The Massachusetts sports betting market made its brick-and-mortar debut, and the results weren’t promising for the house. However, it will take time for the bookmakers to build the foundation of the market through trial and error.
The Public Seized the Day Against the House
The Massachusetts Gaming Commission (MGC) released its figures on Wednesday as the launch began on January 31st. During the span, the bettors in the state had one mission in mind, carpe diem, and it’s precisely what happened.
Making any debut isn’t easy in any circumstance as Encore Boston Harbor’s WynnBET faced it head-on. The sportsbook accepted $371,000 in wagers accounting for almost three-quarters of the state’s $511,000 handle.
However, despite its significant contribution to the total handle, Encore’s gross revenue loss of $73,303 was the primary factor that led to a small overall deficit across the state.
MGM Springfield and Plainridge’s outcome was so much better than its counterpart. Backed by Barstool, Plainridge pulled off the most considerable upset with a staggering hold rate of 64.9 percent, which helped the location claim $64,000 in winnings.
On the other hand, MGM Springfield was also in the black in the report. The facility placed second among the three locations and registered a hold rate of 21 percent. With a total handle of $57,000, the operator claimed $12,300 in gross revenue.
How Did the Bay State Do Overall?
From the two casinos that showcased positive numbers, the state collected $9,861 in tax receipts, Sportsbooks in the Bay State are subject to a 15 percent tax rate based on adjusted revenue.
Plainridge Park accounted for most of the tax receipts as the location generated $8,000 for the state. Unlike some other states across the industry, the Massachusetts Gaming Commission doesn’t break down the handle and revenue totals for each sport category.
Massachusetts operators are still working on things to perfect its system. The reason is two locations offered wagers on in-state collegiate teams. According to the rules, placing bets on in-state teams is prohibited unless the teams participate in major tournaments such as March Madness.
Don’t Worry Mobile Sports Betting is on the Way
Retail sports betting will be the only option that is available to the public for a little bit; however, mobile sportsbooks are expected to launch four days before the start of March Madness.
Mobile sports wagering is expected to launch in Massachusetts on March 10, with 11 online platforms expected to be operational at launch. By February 23rd, Karen Wells hopes that the staff will finalize licenses for Bally Bet, Barstool Sportsbook, BetMGM, Betr, Betway, Caesars Sportsbook, DraftKings, FanDuel, PointsBet, Fanatics, and WynnBET.
March Madness is expected to bring huge results because it’s the biggest non-single-game event in the country. For example, many jurisdictions across the sports betting industry highlighted new records across the board last year.