Massachusetts Reports Decline in June Betting Revenues

Overview of Massachusetts Gaming Revenue in June

The Massachusetts Gaming Commission (MGC) released its June report highlighting the state’s casino and sports betting performance. Overall, the state’s gaming sector generated $159.7 million in revenue during June, contributing $40.3 million in tax payments. Year-to-date, the industry has accumulated $306.5 million in tax revenue.

Tax Contributions from the Three Land-Based Casinos

The report indicated that Massachusetts’ three land-based casinos — Plainridge Park Casino (PPC), MGM Springfield (MGM), and Encore Boston Harbor (EBH) — collectively produced approximately $97.68 million in gross gaming revenue (GGR). This revenue was comprised of $68.4 million from slot machines and $29.25 million from table games. These casinos paid a total of $27.9 million in taxes for the month.

Encore Boston Harbor led in earnings with $60.2 million in GGR and $15 million paid in taxes. MGM Springfield followed with $14.6 million in GGR and $5.7 million in taxes. Plainridge Park Casino, which operates only slot machines, recorded $14.6 million in revenue.

Decline in Sports Betting Performance for June

Sports betting figures showed a downturn in June, marking the lowest revenue and handle recorded for the year so far. Retail sports betting across the three casinos reached a combined handle of $7.2 million, generating $605,000 in revenue, with an average hold rate of 8.36%. These operators contributed $71,000 in state taxes.

Among retail sportsbooks, Encore Boston Harbor reported the highest handle at $3.9 million but had the lowest revenue hold rate of 4.67%, resulting in $181,000 in revenue. MGM and PPC reported handles of $1 million and $2.3 million respectively. MGM achieved the highest revenue hold percentage at 16.81%, keeping $174,000 in revenue, while PPC led in revenue amount with $249,000 and a hold rate of 10.74%.

Mixed Results in Online Sports Betting

Online sportsbooks in Massachusetts combined to settle $525.5 million in wagers for June, retaining $62.9 million in revenue. This translated to an average hold percentage of 11.96%. DraftKings and FanDuel stood out as the main contributors, with DraftKings handling $266.1 million and generating $32 million in revenue. FanDuel followed with $138.9 million in handle and $17.8 million in revenue. Both showed similar hold percentages of approximately 12%.

Fanatics occupied a middle position in handle but boasted one of the highest hold percentages at 12.44%, resulting in $4.7 million in revenue. Bally Bet experienced the lowest hold rate at 5.96%, bringing in $237,000 in revenue. Other online operators, including BetMGM, Caesars, and ESPN, posted revenues of $5.3 million, $1.3 million, and $1.5 million, respectively.

In total, online sportsbooks contributed $12.3 million in taxes to the state during June.