The Massachusetts Gaming Commission (MGC) has disclosed the financial figures for June, revealing a combined taxable gaming revenue of $100.5 million from casino wagering. Additionally, the burgeoning sports wagering sector contributed an estimated $32.2 million in taxable revenue, bringing the total to $132.8 million for the month.
Casino Revenue Breakdown:
Encore Boston Harbor led the casino revenue chart with an impressive $65.4 million in gross gaming revenue from table games and slots.
MGM Springfield reported $22.2 million in casino revenue, showcasing a robust performance.
Plainridge Park Casino contributed $12.8 million to the overall casino wagering revenue, underscoring the collective strength of Massachusetts casinos.
Sports Wagering Highlights:
A total of $332 million was wagered on sports through a combination of in-person and online bets.
Online sports wagers accounted for the majority, with $323.5 million placed online and $8.5 million at physical casino locations.
June saw $32.2 million in taxable sports wagering revenue (TSWR), reflecting a 46.8% growth in gross revenue despite a 27% drop in the handle compared to May.
Tax Collection and Allocation:
The Commonwealth has collected a noteworthy $1.45 billion in taxes and assessments since the inception of each gaming venue.
Tax revenues from sports wagering are allocated across various funds:
General Fund: 45%
Workforce Investment Trust Fund: 17.5%
Gaming Local Aid Fund: 27.5%
Youth Development and Achievement Fund: 1%
Public Health Trust Fund: 9%
Operator Categorization and Taxation:
Encore Boston Harbor, MGM Springfield, and Plainridge Park Casino operate as Category 1 Sports Wagering Operators, taxed at 15% of TSWR.
Mobile/online sportsbook operators, including Barstool Sportsbook, BetMGM, DraftKings, and others, fall under Category 3 and are taxed at 20% of TSWR.
Cumulative Tax Collection from Sports Wagering:
Since the initiation of sports wagering on January 31, 2023, and online on March 10, 2023, the Commonwealth has collected approximately $40 million in total taxes and assessments from licensed operators.
Massachusetts showcases a thriving gaming and sports wagering landscape in June, with robust contributions from casinos and online betting platforms. The substantial tax collection further emphasizes the economic impact of the gaming industry on the Commonwealth’s various funds, supporting essential sectors and community development.