August Tax Income from Sports Betting in Massachusetts Hits $four.55 Million – Boston 25 News

Final month, bettors placed practically $315 million in wagers on sporting events, resulting in more than $22.7 million in taxable income for operators and about $four.55 million in tax income for the state. The Massachusetts Gaming Commission announced that in August, a mixture of sports wagering and casino-style gambling generated a lot more than $120.six million in taxable income for operators and $32.16 million in income for the state. The majority of this income came from gambling at the state’s 3 casino-style facilities: Plainridge Park Casino, MGM Springfield, and Encore Boston Harbor.

Wagers on authorized sporting events in August reached $314.9 million, which was an enhance from the $294.9 million wagered in July but nonetheless a decline from the $332 million wagered in June. The highest betting volume occurred in March, with a total of $568.two million wagered.

According to the Gaming Commission, nearly all of the betting activity in August (97.six %) took spot on mobile or on the net platforms. These platforms have been taxed on $22.55 million of their $23.three million in income, resulting in $four.51 million in state income for the month. The brick-and-mortar sportsbooks at the state’s 3 gaming centers generated about $177,200 in income from in-individual sports wagering, $157,780 of which was taxable. This led to an added $32,356 in tax income for the state.

On the casino side, Plainridge Park made a lot more than $13 million in gross gaming income, MGM Springfield generated about $23.five million, and Encore made $61.three million in income. This translated to $27.62 million in state tax income for the month of August.

Considering that the launch of sports wagering operations in January, Massachusetts has collected a total of $50.35 million in taxes and assessments. On top of that, casino operations, which started in mid-2015, have brought in $1.515 billion in total taxes and assessments.

(Supply: Boston 25 News)