Some recent numbers from the Massachusetts Gaming Commission indicate that sports betting in the state has been a success thus far. Massachusetts sports betting officially launched on March 10th, 2023, just a few months after the rollout of retail sports betting on January 31st, 2023.
Between mobile sports betting, retail sports betting, and in-person casino gaming, the Bay State saw some big numbers in terms of gross gaming revenue and taxable revenue.
Massachusetts Sports Betting Sees $47.06 Million In March Taxable Sports Betting Revenue
According to a recently released report from the Massachusetts Gaming Commission, sports wagering is off to an excellent start, with $47.06 million in taxable revenue.
This is especially good news when you consider that the state’s sports betting industry wasn’t even available fo the entire month, having rolled out on March 10th. This revenue came courtesy of the six different online sports betting license holders in the state: FanDuel Sportsbook, BetMGM Sportsbook, DraftKings Sportsbook, Caesars Sportsbook, WynnBET Sportsbook, and Barstool Sportsbook.
Different sports betting operators in the state see different tax rates based on their category. Each of the aforementioned mobile sportsbooks are under category 3 licenses, which means their taxable sports wagering revenue is taxed at a 20% rate.
For tax revenue from Massachusetts sports betting operators, 45% goes to the General Fund, 27.5% to the Gaming Local Aid Fund, 17.5% to the Workforce Investment Trust Fund, 9% to the Public Health Trust Fund, and 1% to the Youth Development and Achievement Fund.
— MGM Springfield (@MGMSpringfield) January 25, 2023
Bay State Casinos Bring In Big Revenue
The state’s three major casinos also recorded a successful March. Encore Boston Harbor, MGM Springfield, and Plainridge Park Casino combined for $105 million in gross gaming revenue throughout the month.
All three casinos currently have physical sportsbooks available, with a BetMGM Sportsbook at MGM Springfield, a WynnBET Sportsbook at Encore Boston Harbor, and a Barstool Sportsbook at Plainridge Park Casino. The three casinos have amassed $1.374 billion in taxes and assessments since they began operating.
Encore Boston Harbor and MGM Springfield are both category 1 resort casinos, with a 25% tax rate on gross gaming revenue. Plainridge Park Casino is taxed at a 49% rate on gross gaming revenue, as it is listed as a category 2 slots facility. While 18% of these funds are directed toward the Race Horse Development Fund, 82% is given to Local Aid.
— Encore Boston Harbor (@EncoreResortBH) April 10, 2023
April Should See Continued Success
Don’t be surprised to see the numbers continue to grow in April of 2023, the first full month of legal online sports betting in the state of Massachusetts. The NBA Playoffs have started out, and the Boston Celtics are in the middle of a Round 1 series against the Atlanta Hawks, with the team being one of the favorites to win the league.
Same goes for the Boston Bruins, who have broken the wins and points records this season and are off to a big start in their Round 1 showdown with the Florida Panthers. Add in almost daily Boston Red Sox games, and Massachusetts sports betting operators should see sustained growth throughout the month of April.