Everything you need to know about Massachusetts' new sports betting law

Massachusetts governor signed a bill to legalize sports betting Wednesday. The new law makes Massachusetts the 36th state in the U.S. to allow sports gambling. It differs from neighboring states in several ways.

Massachusetts has just passed a new law allowing people to bet on sports. Professional and collegiate sports are fair game, but high school and youth sports remain prohibited. The law allows the state's casinos to apply for a license to host in-person sports betting. Raynham Park and Suffolk Downs will open on-site sports books. Up to seven other companies will be able to launch mobile sports gambling apps. Massachusetts Gaming Commission will conduct a study on the feasibility of allowing retail locations to operate sports betting kiosks. The commission will report back to the Legislature with recommendations by the end of the year.

Massachusetts has a new law that divides the state's wagering tax revenues into several different funds. 45% of the money will go to the General Fund, 27.5% to a Gaming Local Aid Fund and 17. 5% will be spent on a Workforce Investment Trust Fund. 9% goes to Public Health Trust, 1% is for Youth Development and Achievement Fund to provide financial aid to local college students and after-school programs.

45% of the money will go to the General Fund. 27.5% will be distributed to cities and towns. 17. 5% to go into the Workforce Investment Trust Fund and 9% into Public Health Trust. 1% goes to a new Youth Development and Achievement Fund to provide financial aid to local college students.

Everything you need to know about Massachusetts' new sports betting law.