Summary:
- Casinos generated $100.55 million in GGR.
- Sports betting brought in over $55 million.
- Land-based gaming produces the bulk of the industry earnings.
The Massachusetts Gaming Commission recently revealed the February revenue reports of sports betting and casino services in the state. For the month, both sectors generated over $156 million in revenues.
The three land-based casinos produced the bulk of earnings, with $100.55 million, which was close to 65% of the overall gambling industry totals.
Land-Based Casinos Reign Supreme
The three land-based casinos in Massachusetts are performing well, offering players essential real money slots and table game services. Plainride Park Casino, Encore Boston Harbor and MGM Springfield produced over $100 million in earnings for February, which equaled to over $10 million in state taxes.
Encore Boston Harbor was the big winner, with over $64 million in table and slot game gross revenues. Slots games brought in $34.8 million, and table games generated $29.5 million. MGM Springfield came in next with $18.3 million in slot earnings and $4.6 million in table games. The total for the brand was just over $13.1 million. Plainridge Park only offers slot games, which came in at over $13 million.
Encore Boston Harbor paid $16.1 million in taxes while MGM Springfield paid significantly less at $5.7 million. Both casinos are taxed at 25%. Plainridge Park paid $6.4 million as the brand is taxed much higher at 49%.
Each casino is doing well for 2024, with a steady influx of visitors. More earnings would be possible if lawmakers allowed for iGaming, but legislative efforts have stalled. For now, players will have to settle for land-based casino gaming only.
Sports Betting Details
The sports betting industry contributed just over $55 million to the $156 million total. The state offers retail and online betting options, so players can access bet options in person and online via apps and websites.
Over $12.2 million in wagers were placed for retail betting in February. The hold was 6.17%, and taxable revenues came in at $723,224.79 after wins were paid. Retail providers paid over $108,000 in taxes.
The online sector in Massachusetts is much larger, with over $530 million in bets placed. The revenue hold was just over 10%, with more than $52.5 million in total revenue earnings. The online sector paid just over $10.5 million in taxes.
The retail section is taxed at 15%, while the online services are taxed a bit higher at 20%. Revenue levels are expected to remain higher over the next few months in the state, before the summer season begins. We shall see with the next revenue reports if the casinos and sportsbooks can maintain their momentum.
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