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Kentucky Launches Regulated Sports Betting Market with a Bang
Sports Betting One Step Closer To Legalization In Montana
March 21, 2019 Aleksandra Zolotic
Land-based, web-based and mobile sports wagering stand good chances of being legalized in another US state, as lawmakers in Montana are considering a new bill to regulate it. Montana Sports Betting Act, also known as SB330, should be soon placed before…
… the Senate’s Business, Labour and Economic Affairs Committee.
Setting Measures For Responsible Gambling
This definitely seems to be one of the hot topics in the US as markets all across the nation are putting a special emphasis on regulating this segment. One of the Montana bills would regulate responsible advertising of betting-related content and products across all media. This also includes…
…the development and deployment of responsible gambling resources for consumers, as well as mandatory monitoring and reporting of suspicious betting activity.
Besides this important aspect, the bill itself should set out provisions for operators to offer an interactive sports wagering platform via PC or mobile device, for individuals in a licensed facility.
Regulation And Costs
Beginning with the license, which is the cornerstone for all operators, the initial cost would be $1000 (£754/€880). The annual renewal fee should cost another $1000, due to…
…license expiration on June 30th of every year.
All licensed operators will have to pay a tax rate of 8.5% on their adjusted gross betting revenue.
The permit would allow operators to work with a third-party provider in order to run a sports betting platform in the state. Furthermore, partnerships of that sort would be covered by an associated gambling business license. This would permit the leasing of sports betting equipment, systems and any other requirements needed for sports wagering.
In addition to this, for the privilege of conducting sports betting activities within the premises of a licensed gambling operator, each of the sportsbook operators would have to pay the venue 5% of net sportsbook income derived from the premises. Moreover, there will be an annual fee of $100 for sportsbook operators…
…for each kiosk location with a gambling operator.
States Waiting In Line For The Approval
As a reminder, Montana is not the only state weighing up the approval of sports betting regulation right now. One of the neighboring eastern states, North Dakota, was pushing forward with permitting in-person sports wagering.
Another state eager to go down this route, South Dakota, was also pushing amendments to make sports betting become legal. However, instead of becoming regulated as was expected…
…this state’s bill was rejected, although another attempt at legalization of sports betting will soon take place there.
Source:
“Montana mulls legal sports wagering in new bill”, igamingbusiness.com, March 19, 2019.
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I hope this legalization will take place soon because that way the state will have a clear insight into sports betting and its overall influence.