The Massachusetts Gaming Commission has released its latest financial figures, highlighting robust results in both the casino and sports betting sectors. For April, the state reported a combined taxable gaming revenue of $101 million from casino wagering, while sports betting continued to gain momentum with $579.2 million in total wagers.
Casino Revenues:
Encore Boston Harbor led the way with gross gaming revenue from table games and slots amounting to $63.9 million.
MGM Springfield reported $23.7 million in gaming revenue.
Plainridge Park Casino contributed $13.4 million to the state’s casino revenue.
Sports Betting Gains:
In April, Massachusetts residents and visitors placed wagers totaling $579.2 million on sports, encompassing both in-person and online sports bets.
The bulk of these wagers, $566.2 million, occurred online, while $13 million was wagered at physical casino locations.
The month yielded approximately $58.9 million in taxable sports wagering revenue (TSWR) from a combination of six mobile/online sports wagering licensees and three in-person licensees.
Tax Contributions:
The three casinos in Massachusetts contributed a total of $28.5 million in tax revenue for the state.
Different tax rates apply to various types of gaming operators: PPC, a category 2 slots facility, is taxed at 49% of GGR. MGM Springfield and Encore Boston Harbor, both category 1 resort casinos, are taxed at 25%.
All three casinos have also been licensed as Category 1 Sports Wagering Operators, subject to a 15% tax on gross sports wagering revenue (GSWR).
Leading sports betting operators in the state, including Barstool Sportsbook, BetMGM, Caesars Sportsbook, DraftKings, FanDuel, and WynnBet, fall under the Category 3 classification and are taxed at 20% of TWSR.
Allocation of Taxed Amount:
The revenue generated from these taxes is allocated as follows:
45% to the General Fund
17.5% to the Workforce Investment Trust Fund
27.5% to the Gaming Local Aid Fund
1% to the Youth Development and Achievement Fund
9% to the Public Health Trust Fund
The financial figures from Massachusetts for April reveal a thriving gaming industry, with casinos and sports betting making significant contributions to the state’s revenue. These results not only reflect strong growth but also highlight the economic impact of the gambling sector. As the state continues to invest in this lucrative industry, it is expected to further bolster its financial stability and local initiatives through various tax allocations.