Posted on: January 18, 2024, 10:50h.
Last updated on: January 18, 2024, 10:50h.
The Massachusetts sports betting market continues to gain momentum despite the winter season. In December, the Bay State’s sportsbooks saw their highest handle ever, reaching $658.6 million in wagers through both online and retail operators. This monumental achievement comes after the launch of online sports betting in March 2023 and the opening of brick-and-mortar sportsbooks in January of the same year.
Not even the disappointing 4-13 Patriots record could slow the momentum. Operators generated $60.5 million in taxable sports wagering revenue out of the December handle. The state received $12 million in sports betting tax payments.
Since the launch of legal sports wagering, Massachusetts online and retail sportsbooks handled just under $4.9 billion in bets. Taxable sports betting revenue totaled $471.1 million, and operators paid about $93.8 million to the state.
Casinos Finish 2023 with Second-Highest Revenue Total
Massachusetts casinos closed out 2023 with a strong showing, accumulating $103 million in wins. The state’s three brick-and-mortar casinos, including Encore Boston Harbor, MGM Springfield, and Plainridge Park Casino, combined for the second-highest monthly revenue total of 2023.
The three locations generated more than $29 million in tax revenue for the Commonwealth in December.
The momentum of casinos and sportsbooks has attracted attention from legislators on Beacon Hill and from the governor.
Gaming Revenue Helps Fill Budget Gap
The expansion of gambling in Massachusetts has opened up a new revenue stream for Governor Maura Healey. Since casino-style gaming began in Massachusetts in 2015, the state has brought in $1.623 billion in taxes and assessments from casino operations. In FY 2023, total gaming revenues were about $330.7 million. That’s up from about $310 million in FY 2002 and $233.1 million in FY 2021 according to the state. The Healey administration says it expected net profit from the lottery of around $1.2 billion, and has since added another $75 million to the expectation.