Getting Answers: Sports betting revenue on the rise in Massachusetts, MGC reports

SPRINGFIELD, MA. (WGGB/WSHM) – We’re digging deeper into the income collected from sports activities betting in Massachusetts. The newest report from the Massachusetts Gaming Fee reveals the commonwealth collected over $9 million in taxes from wagering within the month of March.

MGM Springfield is likely one of the entities taking sports activities bets, each in particular person and on-line. We’re getting solutions on what this new tax income stream means for the bay state.

“MGM’s gross gaming income is up,” stated Michael Fenton. “And their sports activities betting program is exceeding expectations.”

Springfield Metropolis Councilor and on line casino oversight chair, Michael Fenton spoke with Western Mass Information in regards to the newly launched March 2023 income report for MGM Springfield.

“They simply accomplished this quarter one among their most profitable months since opening I believe it was really their fourth most profitable month since opening a number of years in the past,” stated Fenton.

That is after the launch of in-person sports activities betting in Massachusetts on January 31 of this yr and cell sports activities betting on March 10.

Based on the Massachusetts Gaming Fee, there have been greater than $568 million in wagers settled in March. The commonwealth noticed $47 million in taxable gaming income, resulting in $9.3 million in complete tax income collected for the month.

“We had projections initially for $50 to 60 million for the yr so $9.3 million for one month that’s spectacular that’s past projections,” stated Senator Velis. “I’ll say it’s early it’s the primary month persons are excited.”

State Senator John Velis informed Wester Mass Information the place the additional cash will go.

“That is nearly income,” stated Senator Velis. “It’s about income for the roads, the overall funds, workforce growth, schooling, all of the issues that the commonwealth wants cash for that’s the place these things goes to go.”

He added finally legislators will resolve the logistics of that income however says it’s necessary to not spend all the additional income without delay within the bay state.

“I believe we’re in a really unsure financial time interval proper,” stated Senator Velis. “So, I believe sitting again and ready to see to maintain a few of this cash particularly because it’s exceeding expectations after which apply it the place we have to apply it as a result of there’s numerous wants on the market proper now.”

Senator Velis stated a kind of wants contains extra reasonably priced housing that must be constructed within the bay state.

Copyright 2023. Western Mass Information (WGGB/WSHM). All rights reserved.