Online sports betting set to launch Friday in Mass. What you need to know
It's coming today to a phone in your pocket or a laptop on your desk — online sports betting for residents 21 or older is legal in Massachusetts for the first time ever. In-person sports betting, also for those 21 or older, was approved in January and available at the three Massachusetts casinos: Encore Boston Harbor, Plainridge Park in Plainville and MGM Springfield.
Online betting for 18-year-olds is allowed in Montana, New Hampshire, Rhode Island and Washington state.
Now, the state-approved sportsbooks will be allowed to go live Friday and accept wagers online. The state has already approved 10 sportsbook licenses to date and allows a total of 15 licenses overall. Massachusetts will also be taking a 20% tax bite out of sportsbook revenues; 15% of revenues earned at in-person sites.
The state expects to reap some $60 million the first year, just in licensing fees.
How many apps already available for download go live today?
Six of the sportsbooks will launch Friday: BetMGM Sportsbook App, WynnBet Sportsbook App, FanDuel Sportsbook App, Boston-based DraftKings Sportsbook App, Caesars Sportsbook App and Barstool Sportsbook App. Select sportsbooks offer early download incentives to potential players with promo codes ranging in first-bet insurance up to $1,000 to $200 in free bets for early registration to $100 in bonus bets on launch day.
Checking for promotional codes could benefit online gamblers.
BetMGMMassachusetts Bonus Code (Get Up To $1000!)
WynnBETMassachusetts Promo Code (Get $100 Bonus Bet!)
Should you shop around for the app that best suits your needs?
FanDuel, based in New Jersey, is enticing gamblers with a $100 free bet for early birds who download the application before midnight. However, it promises to have launch day specials that will be announced when the site goes live in the morning; anything from the number of goals scored by the Bruins in their next game to the number of points scored by the Celtics in theirs. The application also offers a referral bonus to both the original subscriber as well as the new gambler.
"The timing is great for us," said Karol Corcoran, general manager of FanDuel Sportsbook. He referenced Massachusetts' love for its sports teams, calling them iconic, and their current level of success.
"One reason FanDuel is so successful is pride in our product," said Corcoran, who added, "it's easy to sign up."
The application, Corcoran said, offers bets for both beginners as well as more advanced gamblers, nuances that keep them engaged in the game and the wagers.
The application betr — which promotes itself as a microbet sportsbook that allows wagers on game minutiae, from whether the next play will be a run or a pass, a foul or a three-pointer, called a ball, a strike or a hit — announced this week that it would not be ready to go live Friday, but would aim to launch sometime over the next month.
Two other approved sportsbooks, Fanatics and Bally Bet, are scheduled to go live in May.
Are all games, events eligible?
The state allows betting on everything from professional sports to water polo and everything in between. There are a few exceptions: Wagering on the outcome of high school and youth games is a no-no.
In-state college teams are also excluded except if they are playing in a conference tournament or a national one (NCAA March Madness, the National Invitation Tournament).
For example, all regular-season Boston College basketball games are off limits, at least for bettors in Massachusetts. But you can bet on the team if it's playing in March Madness or its conference tournament. You also wouldn't be able to bet on a Massachusetts college football team's postseason bowl game — unless it's in the four-team College Football Playoff (but we probably don't have to worry about that).
Other exceptions include chess, cornhole, jai alai and Olympic contests in which the winner is determined by judges.
Violations of the ban on in-state collegiate teams have already occurred at all three casinos and are under review by the state's Gaming Commission Investigation and Enforcement Bureau.
But everything else is fair game, even things events that aren't games — the Academy Awards, Emmys, Grammys and your fantasy football and baseball league games.
Are winnings taxable in Massachusetts?
Gambling winnings, even as small as $5 from a scratch ticket, are considered income and are taxed by Massachusetts. Income under $1 million is taxed at a flat 5% rate, anything over that amount is taxed at 9%.
Sportsbooks and casinos are required to withhold 24% of winnings greater than $5,000. Gamblers should get a Form W-2G from the casino or sportsbook that documents their withholdings.
Caveat: Keep all the paperwork for tax time, including both winnings and losses. Both Massachusetts and the federal government tax gambling winnings.
This article originally appeared on Telegram & Gazette: Sports betting apps are set to go live in Massachusetts Friday
