The Massachusetts Gaming Commission recently released the gaming revenue figures for October, offering a comprehensive overview of the state’s financial landscape in the realm of both casino gaming and sports betting. In the latest report, the state generated a total of $155.8 million in taxable gaming revenue, with casino wagering contributing $96.6 million and sports betting adding $59.2 million to the impressive total.
Breakdown of Casino Revenue:
Encore Boston Harbor emerged as a major player, reporting $62.3 million in gross gaming revenue from table games and slots. MGM Springfield and Plainridge Park Casino also made notable contributions, with $21.5 million and $12.7 million, respectively. The cumulative taxable gaming revenue since the opening of each facility has now reached approximately $1.568 billion.
Sports Betting Success:
The Massachusetts Gaming Commission reported a robust sports betting performance, with a total of $571.7 million wagered on sports in October. Of this total, $555.7 million was wagered online, highlighting the growing trend of digital sports betting. In-person casino sports betting accounted for $16 million. October’s sports betting handle marked an 11.6% increase compared to September, showcasing the steady growth of this sector.
Taxation and Operator Categories:
Operators in Massachusetts fall into distinct categories, each subject to specific taxation rates. Category 1 Sports Wagering Operators, including EBH, MGM, and PPC, operate retail sportsbooks and are taxed at 15% of Total Sports Wagering Revenue (TSWR). Category 3 Sports Wagering Operators, such as Barstool Sportsbook, BetMGM, and others, operate online or mobile platforms and face a 20% tax rate on their TSWR.
Distribution of Tax Revenue:
The tax revenue generated from gaming activities is allocated strategically to benefit various sectors. Notably, 45% goes to the General Fund, providing support for overarching state initiatives. The Workforce Investment Trust Fund receives 17.5%, contributing to workforce development programs. The Gaming Local Aid Fund benefits from 27.5%, fostering community development. The Youth Development and Achievement Fund receives 1%, prioritizing the future generation, while the Public Health Trust Fund secures 9%, addressing health-related initiatives.
Massachusetts continues to thrive in the gaming industry, with a diverse revenue stream from both casino operations and sports betting. The October figures underscore the positive trajectory of the state’s gaming landscape, reflecting strong consumer engagement and strategic taxation policies. As the industry evolves, these insights provide a valuable perspective on the economic impact and distribution of gaming revenue in the Commonwealth.