Massachusetts collected $374.8 million in tax revenue from its gambling industry during the fiscal year 2023, according to the latest data released by the Massachusetts Gaming Commission.
The report, covering the period from July 1, 2022, through June 30, 2023, underscores the growing financial contribution of the gambling sector to Massachusetts’ economy.
Massachusetts casinos, racinos, and sportsbooks collectively contributed the amount, including $330.7 million in gaming tax revenue and an additional $44.1 million from sports wagering tax revenue.
The state’s gross gaming revenue (GGR) surpassed $1.2 billion. Sports betting emerged as a significant revenue driver, recording $228.7 million in adjusted gross revenue (AGR) for the period.
In the upcoming FY 2024 report, comprehensive data on 12 months of sports betting revenue will be included, setting a benchmark of at least $100 million in sports wagering tax revenue for the state.
Conversely, horse racing aims to reverse its declining trend in FY 2024. Despite a 4.6% decrease in wagers amounting to $264 million over 110 race days in the 2023 report, distributions to the Race Horse Development Fund exhibited a positive growth of $1 million (5.7%) year-over-year.
Amid the sustained interest in gambling, Massachusetts has intensified its efforts in promoting responsible gambling, evidenced by increased participation in state programs such as the Voluntary Self-Exclusion (VSE) program and PlayMyWay during FY 2023.
PlayMyWay, a platform enabling players to establish gambling budgets, monitor their play, and receive notifications about their wagering activity, experienced a notable surge in enrollment, with 42,616 individuals participating, marking a 37.3% year-over-year increase.
Additionally, the Gaming VSE saw 1,430 individuals enroll, reflecting a 24.3% increase from the previous year, while the newly introduced Sports Wagering VSE attracted 130 participants.
Alongside these initiatives, the MGC supported six gambling-related research programs released during the fiscal year, contributing to a total of over 60 reports funded since 2014. Moreover, the MGC’s Investigations and Enforcement Bureau (IEB) intercepted $3.6 million in gambling funds from individuals with outstanding taxes and child support payments, redistributing the funds to the Department of Revenue.
Original article: https://www.yogonet.com/international/noticias/2024/05/15/72179-massachusetts-rakes-in-375-million-in-gaming-tax-revenue-in-fy-2023
