31, 2023, and MA online sports betting will begin in March 2023. The first retail sportsbooks are scheduled to open for business on Jan. You cannot deduct gambling losses from other income earned during the year, such as your salary or dividends from companies. For example, if you win $5,000 and lose $4,000, you will only need to pay tax on the remaining $1,000 in profit. Gambling losses are only deductible from income received via gambling winnings. Are gambling losses deductible in Massachusetts? The Senate wanted higher tax rates, but it ultimately agreed on a compromise, as Massachusetts sportsbooks cannot be too heavily taxed if they are to seize market share from offshore mobile betting sites.

This was a major point of contention between the House and the Senate when they were thrashing out the Massachusetts sports betting bill. Retail sportsbooks at venues such as Encore Boston Harbor, MGM Springfield and Plainridge Park Casino will need to pay a 15% revenue tax. That applies to mobile sports betting apps and websites. Online sports betting operators will need to pay a 20% revenue tax in Massachusetts. What are the tax rates for gambling in Massachusetts? Charlie Baker signed the Massachusetts sports betting bill into law. October 17, 2022: Thirty-nine operators submitted surveys to the commission in the hope of gaining a license in Massachusetts.Īugust 10, 2022: Gov. 31, 2023, followed by online sportsbooks in March. January 4, 2023: The Massachusetts Gaming Commission revealed that four operators have now gained licenses to offer legal online sports betting in Massachusetts: BetMGM, Caesars Sportsbook, WynnBET and Barstool.ĭecember 30, 2022: The MGC reiterated that the first retail sportsbooks will launch in Massachusetts on Jan. January 13, 2023: More online sportsbooks are approved during the week, including DraftKings and Fanatics. 1, 2022, and Governor Charlie Baker signed it into law nine days later. The Sports Betting Conference Committee voted 36-4 in favor of the compromise bill on Aug. College sports betting was permitted, but not on games featuring teams based in the state. They ultimately agreed on a compromise Massachusetts sports betting tax rate. The House opposed plans to prevent college sports wagering, and it continued to push for a lower tax rate in order to make the industry more competitive. The Senate wanted a higher tax rate than the house, and it also wanted to exclude college games from the Massachusetts legal sports betting industry.

Draftkings sportsbook tax rules