The Bay State recently launched mobile sports betting and the expectations for the relatively small land are lofty indeed. A study shows that Massachusetts sports betting will see over $5.3 billion wagered in 2023.
Sports Betting Big Business in Mass
A study by BetMassachusetts.com reports that over 2 million Massachusetts residents will bet over $5.3 billion on sports this year. The group said that their study in January, before mobile sports betting launched on March 10th, showed 41 percent of Bay State residents are “likely” or “very likely” to bet on sports and that 37 percent would likely bet at least on a weekly basis.
The following six online sportsbooks are currently operating in Massachusetts:
- Caesars Sportsbook
- BetMGM Sportsbook
- WynnBET
- Barstool Sportsbook
- FanDuel
- DraftKings
Prior to the launch, retail betting was only available at the state’s three casinos:
- Encore Boston Harbor
- MGM Springfield
- Plainridge Park Casino
Because mobile betting launched a little more than a week ago, there is no data available as to how much has been wagered. However, GeoComply reported over 8.1 million geolocation transactions were registered last weekend amongst 406,000 accounts that had been created.
Massachusetts Among the Best
The 8.1 million transactions for Bay State bettors made them the fifth largest state in that category, trailing only New York, New Jersey, Ohio, and Pennsylvania. That is an impressive way to start and as the market becomes saturated and more mature, the handle will increase as well.
“We are privileged to be licensed in Massachusetts and support operators and the [Massachusetts Gaming Commission] as it builds a regulated online sports betting market with responsible gambling hard-boiled into its regulations,” GeoComply SVP of Compliance Lindsay
Slader said in a press release. “Massachusetts citizens will benefit from legal online sportsbooks dedicated to greater protection and an increased budget for responsible gambling programs.”
The House Always Wins
Massachusetts reaps a 15 percent tax on in-person wagering and a 20 percent tax on online sports betting. This is expected to bolster the state’s tax coffers to the tune of $60 million annually and another $70 million in initial licensing fees that must be re-upped every five years according to the sports betting bill that was signed by then-Governor Charlie Baker in August of last year.
After signing the bill, Baker said in a statement, “Our administration first filed legislation to legalize sports wagering in the Commonwealth several years ago, and I am glad to be able to sign this bill into law today. We appreciate the dedication and compromise that the Legislature demonstrated on this issue, and we look forward to supporting the work of the Massachusetts Gaming Commission on the responsible implementation of the law over the next several months.”
Small Businesses Can Join the Party
Massachusetts State Senator John Velis believes sports betting will also be a boon to small businesses as well as the large online platform providers.
“I’m hoping that anyone who wants to participate in this, right? A restaurant, a bar, etc. a convenience store, if it can be done from a regulatory standpoint. I think that’s a good thing because it will allow that revenue to grow and we can always can never forget our small businesses, right? Small businesses are the backbone of our economy,” Velis said.
Calculators
