Massachusetts gambling and sports betting revenue shows summer decline
The lazy days of summer can be reflected in the Massachusetts Gaming Commission's June 2023 revenue report. Taxable gambling revenue for the month totaled $132.8 million. That was a 20% decrease from the $159.6 million reported in May.
Analysts said June's slower growth was not surprising, noting that total casino table and slot machine revenue rose to $100.6 million annually, up 8% from June 2022.
Gross gaming revenue (GGR) for Plainridge Park Casino (PPC), MGM Springfield (MGM) and Encore Boston Harbor (EBH) is estimated at $101 million. The total taxes collected were more than $28.2 million.
When it comes to individual casinos in Massachusetts, Encore Boston Harbor remains at the top of the list with 9% year-over-year growth. EBH reported slot machine and table GGR of $65.4 million, up from $60 million in June 2022. The state collected $16.3 million in taxes.
While Encore Boston Harbor saw an increase in table and slot machine games, sports betting revenue fell significantly, falling to $80,592 from $1.3 million in May, a more than 90% month-over-month decline.
Overall, sports betting brought in about $32.2 million in taxable revenue, of which the state collected $6.4 million in taxes.
Sports betting summer slowdown at a glance
Taxable income in June was $32.2 million, a significant decrease from May's total income of $59.4 million, but there are several reasons for this decline to be considered.
Online sports betting debuted in Massachusetts four months ago. While the practice is only expected to increase since its debut, some fluctuations in numbers are expected.
Retail sports betting launched in January and the state's taxable revenue has since fluctuated, with taxable revenue of $364,481 in April compared to $1.5 million in May and $1.4 million during March Madness.
Then there's the sports calendar. Betting typically cools off after the NFL Draft and the NCAA men's and women's Final Four games in April. In June, the focus is on the NBA Finals, the NCAA College World Series and the U.S. Open.
The decline in online sports betting comes as Massachusetts has been experiencing steady growth since March.
Sports respond to recession and look to the future
The state's total retail and mobile sports betting revenue was $332 million in June, according to a revenue report from the Massachusetts Gaming Commission. That was down from $454.8 million in May, a decrease of 27%.
A month earlier, from April to May, total sales in Massachusetts fell about 18%, from $559.2 million to $454.9 million. Analysts again gave the nod to the sports calendar, but this was a significant drop.
Some other federal states also saw declines. Nevada home prices were $580.55 million in April and $527 million in May, down 9%. In Ohio, state data shows total sports betting dropped 30% from March to April.
Future reports are expected to include July betting events such as the MLB All-Star Game, the Open and the Women's World Cup. NASCAR also holds some races in August.
Late summer and fall events are traditionally a time of increased sportsbook betting, especially with the return of NFL and college football games in September.
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Source: www.casino.org
