission to conduct a study on the feasibility of allowing retail locations to operate sports betting and report back with recommendations by the end of this calendar year. Gov. Charlie Baker signed a bill to legalize sports betting in August as Massachusetts joined 35 other states that moved to allow legal sports wagering after the Supreme Court removed a federal ban in 2018. Massachusetts' law diff ers in several ways from sports betting regulations in neighboring states like New Hampshire and Rhode Island. Here's some key points, according to a report on wbur.org Who's allowed to bet? You'll have to be 21 years or older to bet on sports in Massachusetts, just like gambling at one of the state's casinos. That's in line with Connecticut, but it's a bit stricter than New Hampshire and Rhode Island, which allow those as young as 18 to bet on sports. What exactly can you bet on? Professional and (most) collegiate sports are fair game. No instate college team betting, unless they are in a tournament. You can also bet on e-sports. But betting on high school and youth sports remains prohibited. Where to place bets? The new law allows the state's existing casinos all to apply for a license to host in-person sports betting. In fact, Everett's Encore Boston Harbor and the MGM in Springfi eld 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 Suff olk 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 fi ve years. Where does all that money go? The law divides the state's wagering tax revenues into several diff erent 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 fi nancial 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. Five Families YARD SALE 42 Adams Ave., Everett OCTOBER 8 * 8 am to 3 pm Many Christmas, Halloween, Thanksgiving Items, Crafts Supplies and Much, Much, More! - LEGAL NOTICE - D To all interested persons: A petition for of requesting that the Court enter a formal Decree and Order and for such other relief as requested in the Petition. The Petitioner requests that: of be appointed as Personal Representative(s) of said estate to serve on the bond in
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