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Revenue From Gaming In Massachusetts

Quick Intro

In November, Massachusetts witnessed a dip in its casino revenue, totaling $142.98 million. This marks an 8.26% fall from October’s $155.8 million revenue. Breaking it down, $48.95 million originated from both retail and online sports betting, showing a 17.29% decline from the previous month. Meanwhile, the state’s three casinos contributed slightly over $94.03 million, a 2.73% drop compared to October. Consequently, the state amassed $36.06 million in tax revenues, with $26.2 million coming from the casinos.

Encore Boston Harbor Leads in November Revenue

In November, the total gross gaming revenue (GGR) from casino gaming, encompassing both table games and slots, was $94.03 million. This breaks down into $32.08 million from table games and $61.95 million from slots. This total represents a 2.73% decrease from October’s $96.67 million, making it the second-lowest monthly total in 2023, after September.

Encore Boston Harbor emerged as the top earner, contributing 65.33% of the total revenue. Its breakdown is as follows:

  • Encore Boston Harbor: $61.43 million ($27.86 million from table games, $33.57 million from slots)
  • MGM Springfield: $21.00 million ($4.22 million from tables, $16.78 million from slots)
  • Plainridge Park Casino: $11.60 million (exclusively from slots)

The tax contributions from these casinos were significant, with Encore Boston Harbor and MGM Springfield, both taxed at 25%, paying $15.38 million and $5.25 million, respectively.
Plainridge Park Casino, taxed at 49%, contributed $5.68 million.

Online Sports Betting Revenue in MA for November

In the realm of sports betting, Massachusetts’ sportsbooks accumulated $48.95 million in total GGR from both retail and online platforms. Online sportsbooks alone generated $48,576,131.14, down 16.53% from October. DraftKings led the pack with 54.37% of the revenue. Here’s how other operators fared:

  • DraftKings: $26,412,341.18
  • FanDuel: $12,121,983.98
  • Penn Sports Interactive: $5,709,434.17
  • BetMGM: $2,994,989.95
  • Fanatics: $690,298.46
  • Caesars Sportsbook: $335,536.90
  • WynnBet: $287,648.78
  • Betr: $23,897.72

This activity resulted in $9.8 million in state taxes.

Conversely, the state’s three retail sportsbooks experienced a 62.20% decline from October, garnering $370,189.5 in revenue for November. Encore Boston Harbor stood out in this category as well, with $288,640 in revenue.

Impact of Sports Betting on Massachusetts Revenue

Massachusetts’ recent inclusion of sports betting has significantly influenced its gaming revenue landscape. In November, sports betting, particularly through online platforms, contributed a substantial portion to the state’s gaming revenue. This diversification in gaming options, encompassing both traditional casino games and sports betting, illustrates the evolving nature of the state’s gaming industry and its adaptation to current market trends and player preferences.

Final Thoughts

The Massachusetts gaming industry, despite a slight dip in casino revenues in November, showcased resilience and adaptability. The substantial contribution from sports betting highlights the sector’s growth potential and diversification. As the state continues to balance traditional casino gaming with emerging online betting platforms, it remains a key player in the evolving landscape of the gaming industry.

Sources: https://massgaming.com/wp-content/uploads/MGC-November-2023-Revenue-Report.pdf

 

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