The Massachusetts Gaming Commission (MGC) is very happy with the numbers of the Massachusetts sports betting market. Sports betting in the state is very new, having only going live in early 2023. Both retail and online sports betting are legal in the state. Even with retail gambling being popular, the use of gambling software still remains to be the more popular option. We will look into the details of the local sports betting market in our latest report.
The state regulator looks back at the first full year of operations of sports betting in the state. More importantly, they are looking at the benefits that the state is enjoying from tax revenue set on wagering.
According to the MGC, sports betting in the state has significant economic impact. They measure the impact not just in tax revenue but also in other ways, such as the boost in employment, for one.
Massachusetts Sports Betting: Looking Back at 2023
Sports betting in the state opened back in January 31, 2023 for retail sportsbooks. On March 10, 2023, online sportsbooks started to go live. Today, there are seven online sportsbooks. Given how popular online sports betting is, it won’t be surprising to see that more sports betting software products will go live. Not just in the state, but across the country as well.
According to the report of the MGC, the Gross Gaming Revenue (GGR) of the state for 2023 is at $594.9 million. This gives the state $118.5 million in total tax revenue. Sports betting in the state is popular enough that during the Super Bowl, the state collected $1.8 million in tax collection. 3.3 million wagers were placed in the state for a single game, which generated around $9 million in GGR.
Continuous Growth of Online Wagering in the State
If you use a sportsbook pay per head software to manage your sportsbook, you can also use the metrics of your operations to find out where your business is heading. For Massachusetts, online wagering is their main source of handle and revenue. In last year’s numbers, 98% of revenue came from online betting activity. This signifies that this is an industry that will remain to be lucrative.
The state is expecting to see even better numbers this year. Especially for NFL betting. This is because the MGC approved a new change in sports betting. Operators have requested, and were granted, the right to add new prop bets to their portfolio. This means more betting options for players, and a higher chance for sportsbooks to earn more.
This June, for instance the total handle is at $509.35 million, with taxable revenue of $40.46 million. This is a massive increase from June 2023’s $342.83 million in handle, and $31.2 million revenue.
Join the Highly Lucrative Sports Betting Industry. Become a Bookie with Easy Pay Per Head Today!
