August Tax Income from Sports activities Betting in Massachusetts Hits $4.55 Million – Boston 25 Information

Final month, bettors positioned almost $315 million in wagers on sporting occasions, leading to over $22.7 million in taxable income for operators and roughly $4.55 million in tax income for the state. The Massachusetts Gaming Fee introduced that in August, a mixture of sports activities wagering and casino-style playing generated greater than $120.6 million in taxable income for operators and $32.16 million in income for the state. The vast majority of this income got here from playing on the state’s three casino-style amenities: Plainridge Park On line casino, MGM Springfield, and Encore Boston Harbor.

Wagers on authorized sporting occasions in August reached $314.9 million, which was a rise from the $294.9 million wagered in July however nonetheless a decline from the $332 million wagered in June. The best betting quantity occurred in March, with a complete of $568.2 million wagered.

In response to the Gaming Fee, virtually the entire betting exercise in August (97.6 %) occurred on cellular or on-line platforms. These platforms have been taxed on $22.55 million of their $23.3 million in income, leading to $4.51 million in state income for the month. The brick-and-mortar sportsbooks on the state’s three gaming facilities generated about $177,200 in income from in-person sports activities wagering, $157,780 of which was taxable. This led to an extra $32,356 in tax income for the state.

On the on line casino facet, Plainridge Park produced greater than $13 million in gross gaming income, MGM Springfield generated roughly $23.5 million, and Encore produced $61.3 million in income. This translated to $27.62 million in state tax income for the month of August.

For the reason that launch of sports activities wagering operations in January, Massachusetts has collected a complete of $50.35 million in taxes and assessments. Moreover, on line casino operations, which started in mid-2015, have introduced in $1.515 billion in complete taxes and assessments.

(Supply: Boston 25 Information)