Massachusetts Gaming Commission Announces Revenue Figures for April 2023
LISTEN TO THIS ARTICLE:The Massachusetts Gaming Commission has released the revenue figures for the month of April 2023, highlighting the success of the state's casino and sports wagering operations.
According to the report, Plainridge Park Casino (PPC), MGM Springfield (MGM), and Encore Boston Harbor (EBH) collectively generated around $101 million in Gross Gaming Revenue (GGR) during that period.
In addition to casino gaming, Massachusetts has also witnessed significant growth in sports wagering. The report reveals that approximately $58.91 million in taxable sports wagering revenue (TSWR) was generated across six mobile/online sports wagering licensees and three in-person licensees in April.
When it comes to casino gaming, the taxation structure varies based on the category of the facility. PPC, classified as a category 2 slots facility, is taxed on 49% of GGR. Out of the taxed amount, 82% is allocated to Local Aid, while the remaining 18% goes to the Race Horse Development Fund. On the other hand, MGM Springfield and Encore Boston Harbor, both category 1 resort casinos, are taxed on 25% of GGR, with the funds being distributed among several state funds as specified in the gaming statute.
Since the opening of each gaming facility, the Commonwealth has collected a total of approximately $1.403 billion in taxes and assessments from the casino operations of PPC, MGM, and Encore.
Moving on to sports wagering, EBH, MGM, and PPC are licensed as Category 1 Sports Wagering Operators, allowing them to operate retail sportsbooks on their premises. Category 1 operators are taxed at a rate of 15% on TSWR. Conversely, Barstool Sportsbook, BetMGM, Caesars Sportsbook, DraftKings, FanDuel, and WynnBet, licensed as Category 3 Sports Wagering Operators, can operate mobile or online sportsbooks and are taxed at a rate of 20% on TSWR.
The taxed amount from all operators is distributed across various funds. 45% goes to the General Fund, 17.5% to the Workforce Investment Trust Fund, 27.5% to the Gaming Local Aid Fund, 1% to the Youth Development and Achievement Fund, and 9% to the Public Health Trust Fund.
Since the launch of sports wagering in person on January 31, 2023, and online on March 10, 2023, the Commonwealth has collected approximately $21.45 million in taxes and assessments from the sports wagering operations of licensed operators.
The Sports Wagering Law permits operators to carry over negative tax liabilities when their adjusted gross sports wagering receipts for a month result in a negative amount due to winnings paid to bettors and excise taxes paid under federal law exceeding the operator's total gross receipts from sports wagering. This provision allows operators to offset their tax liability in subsequent months.
More Finance News
RELATED TOPICS: Finance
Latest News
Most Read
Las Vegas Sands Eyes Thailand, Other Southeast Asian Markets after New York Delays
Apr 18, 2024Must Read
Interviews
Mikki Mase – The Gambler Who Beat Vegas and Changed the Course of Gambling Forever
Apr 18, 2024
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for Massachusetts Gaming Commission Announces Revenue Figures for April 2023