Massachusetts Sports Betting Goes Live
On Wednesday, January 31st, Massachusetts sports betting officially launched with the opening of three retail sportsbooks. The venues that went live were Encore Boston Harbor, MGM Springfield, and Plainridge Park. While online sports betting in Massachusetts is set to kick off in time for the popular NCAA basketball tournament, March Madness, with a tentative start date of March 10th.
Disparity Among Sportsbooks
Now, let’s dive into some financial details released by the Massachusetts Gaming Commission regarding the launch day. The numbers reveal an interesting disparity between the sportsbooks. Encore Boston Harbor emerged as the dominant player, accounting for nearly 75% of the $511,000 handle wagered in the state. While the sportsbook accepted close to $371,000 worth of wagers, it was disappointing to see a gross revenue loss of $73,303.
In contrast, MGM Springfield and Plainridge Park were able to generate profits despite accepting fewer bets. This marked a stark difference from the performance of Encore Boston Harbor. The Barstool Sportsbook, operating through Plainridge Park, achieved an impressive 64.9% hold, claiming $54,000 in winnings from the $83,000 wagered. MGM Springfield, on the other hand, profited $12,300 from a $57,000 handle.
Tax Contributions and Profitable Operators
Considering the Massachusetts gambling tax contributions, it is notable that the two profitable operators among the three in the state, namely MGM Springfield and Plainridge Park, generated $9,861 in tax revenue. This calculation is based on the state’s 15% share of adjusted revenue. Most of the tax revenue was attributed to the considerable earnings of Plainridge Park, contributing over $8,000 towards the overall amount. Unfortunately, the Massachusetts Gaming Commission has not provided specific details on which sports generated the most profit.
Online Sports Betting in Massachusetts
Despite early violations of college sports gambling policy by retail casinos, online sports wagering is still slated to go live by March 10th in Massachusetts. It is highly anticipated that ten or more operators will be launched in the state, just in time for the frenzy of March Madness. Among the operators expected to enter the market are Bally Bet, Barstool Sportsbook, BetMGM, Betr, Betway, Caesars Sportsbook, DraftKings, FanDuel, PointsBet, Fanatics, and WynnBET. Any new developments regarding legal online sports betting in Massachusetts leading up to the scheduled launch date will be promptly shared.
Conclusion
The launch of Massachusetts sports betting has showcased both successes and challenges. While Encore Boston Harbor attracted the majority of bets, it experienced a disappointing revenue loss. On the other hand, MGM Springfield and Plainridge Park emerged as profitable operators, with the Barstool Sportsbook at Plainridge Park achieving an impressive hold percentage. As the state gears up for online sports wagering, multiple operators are preparing to enter the market and capitalize on the excitement of March Madness. The Massachusetts Gaming Commission’s efforts to regulate this emerging industry will be crucial in ensuring a fair and secure betting environment for residents.
Frequently Asked Questions
1. What were the results of the Massachusetts sports betting launch?
Encore Boston Harbor dominated the handle but experienced a significant revenue loss, while MGM Springfield and Plainridge Park were profitable.
2. When will online sports betting go live in Massachusetts?
Online sports betting is scheduled to launch by March 10th, just in time for the NCAA basketball tournament, March Madness.
3. Which operators are expected to enter the Massachusetts market for online sports betting?
Ten or more operators, including Bally Bet, Barstool Sportsbook, BetMGM, Betr, Betway, Caesars Sportsbook, DraftKings, FanDuel, PointsBet, Fanatics, and WynnBET, are anticipated to launch in Massachusetts.
4. How much tax revenue did MGM Springfield and Plainridge Park generate?
The two profitable operators contributed $9,861 in tax revenue, with Plainridge Park accounting for the majority of the amount.
5. Will the Massachusetts Gaming Commission provide details on the most profitable sports?
As of now, the Massachusetts Gaming Commission has not revealed which sports generated the most profit during the launch of sports betting in the state.