MA Sports Betting: 2023 Projected Revenue From Legal Wagering
Zach Beeker/NBAE via Getty Images. Pictured: Jayson Tatum #0 of the Boston Celtics, Shai Gilgeous-Alexander #2 of the Oklahoma City Thunder.
MA sports betting is on track to launch in one week, more than a month after in-person betting went live on Jan. 31.
With legal online betting just around the corner, you may wonder: How much tax revenue is online sports wagering expected to generate in Massachusetts?
State lawmakers have not released any projections for now, but according to state treasurer Deborah Goldberg, sports betting in the Bay State is expected to generate between $35-$50 million in tax revenue in 2023.
According to the report from Boston news source WCVB, Goldberg expressed some skepticism about the revenue impact of sports betting, comparing it to the state lottery.
Joined On The Record this week but no more pop quizzes. Oh well! ☺️#mapolihttps://t.co/VfPrRmLiN2
— Deb Goldberg (@DebGoldbergMA) January 22, 2023
Massachusetts features two of the best teams in their respective sports this year in the Boston Celtics and the Boston Bruins — both are favorites to win the 2023 NBA Finals and Stanley Cup. Although Goldberg projects $35-$50 million in tax revenue, strong postseason performances from those two franchises could raise revenue potential.
Here are a couple of numbers we do know: Massachusetts has average retail and online sports betting tax rates at 15% and 20%, respectively. This places the legal operators in a more positive financial position than they are in a state like New York, which taxes operators at an astounding 51%.
In less than two weeks, Massachusetts will have at least eight online sportsbooks available at launch. The online Massachusetts sports betting market will eventually have double-digit sportsbooks available for bettors to chose from this year.
Keep tabs on Action Network for more MA sports betting updates.
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