Massachusetts sportsbook operations generate record $658.6M in December 2023

Massachusetts sportsbook operations generate record $658.6M in December 2023

Amid the ongoing winter chill, the sports betting arena of Massachusetts blazes with unprecedented success. Marking a historic surge, the Bay State’s sportsbooks reported an all-time high handle of nearly $66 million in December 2023. According to newly announced stats, the Bay State’s sportsbook operations generated $658.6 million last month, a remarkable achievement that came on the heels of the March 2023 launch of online sports betting and the commencement of brick-&-mortar sportsbook operations in January.

Contributing significantly to the aforementioned monumental success was the sportsbook at Encore Boston Harbor, acting as a catalyst for the record-shattering sports betting handle. Even the New England Patriots’ less-than-stellar 4-13 record failed to limit the market's momentum. In the month of December alone, operators raked in nearly $60.5 million in taxable sports wagering revenue from the aforementioned handle, with the state pocketing $12 million in the form of tax from sports betting operations.

Since the beginning of legal sports wagering in the state, the collective handle from online and retail sportsbooks stands at slightly lower than $4.9 billion. Taxable sports betting revenue has touched the mark of $471.1 million, with operators contributing roughly $93.8 million to the state's coffers.

Adding to the financial achievement, the state’s casinos concluded last year on a high note. The trio of brick-&-mortar establishments, such as Encore Boston Harbor, Plainridge Park Casino, and MGM Springfield Casino, combined to secure nearly $103 million in wins from bettors. It marks the year’s second-highest monthly revenue. Last month, the three casinos also generated more than $29 million in tax revenue for the Commonwealth.

The increase in gaming revenues has become instrumental in closing budget gaps for Massachusetts Gov. Healey, previously a casino opponent. Since the commencement of casino-style gaming in 2015, the state has amassed $1.623 billion in taxes and assessments from casino operations. In the fiscal year of 2023 alone, total gaming revenues reached approx. $330.7 million, significantly up from $310 million in FY 2002. With the addition of $93.8 million in the year since the beginning of legal sports betting, the state’s financial outlook appears to be quite optimistic.

Massachusetts’ flourishing landscape of sports betting and casino operations not only marks a historic achievement but also emerges as a crucial financial pillar for the state’s economy, effectively filling budgetary gaps and elevating the state’s revenue profile. In short, as the industry continues to thrive, the Bay State positions itself as a frontrunner in the evolving landscape of legal sports betting and casino entertainment.

Technology Update: