Massachusetts Gaming Revenue Hit $1.4B in 2023
The gaming industry in Massachusetts has exhibited a significant growth trajectory in 2023, with the combined gross gaming revenue (GGR) soaring to $1.42 billion compared to a year earlier. 2024 has already gotten off to a strong start, a sign that this year will likely be even better.
The Encore Boston Harbor casino resort in Massachusetts. (Source: Encore Boston Harbor)
LISTEN TO THIS ARTICLE:This not only reflects the thriving state of the gaming sector but also signifies its contribution to the state's economy through tax revenues, which amounted to $374.8 million. The increase in gaming revenue is indicative of a robust industry that has successfully captured the interest and engagement of a wide demographic, contributing to the economic vitality of the state.
Related: DraftKings Leads Rise in Massachusetts Sports Betting RevenueFurthermore, the horse racing segment has also demonstrated significant activity, with $252 million being wagered over the course of 108 days of live racing. The funds generated from this, totaling $18.6 million, were allocated to the Race Horse Development Fund, thereby supporting the development of the racehorse industry.
When compared to the previous year, the GGR for 2023 marks a notable increase from the $1.1 billion recorded in 2022. This upward trend is a clear indicator of the sector's expanding footprint.
Similarly, the gaming taxes collected by the state have seen a rise from $311.5 million in the preceding year to $374.8 million in 2023. This upward trajectory not only reflects the sector's economic success but also its growing role as a contributor to the state's fiscal resources.
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Onward and Upward
The escalation in gaming revenue and the corresponding tax contributions are reflective of a dynamic industry that is continuously evolving. With the integration of new technologies and the introduction of innovative gaming experiences, the sector has managed to sustain its expansion momentum.
The arrival of retail sports betting in Massachusetts on January 31, 2023, marked a significant milestone in the state's foray into the market. The subsequent launch of online wagering on March 10 further expanded the state's betting landscape, offering convenience and accessibility to enthusiasts.
The fiscal report of 2023, therefore, encapsulates less than 12 months of data. However, as the state gears up for the FY 2024 report, expectations are high, with a full year's data anticipated to offer a comprehensive view of the industry's fiscal impact. The benchmark set at $100 million in sports wagering tax revenue reflects the state's optimistic outlook and its commitment to leveraging this sector for economic growth.
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