The Massachusetts Gaming Commission recently released its 2023 Annual Report, updating the state of affairs within the Commonwealth. The report covers Fiscal Year 2023, (spanning from July 1, 2022, to June 30, 2023).
Let’s take a closer look at the report and see what the future holds for top-rated sportsbooks in the region.
Jackpot Numbers
One of the things that stands out the most from the report is the gaming tax revenue generated last year. It approached $375 million.
Here are some other highlights from the report, which includes Massachusetts casinos, racinos and sportsbooks:
- $1.2 billion in gross gaming revenue (GGR)
- $330.7 million in gaming tax revenue
- $228.7 million in adjusted gross revenue (AGR) from sports betting
- $44.1 million in sports wagering tax revenue
These gaming activities (combined) generated over $1.42 billion in revenue and $374.8 million in state tax revenue. On top of that, over 108 days of live racing, $252 million was bet on horse racing, contributing nearly $19 million to the Race Horse Development Fund.
Responsible Gaming Practices Improve in Massachusetts
In response to the growing enthusiasm for gambling, Massachusetts has redoubled its commitment to fostering responsible gaming practices. Throughout FY 2023, heightened engagement in state-endorsed programs like the Voluntary Self-Exclusion (VSE) program and PlayMyWay demonstrates this dedication.
PlayMyWay, an innovative system designed to help gamblers set budgetary limits, track their gaming habits and receive timely alerts on their betting behavior, witnessed a significant uptick in user registration. The program saw nearly 43,000 sign-ups, a substantial 37.3% increase compared to the previous fiscal year.
In a similar vein, the Gaming VSE program welcomed 1,430 new enrollees, marking a 24.3% rise from the prior year. Meanwhile, the recently launched Sports Wagering VSE program garnered interest from 130 individuals, indicating a promising start for this initiative.
Preview of Massachusetts’ Online Gambling in FY 2024
The fiscal year 2024 is poised to be a landmark year for online gambling in Massachusetts, building upon the foundation laid in the previous year.
Sports betting made it into the report for the first time in 2023 after launching in the second half of the fiscal year. Retail sports betting started on January 31, 2023, with online betting platforms joining the fray shortly after, on March 10. The fiscal report for 2023 only captured several months of preliminary data, setting the stage for a full year’s analysis to come.
As we look ahead, the comprehensive report for FY 2024 is expected to encapsulate a full 12 months of sports betting revenue. The state’s anticipation is palpable, with projections set high; any figure falling short of $100 million in tax revenue from sports wagering would be considered a shortfall.
In contrast, the horse racing sector will have to overcome some challenges in the upcoming fiscal year. Despite a 4.6% decrease in wagers, amounting to $264 million over 110 race days as reported in 2023, there remains a silver lining. Contributions to the Race Horse Development Fund still grew by $1 million (5.7%) year-over-year, signaling potential for recovery and growth.
So, it looks like the strong start will give way to an even stronger fiscal year in 2024 in Massachusetts. Stay tuned.
Calculators
