Massachusetts is now one of the 36 states to offer sports betting to its residents. The segment is live at three locations, namely Encore Boston Harbor, MGM Springfield, and Plainridge Park Casino. Massachusetts is estimated to generate an annual state revenue in the range of $70 million and $80 million.
Ron Mariano, Massachusetts House Speaker, believes that this is the beginning of a successful sports betting operation. Ron has further added that opening the doors to sports betting in the state allows the authorities to put a tax rate on it to generate revenue while also removing the stigma away from the sphere of sports betting.
While the development sounds too positive, or rather too good to be true, it does come with a warning related to problem gambling.
Players who were previously involved in sports betting were majorly engaging with illegal platforms. Assuming they now transition to legal venues, chances are that they are more likely to develop gambling problems as compared to others.
According to gaming industry news, the Chief Executive Officer of Massachusetts Council on Gaming & Health, Marlene Warner, has pointed out that sports betting attracts a crowd that is in its early 20s. The fact that the activity of sports betting is often carried out with alcohol makes the players more vulnerable to gambling problems.
Massachusetts has set the age of 21 years as a minimum limit to engage in sports betting; however, players at that age are not fully mature. This further contributes to the issue, states Marlene Warner.
She has issued a set of advice for everyone. Players engaging with sports betting must first check if they have sufficient funds before committing to spending it. Moreover, they must be willing to lose all that money in case things go south. Reinvesting earnings may not be recommended since it is done under the charged-up impression that there is a surety to win a higher reward.
Understand the sport and all the terms before placing the wager on any of the top sports betting sites. Odds must be structured in a way that everyone can understand them.
Individual states in the United States of America were given a green signal to take a call on how they want to proceed with sports betting in their respective regions. This came to light in 2018 after the Supreme Court struck down the Professional & Amateur Sports Protection Act.
Massachusetts followed the trend real quickly to legalize the segment in 2022.
Dave Forman, the Vice President of research at the American Gaming Association, has lauded the speed at which the adoption of sports betting has happened till now in the country. Over 35 states have legalized sports betting within five years.
Venues in Massachusetts are beginning to see the excitement of players engaging with sports betting. The fact that the state authorities are able to generate revenue through the implementation of tax is beneficial for the entire region.