Massachusetts Casinos, Sports Gambling Revenue Down In May

The Massachusetts Gaming Commission (MGC) issued its latest monthly report, which shows a slight revenue decrease in May.

Throughout the month, Massachusetts casinos and sportsbook operators generated $159.9 million in gross gaming revenue (GGR). The figure is a slight decline compared to the $160 million generated in April.

Three retail casinos – Plainridge Park Casino, MGM Springfield (MGM) and Encore Boston Harbor – generated nearly $99 million in GGR.

Likewise, eight Massachusetts online gambling operators and three in-person casinos generated $60.97 million in taxable sports betting revenue (TSWR).

As a result, the state gathered $27.7 million in taxes from casino betting and $238,230 from retail casinos.

Massachusetts casino revenue numbers in May

As mentioned, three Massachusetts casinos combined to generate $99 million in GGR in May. The number is a 1% monthly decrease compared to the $101 million generated in April.

As usual, Encore Boston Harbor represented most of that revenue. Here’s a bigger scope:

1. Encore Boston Harbor: $1.38 million in GGR (20.56%-win rate) from $6.71 million handle
2. MGM Springfield: $23,538 loss on a $1.94 million betting handle (1.22% negative hold)
3. Plainridge Park: $233,021 in revenue (8.44%-win rate) of nearly $2.76 million in total bets

For the second month in a row, MGM paid out more in winning bets than it received in total bets. Meanwhile, Encore and Plainridge showed a month-over-month increase.

Betr and Fanatics join Massachusetts sports betting market

DraftKings continues to be a leader in Massachusetts sports betting. The operator accounted for nearly half of the $62.07 million in gross gaming revenue during May. The sportsbooks in the state kept a 13.6% hold from a $454.97 million betting handle:

1. DraftKings: $30.63 million in GGR, 3.9% hold on a $221.10 million betting handle
2. FanDuel: $19.71 million in GGR, 14.8% hold on a $135.33 million handle
3. BetMGM: $5.48 million in GGR, 15.7% hold on a $34.95 million betting handle
4. Barstool: $1.83 million in GGR, 11.4% hold on over $16 million handle
5. Caesars: $1.34 million in revenue, 7.3% hold on over $19 million handle
6. WynnBet: nearly $1.05 million in GGR, 6.4% hold on $16.41 million handle

Betr and Fanatics both went live in Massachusetts in May. Betr, known as a micro-betting platform, launched on May 10. As a newbie, the operator had a betting handle of almost $593,000, with a 7.9% hold, receiving just over $47,100 in GGR.

Fanatics went live on May 25. It generated $123,108 in bets, posting a 34% hold in generating close to $42,000 in gross revenue.

All eight sportsbooks belong to Category 3 licensees and are taxed on 20% of TWSR.

Massachusetts operators collected $33.57 million since the first bets placed

According to the MGC’s May 2023 report, Massachusetts has collected approximately $33.57 million in total taxes and assessments from sports betting operations. In-person sports betting in the state launched on Jan. 31, while online sportsbooks went live on Mar. 10.

Of the total taxed amount for all Massachusetts operators, the taxes are allocated to the following specific state funds, as follows:

• The General Fund: 45%
• The Workforce Investment Trust Fund: 17.5%
• The Gaming Local Aid Fund: 27.5%
• The Youth Development and Achievement Fund: 1%
• The Public Health Trust Fund: 9%