The total figure for Massachusetts gaming revenue fell by 7% in February compared to January’s total.
In the first month of 2024, the state’s gaming revenue was $164.7million. But in February, this number dropped to $153.1m.
Online sports betting and retail sportsbooks combined to generate $52.3m in revenue. That represented a 26.1% month-to-month decline, as online wagers accounted for $51.8m of the total.
In more positive news for the gaming industry in Massachusetts, land-based casino revenue increased by 7.5%, from $93.5m in January to $100.6m in February.
The best-performing casino across the whole state was Encore Boston Harbor. It generated $64.4m in revenue last month.
In terms of tax income, there was minimal change from January to February. Massachusetts brought in $38.8m in tax revenue in February, a slight decline of 3.9% on January’s tax figure.
Massachusetts Gaming Revenue Expected To Recover In March
As often happens, the end of the NFL season coincides with a steep decline in gaming revenue. With the Super Bowl dominating the sporting landscape across America and much of the world in January and early February, huge numbers of people place bets during the playoffs and before the big game.
The influx of wagers, often from those who rarely gamble at all, can see January post big numbers for revenue. But once the Super Bowl is over, it is little surprise to see a slump for the remainder of February.
But with football no longer in the spotlight, basketball will soon be taking centre stage for March Madness.
The NCAA Division I men’s basketball tournament is one of the most hotly-anticipated competitions in the sporting calendar.
The single-elimination event runs from March 19 to April 8, and will determine the men’s college national basketball champions.
With so much attention on the sport, there will be a huge amount of people betting on March Madness. As a result, the gaming industry expects to post much bigger numbers for March than it did in February.
For this reason, we predict Massachusetts’ gaming revenue to recover significantly next month.
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