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Sportsbook

Massachusetts sports betting market blew past tax revenue projections in first year

Tuesday 27 de February 2024 / 12:00

2 minutos de lectura

(Massachusetts).- Massachusetts collected nearly twice as much in taxes during its first year of sports betting as lawmakers projected.

Massachusetts sports betting market blew past tax revenue projections in first year

Why it matters: Online sportsbooks have kept the money flowing into the state's coffers in their first year despite concerns about Massachusetts wading into an oversaturated market.

Driving the news: Sportsbooks reported more than $542 million in taxable revenue between February 2023, when retail sportsbooks launched, and last month, per regulatory data.

  • Massachusetts collected more than $108 million in sports betting taxes in that time frame.
  • More than 98% of the revenue and taxes come from online sportsbooks, which launched a month later in March 2023.

Flashback: Before legalizing sports betting, lawmakers who supported the move cited projections that the state would bring in at least $60 million annually in tax revenue.

Zoom in: Like in many states, Massachusetts sportsbooks saw the highest activity during the NFL season.

  • Their collective monthly revenue peaked last month, reporting more than $71 million in taxable revenue in the weeks before the Super Bowl.
  • Again, the vast majority of the revenue came from online sportsbooks.

Reality check: Massachusetts' sports betting taxes make up a small share of the state's tax revenue.

  • The state relies on tens of billions of dollars in tax revenue.

Categoría:Sportsbook

Tags: Sin tags

País: United States

Región: North America

Event

SBC SUMMIT RIO 2024

05 de March 2024

From SBC Summit Rio, Cathryn Lai reveals Openbet's expansion plans in Latin America

(Rio de Janeiro, SoloAzar Exclusive).- Cathryn Lai has more than 15 years of experience in the gaming industry and is currently Chief Commercial Officer (CCO) at OpenBet, one of the most important companies dedicated to technological solutions for the sports betting and gaming industry that has played a central role in the market since 1996. After her time at SBC Summit Rio, Lai analyzes the company's expansion strategies in the Brazilian market in particular and Latin America in general.

Thursday 04 Apr 2024 / 12:00

Adsterra: transforming digital advertising in the iGaming industry

(Rio de Janeiro, SoloAzar Exclusive) - Adsterra, a leading advertising network with a decade-long track record in digital advertising, is revolutionising the Gaming sector. Tarcio Santos, Community Manager of Adsterra Brazil, shared with SoloAzar details about the company's incursion into the world of iGaming and its participation in the SBC Summit Brazil.

Thursday 04 Apr 2024 / 12:00

eSports on the rise in Brazil

(Rio de Janeiro, SoloAzar Exclusive) - From 6 to 7 March, at the Windsor Barra Hotel in Rio de Janeiro, within the SBC Summit Brazil, a series of conferences were held, that brought together prominent professionals and industry leaders, addressing specific topics for Brazil. On 7 March, the panel discussion on electronic sports, also known as eSports, was a highlight, with the participation of experts in the field. SoloAzar was present and in this article shares some of the highlights of the event.

Wednesday 03 Apr 2024 / 12:00

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