MA Sports Betting

[Quann]

We’re only a few days from this going live in Massachusetts. Disappointing we can’t bet on UMass but I can understand the reason for prohibiting it. Does anybody understand how they are going to collect the state tax on each bet? I haven’t looked too hard but didn’t see where that was explained.

[mdogt12]

https://www.miamiherald.com/betting/art ... 75627.html
The 15-20% tax is what the betting companies are responsible for

[Quann]

Oh ok. Knowing MA, I’m sure they’ll figure out a way to tax individuals winnings at some point. The tax man never turns down new revenue streams in the commonwealth.

[Floyd]

I'll make a bet. I bet more people lose than win

[InnervisionsUMASS]

Oh ok. Knowing MA, I’m sure they’ll figure out a way to tax individuals winnings at some point. The tax man never turns down new revenue streams in the commonwealth.

Wouldn't you get a 1099 from the casino if you cashed something over a certain amount? There's likely an already built in threshold... they aren't going to tax you on a $100 winner. As much as the Commonwealth likes money, it likes working less.

[m626t]

We’re only a few days from this going live in Massachusetts. Disappointing we can’t bet on UMass but I can understand the reason for prohibiting it. Does anybody understand how they are going to collect the state tax on each bet? I haven’t looked too hard but didn’t see where that was explained.

Admittedly I haven't been paying attention to this, but why can't we place a wager on UMass teams? We can bet on other college teams, no?

[InnervisionsUMASS]

We’re only a few days from this going live in Massachusetts. Disappointing we can’t bet on UMass but I can understand the reason for prohibiting it. Does anybody understand how they are going to collect the state tax on each bet? I haven’t looked too hard but didn’t see where that was explained.

Admittedly I haven't been paying attention to this, but why can't we place a wager on UMass teams? Thanks

The Commonwealth was worried that betting on local college teams might somehow cause a scandal with point shaving and such. The only time you'll be able to bet on an MA-based college team is if they are in a post-season tournament.

[m626t]

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Hmm...what about betting on UMass teams via a legal sports book if you're in Vegas, Atlantic City etc? Did the Commonwealth ban betting on any public or private school located in Massachusetts, from anywhere in the world? Hope this isn't a dumb question.

[InnervisionsUMASS]

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Hmm...what about betting on UMass teams via a legal sports book if you're in Vegas, Atlantic City etc? Did the Commonwealth ban betting on any public or private school located in Massachusetts, from anywhere in the world? Hope this isn't a dumb question.

I think it is a proximity thing, so just bets on those MA based schools placed from within MA via an MA based sportsbook... I'm not agreeing with it, but that's just how I understand it. We're lucky there's college sports betting at all... one of the branches of the state house didn't want it included, preiod.

[Floyd]

Is that really true IV? That's messed up

[Minutemaniac74]

The rule about Massachusetts sports teams is true. However, the state commission can only control bets within Massachusetts. So if you are in Vegas (or even CT), you can place wagers on Massachusetts teams.

As far as taxes go, the state taxes all winning individual wagers over $1200. You could turn in five $1000 winners and not get taxed, but they'll tax you on a single $1200 winner

[Quann]

^^^^
That was the info I was looking for. Thank you.

[bleedmaroon]

We’re only a few days from this going live in Massachusetts. Disappointing we can’t bet on UMass but I can understand the reason for prohibiting it. Does anybody understand how they are going to collect the state tax on each bet? I haven’t looked too hard but didn’t see where that was explained.

Admittedly I haven't been paying attention to this, but why can't we place a wager on UMass teams? Thanks

The Commonwealth was worried that betting on local college teams might somehow cause a scandal with point shaving and such. The only time you'll be able to bet on an MA-based college team is if they are in a post-season tournament.

So corruption only occurs during the regular season? That makes no sense.

[69MG]

^ Are you forgetting that this is Massachusetts? The State Legislature is either late getting things approved compared to other states (legalized gambling is the best example) or they screw it up with absurd regulations.

[Quann]

I try not to get too worked up anymore about dumb legislation in this state, it's par for the course here.