State Approves Sports Betting But no College Sports

What is happening? Massachusetts Governor signed a sports betting bill that bans wagers for in-state schools. Nevada said good bye to the ban on college betting after nearly 50 years by kicking the ban to the curb in 2001. The industry says Massachusetts is leaving revenue and sending it to Las Vegas.

Why is this important? Massachusetts, Nebraska, New Jersey have each found their own ways to regulate the sports betting markets.

How will this be important? Massachusetts sports betting tax rate will be 15% on the gross gaming revenue of in-person brick-and-mortar sportsbooks and revenue from fantasy sports contests and 20% on revenue from mobile wagering.

Governing | Massachusetts Says Yes to Sport Wagering, No to Local College Bets