By TheNuts - Mar 13, 2023
As March Madness gets underway, Massachusetts allows sports betting.
Just days before the commencement of the NCAA college basketball tournament, Massachusetts sports enthusiasts rushed to their smartphones this past Friday to start placing bets.
A little more than a month after the state started allowing bets to be made in person at the state's three casinos, online sports gambling started. Sports betting, which requires a license renewal every five years, is expected to bring in approximately $60 million in annual tax income, according to state lawmakers, and between $70 million and $80 million in initial licensing costs.
After a U.S. Supreme Court decision from 2018 overturned a federal prohibition prohibiting gambling on football, basketball, baseball, and other sports, states started authorizing online sports betting four years ago. Data from the gaming organization shows that states with legalized sports betting have reported millions of dollars in additional tax income.
With Massachusetts' approval, the American Gaming Association reports that 33 states now permit online sports betting. According to the group, legislation to legalize the hobby has been introduced in eight additional states, including Kentucky and Missouri.