(Western Mass News – Kristin Burnell) We’re digging deeper into the revenue collected from sports betting in Massachusetts. The latest report from the Massachusetts Gaming Commission shows the commonwealth collected over $9 million in taxes from wagering in the month of March.
MGM Springfield is one of the entities taking sports bets, both in person and online. We’re getting answers on what this new tax revenue stream means for the bay state.
“MGM’s gross gaming revenue is up,” said Michael Fenton. “And their sports betting program is exceeding expectations.”
Springfield City Councilor and casino oversight chair, Michael Fenton spoke with Western Mass News about the newly released March 2023 revenue report for MGM Springfield.
“They just completed this quarter one of their most successful months since opening I think it was actually their fourth most successful month since opening a few years ago,” said Fenton.
This is after the launch of in-person sports betting in Massachusetts on January 31 of this year and mobile sports betting on March 10.
According to the Massachusetts Gaming Commission, there were more than $568 million in wagers settled in March. The commonwealth saw $47 million in taxable gaming revenue, leading to $9.3 million in total tax revenue collected for the month.
“We had projections initially for $50 to 60 million for the year so $9.3 million for one month that’s impressive that is beyond projections,” said Senator Velis. “I will say it’s early it’s the first month people are excited.”
State Senator John Velis told Wester Mass News where the extra money will go.
“This is just about revenue,” said Senator Velis. “It’s about revenue for the roads, the general funds, workforce development, education, all the things that the commonwealth needs money for that’s where this stuff is going to go.”
He added ultimately legislators will decide the logistics of that revenue but says it’s important to not spend all the extra revenue at once in the bay state.
“I think we’re in a very uncertain economic time period right,” said Senator Velis. “So, I think sitting back and waiting to see to keep some of this money especially since it’s exceeding expectations and then apply it where we need to apply it because there’s a lot of needs out there right now.”
Senator Velis said one of those needs includes more affordable housing that needs to be built in the bay state.