While Massachusetts will probably never overtake Nevada as the gambling king, it is no pushover in the gambling industry. According to the latest gambling report by the MGC (Massachusetts Gaming Commission), October has been a busy month for gamblers. This is because Massachusetts Gambling Revenues are Up for October generating around $155.8 mill in GGR (Gross Gaming Revenue). Thus, the latest figures represent an increase of 11.2% over the previous month which had a GGR of $140,1 million.
According to Sportsbook Pay Per Head Industry news, the majority of the Massachusetts gaming revenues came from casinos. In total, Massachusetts casinos had a GGR of $96.6 million which is a 7% increase over the previous month.
In addition, the casino with the largest revenues was Encore Boston Harbor reporting a GGR of $62.3 million for October. For them, this means a 4.2% increase in revenue over September and $15.6 million in taxes for the state.
However, the casino that saw the biggest increase on a month-on-month basis was MGM with a GGR of $21.5 million. Thus, this is a 23.5% increase over the previous month and $5.3 million in taxes going to the state coffers. Unfortunately, the Plainridge Park Casino, a slots only facility, saw a %3 decrease over the previous month.
For those looking to open an online casino, Massachusetts might be a good location with the right support. Just remember that casino revenue taxes in Massachusetts are high at 57.3%.
Massachusetts Gambling Revenues: Sports Betting Revenue Up by 18.6%
To date, October has been the busiest month in Massachusetts sports betting history. This is because sportsbook took $571.7 million in sports wagers resulting in $11.7 million in tax revenue for Massachusetts. While in-sports betting took in a decent number of bets, the majority of sports wagers were done online.
According to gambling software reports, around $555.7 million in wagers were taken online and makes up 97.2% of all wagers in October. On the other hand, only $16 million in wagers were done in-person with the majority of them taken in casinos.
At the moment, there are a total of 8 sportsbooks available for online betting in Massachusetts. However, the bookmaker with highest number is DraftKing with $303.7 million sports betting handle in October. In second place was Fanduel with $156 milllion and in third place was BetMGM with $35 million handle.
While these numbers are daunting for small sportsbook and bookies, there is plenty of room for more competition in Massachusetts. Unfortunately, the biggest obstacle is the investment and high operating cost of a sports betting operation. At least, it is unless they use the Price Per Player Pay Per Head solution. This is because for as low as $3 per player, anyone can open a fully functional sportsbook in a matter of minutes.