According to the most recent Massachusetts Gaming Commission report, the state’s gaming sector delivered a record-breaking $374.8 million in tax income in the fiscal year 2023, demonstrating its importance to the state’s economy.
Between July 1, 2022, and June 30, 2023, there was a significant rise in tax income in Massachusetts, amounting to $374.8 million from the combined contributions of casinos, racinos, and sportsbooks. This amount comprises $44.1 million in tax income from sports wagering and $330.7 million in revenue from gaming taxes.
Sports Betting Frenzy
The state’s gross gaming revenue (GGR) surpassed $1.2 billion, with sports betting emerging as a primary revenue driver, raking in $228.7 million in adjusted gross revenue (AGR) for the period. The upcoming FY 2024 report anticipates even higher revenue, setting a benchmark of at least $100 million in sports wagering tax revenue.
While horse racing saw a slight decline in wagers in FY 2023, efforts to reverse this trend are underway in FY 2024. Despite a 4.6% decrease in wagers, distributions to the Race Horse Development Fund experienced a positive growth of $1 million (5.7%) year-over-year.
Amid the industry’s growth, Massachusetts has intensified its focus on responsible gambling initiatives. Participation in programs like the Voluntary Self-Exclusion (VSE) program and PlayMyWay surged in FY 2023. PlayMyWay, enabling players to monitor gambling budgets, saw enrollment soar by 37.3%.
The Massachusetts Gaming Commission supported six gambling-related research programs during FY 2023, contributing to over 60 funded reports since 2014. Additionally, the Investigations and Enforcement Bureau (IEB) intercepted $3.6 million in gambling funds, redistributing them to the Department of Revenue.
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