In September 2024, Massachusetts skilled an unprecedented surge in gaming and sports activities betting income, setting new data for each sectors. In keeping with the Massachusetts Gaming Fee (MGC) September 2024 Income Report [pdf], the state’s three licensed casinos—Plainridge Park On line casino (PPC), MGM Springfield, and Encore Boston Harbor (EBH)—generated roughly $92.06 million in gross gaming income (GGR). As well as, taxable sports activities wagering income (TSWR) throughout retail and on-line platforms amounted to $73.49 million, additional solidifying the state’s place as a frontrunner within the gaming trade.
The state’s on line casino operations continued to ship sturdy outcomes, contributing considerably to the native economic system, in keeping with the report (pdf) launched by the Massachusetts Gaming Fee. Plainridge Park On line casino, a Class 2 licensee specializing in slot machines, was a key participant on this development. PPC is topic to a 49% GGR tax, of which 82% is directed to native assist packages and 18% helps the Race Horse Improvement Fund. In the meantime, the resort-style Class 1 casinos, MGM Springfield and Encore Boston Harbor, pay 25% of their GGR in taxes, with funds allotted to varied state initiatives. The September outcomes pushed the entire tax and evaluation assortment from on line casino operations to just about $1.875 billion, showcasing the financial significance of this trade.
Sports activities Betting Hits New Highs
The sports activities betting market in Massachusetts additionally reached new heights in September 2024. Whole TSWR from the state’s retail and on-line sports activities betting platforms reached $73.49 million, with vital contributions from on-line operators akin to DraftKings, FanDuel, BetMGM, and others. These operators are taxed at totally different charges, with Class 1 operators (EBH, MGM, and PPC) paying 15%, whereas Class 3 cell operators face a 20% tax.
Because the state’s sports activities betting market launched, it has collected a complete of $187.88 million in taxes, offering a considerable enhance to public funds. Regardless of some operators like Betr and WynnBet selecting to not renew their licenses after 2024, the aggressive panorama stays sturdy. DraftKings continues to dominate the market, reflecting the general success of Massachusetts’ regulated sports activities wagering sector.
The tax income from each gaming and sports activities betting is funneled into numerous state packages geared toward benefiting the neighborhood. Of the entire tax collected, 45% goes to the Common Fund, 17.5% is directed to the Workforce Funding Belief Fund, and 27.5% helps the Gaming Native Support Fund. Smaller parts are allotted to the Youth Improvement and Achievement Fund (1%) and the Public Well being Belief Fund (9%), making certain that these industries have a constructive and far-reaching influence throughout Massachusetts.
Massachusetts’ gaming and sports activities betting industries are positioned for continued development, pushed by sturdy operator efficiency and a well-regulated market. With on line casino gaming nearing $1.9 billion in tax contributions and sports activities wagering income exceeding $187 million, the state has solidified itself as a key participant within the nationwide gaming panorama. As Massachusetts strikes ahead, the main target will stay on maximizing the social and financial advantages derived from these thriving sectors.
