The Massachusetts Treasurer has strongly opposed the emerging demands to liberalize the state’s iGaming market on grounds of regulatory risks, lack of clarity in terms of economic gains, and fear of destabilizing the existing sectors of the economy, such as the fact that the state lottery has a stable stream of revenue.
She pointed out that the lottery would lose its stable revenue through the drastically growing iGaming, and that growth would lead to undermining essential state spending financed by the traditional lottery proceeds.
A number of legislators believe that iGaming is imperative to modernization, yet the treasurer says that the time and the market conditions do not mean that legislation should be introduced as soon as possible.
The introduction of iGaming would entail new compliance frameworks and the implementation of monitoring with more enforcement capability that the treasury does not think the state is prepared to undertake.
Gaming organizations state that Massachusetts is in danger of lagging behind other states that embrace iGaming, which will deprive them of prospective tax collections and competitiveness.
She said that revenue forecasts are irregular and it is dangerous to depend on iGaming as a reliable fiscal foundation for state obligations.
Authorities threaten that further liberalization of the Web may have more problem-gamers, leading to expensive prevention efforts and more effective consumer protections.
Although ruling out the option now, the treasurer pointed out that the state could reconsider the idea of iGaming in the future, when the economic statistics and regulatory policies become more evident.
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