Over 2 million Massachusetts residents are expected to wager $5.3 billion on sports this year after the Bay State’s mobile market launched on Friday, according to research by BetMassachusetts.com, a sports betting information site that launched in March 2022.
In January 2023, BetMassachusetts.com reported through a survey that 41% or 2.2 million of eligible Massachusetts adults were “likely” or “very likely” to place legal sports bets once the market launched in the state. Additionally, according to those surveyed, 37% of the state’s sports bettors expect to bet on sports “at least weekly.”
Massachusetts has now joined neighboring states Connecticut and New York as jurisdictions to launch legal sports betting online casino betting and/or since 2021. Massachusetts’ mobile sports betting market went live Friday, 40 days after legalized sports wagering launched on a retail basis at the Bay State’s three casinos, and just days ahead of tip-off of the NCAA Tournament.
March Madness is expected to provide a strong opening month for Massachusetts
The state projects to bring in a robust $5.3 billion in first-year handle, according to the BetMassachusetts.com report. With March Madness on the horizon, Massachusetts sportsbooks could see as much as $210 million in wagers during this month.
Adults across the state, with a population of over 4.5 million over 21, are showing an increased interest in sports betting. BetMassachusetts.com data showed Cambridge, Quincy, and Fall River lead the state in “Searches Per Resident” over the last 12 months.
The momentum seen for the state’s online gaming industry has shifted potential users’ attention to seeking out their preferred sportsbooks. DraftKings Massachusetts Sportsbook outdid its competitors with over 20,000 more searches than the next closest sportsbook. WynnBET, BetMGM, FanDuel and Caesars round out the top five sportsbooks, according to the BetMassachusetts survey.
Massachusetts former Gov. Charlie Baker signing sports betting into law.
Massachusett’s mobile betting launch comes a little over a month after in-person wagering started at Encore Boston Harbor, Plainridge Park Casino, and MGM Springfield on January 31; and seven months after the practice was legalized when then-governor Charlie Baker signed the Sports Wagering Act into law on August 10, 2022.
Six sportsbook apps went live on Friday: Caesars Sportsbook, BetMGM Sportsbook, WynnBET, Barstool Sportsbook, FanDuel and DraftKings. Massachusetts follows Ohio, which launched on New Year’s Day, as the nation’s second opening of 2023.
Lawmakers estimate that legal sports betting could generate around $60 million in yearly tax revenue for the state and $70 million to $80 million in initial licensing fees, which must be renewed every five years. The Massachusetts wagering law calls for a 15% tax on in-person wagering, and a 20% tax on mobile sports betting.
Original article: https://www.yogonet.com/international/news/2023/03/13/66428-over-2m-massachusetts-adults-to-wager-53b-in-sports-this-year-says-betmassachusetts-survey
