Two bills that would legalize online casinos and generate $275 million in revenue annually are being considered by Massachusetts lawmakers. Before the legislative session concludes on November 19, the bills, which have a 20% tax rate and a $5 million license fee, must be decided by a committee.
Following a hearing at the end of June, a pair of measures to allow internet casinos in Massachusetts are still pending in the state’s Joint Consumer Protection and Professional Licensure Committee.
The measures, H.332 by Senator Paul Feeney and S.235 by Representative Daniel Cahill, were presented in February. The bills were originally filed in January as HD 4084 and SD 2240.
The joint committee has until the end of the two-year legislative session, November 19, to vote on the bills. It may alter the measures if further discussion is required.
Bills that do not pass during the session usually perish, and legislators must resubmit them in the next session.
Massachusetts’ online casinos could generate $275 million annually.
The Massachusetts online casino bill imposes a 20% tax on adjusted gross income for online casino operators and creates the Massachusetts Gaming Commission as the industry’s regulating authority.
DraftKings Government Affairs Manager David Prestwood stated at the committee meeting last month that the new business may generate up to $275 million in tax revenue for the state.
Up to ten licenses are created by the bill. The MGC has the authority to grant up to four more untethered Category 2 licenses, and the three casinos in the state may have a maximum of two partners each, for a total of six (6) Category 1 licenses.
Authorized operators would be granted licenses for a period of five years and have to pay a licensing fee of $5 million. They may pay $5 million to renew that license every five years.
Courtesy: https://www.covers.com, https://www.casino.org, https://pechanga.net
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