The Massachusetts Gaming Commission has released the gaming revenue data for July 2024, showing strong performance in the state's casino and sports betting industry. The report indicates that the three major casinos—Plainridge Park Casino (PPC), MGM Springfield (MGM), and Encore Boston Harbor (EBH)—generated a total of approximately $99.47 million in Gross Gaming Revenue (GGR).
The commission's latest revenue report highlights the debut of Bally Bet, noting that it launched on July 2 as the state's seventh online sports betting company.
Casino Revenue Details:
Among these facilities, Plainridge Park Casino, categorized as a Category 2 slots facility, made a significant contribution by levying a 49% tax on its total gaming revenue. Of this, 82% is used for local aid and the remaining 18% for the Race Horse Development Fund. On the other hand, MGM Springfield and Encore Boston Harbor, categorized as Category 1 resort casinos, have a tax rate of 25%. These tax revenues are allocated to various specific state funds according to gaming regulations.
Since the inception of these gaming operations, the federal government has collected approximately $1.82 billion in taxes and assessment fees from the casino enterprises of PPC, MGM, and EBH.
The sports betting industry also achieved impressive results, with taxable sports wagering revenue (TSWR) in July amounting to about $41.21 million. This revenue came from eight mobile/online sports betting license holders and three on-site license holders.
Encore Boston Harbor, MGM Springfield, and Plainridge Park Casino are licensed as Category 1 sports betting operators and are subject to a 15% TSWR tax. Additionally, operators such as Bally Bet and BetMGM are classified as Category 3 mobile or online sports betting operators, subject to a higher 20% tax rate.
According to the commission's press release, the tax distribution structure is as follows: 45% allocated 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 the remaining 9% to the Public Health Trust Fund. Since the official launch of sports betting in early 2023, it has contributed approximately $166.61 million in total taxes and assessment fees to date.
New Entrants and Market Dynamics:
In July, Massachusetts' sports betting industry welcomed a new player, Bally Bet, which officially went live as the state's seventh online sports betting company. In its launch month, Bally Bet handled over $2.4 million in wagers, generating $121,300 in revenue. Although ranking seventh among its peers, this performance indicates a promising start.
According to SBC Americas, Bally's Corporation CEO Robeson Reeves recently stated in the company's Q2 2024 earnings call that Bally Bet is prepared to continue expanding, planning to launch in four additional states in the US by the end of this year, specifically Illinois and Tennessee. This ambitious expansion highlights Bally Bet's intention to significantly increase its influence in the competitive sports betting arena.
To reflect its growing market influence, Bally's Interactive reported a significant increase in its Q2 North American revenue, soaring to $49.2 million during April to June 2024. This figure represents a 94% increase from the $25.3 million revenue in Q2 2023, indicating strong growth and effective expansion in Bally's sports betting operations.
Massachusetts' online sports betting total wagers and taxable revenue grew nearly 44% year-over-year, reaching $405.2 million and $40.6 million respectively. DraftKings continues to lead the market, managing over $200 million in bets for 11 consecutive months, maintaining its leading position.
