Massachusetts Gaming Revenue Declines in June 2023, Online Sports Betting Drops
The Massachusetts Gaming Commission has released its revenue report for June 2023, revealing a total of $132.8 million in taxable gaming revenue, a 20% decrease from the previous month’s $159.6 million.
$32.05 million in taxable revenue
Online sports wagering in Massachusetts generated $32.05 million in taxable revenue in June, a decrease from May’s $59.4 million. However, it’s worth noting that the market is still new, having been introduced in March, so fluctuations are expected.
While online sports betting experienced a drop, casino table games and slots gross gaming revenue (GGR) demonstrated a yearly increase to $100.6 million, marking an 8% growth compared to June 2022.
Among the state’s casinos, Encore Boston Harbor remains the largest contributor, reporting $65.4 million in slots and table GGR, a 9% rise from June 2022. Table games accounted for $30.6 million in revenue, while slots generated $34.7 million. The state collected $16.3 million in taxes from Encore Boston Harbor’s GGR.
However, despite the growth in table and slot games, Encore Boston Harbor’s sports wagering revenue experienced a significant decline, dropping to $80,592 from $1.3 million, representing a 94% collapse.
Massachusetts’ monthly revenue from retail sports betting has varied significantly since its January launch. Taxable revenue for March was $1.4 million, while April generated $364,481 and May reached $1.5 million.
The data shows that sports betting in Massachusetts is still in its early stages, and its performance has not yet stabilized in the state known for its passion for sports. The fluctuations in revenue may come as a surprise to some, as sports betting was expected to provide a consistent source of tax revenue. However, it is clear that the market is still maturing, as reflected in the financial reports.