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Last month, MGM Springfield and WynnBET sports bettors had a reason to celebrate, even though the sportsbooks will ultimately emerge victorious.
In late January, the retail sports betting market in Massachusetts commenced its operations, with the Springfield location witnessing a particularly successful month in April. Additionally, mobile betting apps were introduced in March, and April turned out to be a remarkable month for WynnBET mobile users as well.
Let’s take a closer look at the remarkable month that gamblers at MGM Springfield and WynnBET had.
Bettors have eye-opening April in Springfield
In the month of April, retail sports bettors at MGM Springfield had an amazing experience, leading to a revenue hold of -13.84% for the casino.
MGM Springfield’s sports betting revenue had a significant loss of -$232,493.30, which stands out since the other two Massachusetts casinos had profitable results.
Last month, the BetMGM Massachusetts Sportsbook at MGM Springfield did not generate any positive taxable sportsbook revenue, resulting in no tax collection by the casino.
To clarify, it’s important to note that this situation is not typical for any casino sportsbook. Therefore, there is no need for enduring worry. In the grand scheme, the casino will ultimately be profitable and will very likely report impressive figures once the statistics for May are released.
Different results at Plainridge Park
The sports bettors who visited Encore Boston Harbor and Plainridge Park Casino in Massachusetts didn’t experience the same level of success as those at MGM Springfield.
Plainridge Park Casino had an outstanding month, with its Barstool Sportsbook generating a revenue hold of 11.04% in April. This was nearly 8% higher than Encore Boston Harbor.
Plainridge Park Casino recorded the highest taxable gaming revenue among all Massachusetts casino sportsbooks, totaling $366,166.84. Consequently, Massachusetts received $54,925.23 (15% of the revenue) as tax revenue.
The WynnBET Sportsbook at Encore Boston Harbor generated $230,808 in taxable gaming revenue for the month, amounting to $34,621.20 in taxes.
Last month, the cumulative taxable gaming revenue from all three Massachusetts casino sportsbooks reached $364,481.54. The total tax collection across the state amounted to $89,546.23.
WynnBET online had just a 2.03% revenue hold in April
Last week, the Massachusetts Gaming Commission revealed the mobile betting figures for April, indicating that besides traditional retail betting, Massachusetts sports enthusiasts can now place bets using seven online betting apps available in the state.
WynnBET Massachusetts had the lowest revenue hold among all sportsbook apps in Massachusetts, standing out with just a 2.03% hold in April. This margin was considerably lower compared to others.
Barstool Sportsbook came in as the second-closest sportsbook, with a hold of 7.98%. Caesars Sportsbook closely trailed behind with a hold of 8.66%. However, none of the other sportsbooks recorded a hold lower than 10%.
In April, the cumulative sports gambling handle of the six MA sportsbook apps reached $546.2 million.
In Massachusetts, WynnBET is not as widely recognized as leading sportsbooks such as FanDuel and DraftKings, which enjoy greater financial resources for advertising and promotions. This national pattern applies to the state as well.
Despite outperforming Caesars Sportsbook MA in terms of sports betting handle in March and April, WynnBET’s success can mostly be attributed to its brand recognition through its retail presence at Encore Boston Harbor. However, WynnBET fell behind in April revenue, placing last among the six apps analyzed, primarily due to its low revenue hold.
In April, the taxable gaming revenue of the sportsbook amounted to $405,977.74. WynnBET, the only sportsbook operator in Massachusetts, recorded a revenue of less than $1.6 million, which stands in sharp contrast to DraftKings’ revenue of $28.3 million within the same timeframe.
If you or someone dear to you is facing challenges with gambling, feel free to contact a trained specialist at 1-800-327-5050 or visit www.mahelpline.org/problemgambling. Assistance is available round-the-clock, and there is no charge for the service.
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