Massachusetts sports betting industry generates over $50 million in April

(The Center Square) – During April, the Massachusetts sports betting industry brought in $50.6 million in revenue, making the commonwealth the second-highest sports betting handle in the nation after only being legal for just over a year.

The revenue numbers, which look substantial, actually represent a slower month for the industry compared to last year. In April 2023, the first full month of legal online sports betting, the industry earned $58.9 million and generated $9.9 million in tax revenue. The industry continues to explode despite the lower numbers, with Massachusetts trailing only to New York.

As the online betting scene continues to grow, betting at a physical location, known as retail betting, continues to subside. Retail sports betting in Massachusetts suffered a loss this past April.

This past week, the Massachusetts State Senate considered and then rejected an increase in taxes on sports betting from 20% to 51%. Senator John Keenan sponsored the amendment, which would have added the raise to the Senate’s budget for Fiscal Year 2025. The commonwealth would have collected $346.12 million from April 2023 to March 2024; instead, it earned $135.7 million.

The tax increase is not the only restriction that Massachusetts officials are considering placing on sports betting in a state that some have described as having “the most stringent advertising and promotional guidelines” in the country. Massachusetts requires all advertisements to include “21+” and prohibits partnerships between sports betting industry members and institutions of higher education. 

Fanatics Sports Book was fined $10,000 last week for accepting a bet on a college football bowl game at Fenway Park in December. Betting on college sports in Massachusetts is prohibited, except when teams compete in larger tournaments.

The Massachusetts Gaming Commission is now considering a measure adopted by Ohio that restricts promotional offers for things unrelated to gaming. For instance, Ohio prohibited Fanatics Sports Book from offering promotional betting bonuses for purchases from Fanatics, a retail company that owns Fanatics Sports Book.