Massachusetts Treasurer Discusses The Impact Of Sports Betting
State Treasurer of Massachusetts Deborah Goldberg recently sat down with WBZ-TV in Boston to discuss state finances. In the discussion, Goldberg revealed that the launch of sportsbooks in Massachusetts has led to growth in local economics. Massachusetts sports betting revenue has brought forth major added tax dollars for the Old Bay State.
How much has sports betting added to state tax revenues? The number is massive.
Massachusetts Sports Betting Sees Positive Impact On State
The Massachusetts state credit rating recently increased, showing signs of a thriving local economy. Additionally, while working to finalize the budget for the next fiscal year, it was discovered that the state has a surplus.
Both the surplus and credit increase indicates that more money is coming into Massachusetts than previously predicted. This is in no small part thanks to the addition of the best sports betting sites launching.
“Now that sports betting is here, online, and we have daily fantasy sports and the like online, and we have casino gambling, where they also have inside their four walls online opportunities through sports betting,” said Deborah Goldberg. “Those are all for profit. They don’t give a billion plus dollars back to every local community that pays for police, fire, teachers, snow removal when we have an excessive amount of snow. When you continue to want to lead in a competitive environment, you need to be able to compete.”
In the most recent Massachusetts sports wagering report, it is shown that $454,965,416.18 wagers were placed in May 2023. This resulted in $60,970,668.75 in revenue. Since the market is taxed at 20%, the state saw $12,120,398.98 in May.
This is indicative of how strong the local market has been since going live. Massachusetts sees millions in added tax revenue through sports wagering that was not available in previous years. Year to date the Massachusetts sports betting market has brought in $33,588,878.18 in taxes.
Continued Growth Is Expected
Massachusetts sports betting revenue is only expected to see more growth before the end of 2023. This will be the first NFL season that sportsbooks will be live in the Old Bay State. Football season is the most wagered-on period in the country. MA locals will surely be flocking to sportsbooks during this stretch.
This will lead to an even stronger economic impact on the state’s finances. More tax revenue gives Massachusetts more options with its coffers. The thriving market has already managed to boost the local economy even ahead of the NFL season. The potential economic impact is seemingly limitless.