The Massachusetts Gaming Commission (MGC) recently unveiled the state’s impressive gaming revenue figures for December, showcasing a robust industry performance. The total taxable gaming revenue reached $163.5 million, with casino wagering contributing $103 million and sports betting adding $60.5 million to the state’s coffers.
Casino Performance:
Encore Boston Harbor led the way in gross gaming revenue, reporting an impressive $65.8 million from table games and slots. MGM Springfield followed with $23.6 million, and Plainridge Park Casino contributed $13.6 million. Since their respective openings, the Commonwealth has collected a substantial $1.62 billion in taxes and assessments from these gaming facilities.
Sports Betting Success:
Sports betting continued to play a significant role in the state’s revenue stream, with a total of $658.7 million wagered. Online platforms accounted for the majority at $643.1 million, while in-person bets at casinos totaled $15.5 million. The cumulative tax and assessments from sports wagering operations since the initiation of in-person betting on January 31, 2023, and online betting on March 10, 2023, stand at an impressive $93.87 million.
Operator Categories and Taxation:
Licensed as Category 1 Sports Wagering Operators, Encore Boston Harbor, MGM Springfield, and Plainridge Park Casino operate retail sportsbooks at their respective properties, subject to a 15% tax rate on Total Sports Wagering Revenue (TSWR). On the other hand, Category 3 Sports Wagering Operators, including Barstool Sportsbook, BetMGM, Betr, Caesars Sportsbook, DraftKings, Fanatics Betting & Gaming, FanDuel, and WynnBet, enjoy a 20% tax rate for their mobile or online sportsbook operations.
Allocation of Taxes:
The distribution of tax revenue is structured to benefit various sectors. Of the total tax collected, 45% contributes to the General Fund, ensuring broad-based support for state initiatives. The Workforce Investment Trust Fund receives 17.5%, promoting economic growth and job creation. The Gaming Local Aid Fund benefits from 27.5%, supporting local communities, while the Youth Development and Achievement Fund and the Public Health Trust Fund receive 1% and 9%, respectively, focusing on the well-being and future of the Commonwealth.
Massachusetts’ gaming industry remains a powerful economic force, with December’s figures reflecting sustained growth. The success of both casino gaming and sports betting underscores the diverse opportunities within the state’s gaming landscape. As tax revenues continue to flow, the allocated funds strategically contribute to the broader welfare, economic development, and health initiatives, fostering a balanced and thriving gaming ecosystem in the Commonwealth.