The Massachusetts Gaming Commission has unveiled the gaming revenue figures for July 2024, revealing a robust performance across the state’s casino and sports wagering sectors. The report indicates that the three major casinos—Plainridge Park Casino (PPC), MGM Springfield (MGM), and Encore Boston Harbor (EBH)—collectively generated approximately $99.47 million in Gross Gaming Revenue (GGR).
The Commission’s latest revenue report highlighted the debut of Bally Bet, noting that it launched on July 2 as the state’s seventh online sportsbook.
Casino revenue breakdown:
Among the facilities, Plainridge Park Casino, categorized as a tier 2 slots facility, contributes significantly through a 49% tax on its GGR. Of this, 82% is channeled to Local Aid while the remaining 18% benefits the Race Horse Development Fund. On the other hand, MGM Springfield and Encore Boston Harbor, both categorized as category 1 resort-casinos, are taxed at a 25% rate. The funds from these taxes are allocated to various specific state funds as stipulated by the gaming statutes.
Since the inception of these gaming operations, the Commonwealth has amassed approximately $1.820 billion in total taxes and assessments from the casino ventures of PPC, MGM, and EBH.
The sports wagering scene also showed impressive figures, with approximately $41.21 million in taxable sports wagering revenue (TSWR) generated in July. This revenue came from both the eight mobile/online sports wagering licensees and the three in-person licensees.
Encore Boston Harbor, MGM Springfield, and Plainridge Park Casino are licensed as Category 1 Sports Wagering Operators and are subjected to a 15% tax on TSWR. Additionally, operators such as Bally Bet, BetMGM, and others, categorized under Category 3 for mobile or online sportsbooks, are taxed at a higher rate of 20%.
According to the Commission’s press release, the distribution of the taxed amount is structured such that 45% is allocated to the General Fund, 17.5% to the Workforce Investment Trust Fund, 27.5% to the Gaming Local Aid Fund, 1% to the Youth Development and Achievement Fund, and the remaining 9% to the Public Health Trust Fund. To date, sports wagering has contributed approximately $166.61 million in total taxes and assessments since its official start in early 2023.
New entrants and market dynamics:
The landscape of sports wagering in Massachusetts welcomed a new player in July, with Bally Bet launching as the state’s seventh online sportsbook. In its debut month, Bally Bet processed over $2.4 million in wagers, generating $121,300 in revenue. This performance, although placing it in seventh position among its peers, signifies a promising start.
As SBC Americas reports, Robeson Reeves, CEO of Bally’s Corporation, recently expressed on the company’s Q2 2024 earnings call that Bally Bet is poised to continue its expansion, with plans to launch in four additional U.S. states by the end of the year, specifically naming Illinois and Tennessee. This ambitious expansion underscores Bally Bet’s intent to broaden its footprint significantly in the competitive sports betting sector.
In a reflection of its growing market influence, Bally’s Interactive reported a striking increase in its Q2 North America revenue, which soared to $49.2 million for April to June 2024. This figure represents a 94% increase from the Q2 2023 revenue of $25.3 million, illustrating robust growth and the effective scaling of Bally’s operations in the sports betting domain.
The total online sports betting handle and taxable revenue for Massachusetts saw a year-over-year surge of nearly 44%, totaling $405.2 million and $40.6 million, respectively. DraftKings continues to lead the market, maintaining its position as the frontrunner by managing over $200 million in bets for the 11th consecutive month.
