The Massachusetts Gaming Commission (MGC) has released the financial results of Plainridge Park Casino (PPC) and MGM Springfield for February 2019. The overall Gross Gaming Revenue (GGR) is $34 million.

PPC, a category 2 slots facility, is taxed on 49 per cent of GGR. From the tax, 82 per cent is paid to Local Aid and 18 per cent is allotted to the Race Horse Development Fund. MGM Springfield, a category 1 resort-casino, is taxed on 25 per cent of GGR; those monies are allocated to several specific state funds as determined by the gaming statute.

To date, the Commonwealth has collected approximately $332 million in total taxes and assessments from PPC and MGM since the respective openings of each gaming facility. View comprehensive revenue reports for each gaming licensee here.

The Pennsylvania Gaming Control Board has published its Fantasy Contests Revenue Report for February. According to the report, overall Fantasy Contests revenue in February drops to $1,629,178 from $2,116,499 in January 2019.

The report also offers category-wise figures of fees collected from the play of Pennsylvania participants, Fantasy Contests Operators’ adjusted revenue, and tax revenue due to the Commonwealth. Tax revenue is derived through a 15 per cent assessment on the adjusted revenue reported by the Fantasy Contests Operators and is deposited into the Commonwealth General Fund. This resulted in tax revenue generated during February of $244,377.

Fantasy Contests revenue and tax revenue for each of the providers for February 2019 are provided in the following table:

The report can be found at http://gamingcontrolboard.pa.gov.

About the Pennsylvania Gaming Control Board:
The Pennsylvania Gaming Control Board is tasked to oversee all aspects of the state’s casino industry, including sports wagering offered currently at six locations. The oversight also includes other new gaming initiatives, expected to be launched in the coming months, which were created through Act 42 of 2017, an amendment to the Race Horse Development and Gaming Act.
The Commonwealth’s casino industry currently consists of 10 stand-alone and racetrack casinos in operation, along with the two smaller resort casinos. These facilities collectively employ over 16,000 people and annually generate approximately $1.4 billion in tax revenue from slot machine and table games play. The largest portion of that money is used for property tax reduction to Pennsylvania homeowners.

SOURCE Pennsylvania Gaming Control Board

47 Million People Plan to Place Bets on NCAA Men’s Basketball Tournament

Americans plan to wager $8.5 billion on this year’s NCAA men’s basketball tournament, with 1-in-5 adults placing a bet, according to a new survey released today by the American Gaming Association (AGA).

Key findings from the survey, conducted by Morning Consult, include:

• 47 million American adults will wager $8.5 billion on March Madness;
• $4.6 billion will be wagered on a collective 149 million brackets by more than 40 million people;
• Nearly 18 million people will wager $3.9 billion at a sportsbook, online, with a bookie or with a friend;
  • 4.1 million will place a bet at a casino sportsbook or using a legal app;
  • 2.4 million will bet illegally with a bookie; and
  • 5.2 million will bet online, likely at illegal offshore sites.
• The plurality of bettors favors Duke (29%) to win, followed by Gonzaga (9%), North Carolina (8%), Kentucky (7%), Virginia (5%) and Michigan (5%).

“During this year’s tournament – the first in post-PASPA America – sports fans are expected to bet 40% more than they did on this year’s Super Bowl,” said Bill Miller, AGA’s president and chief executive officer. “Unlike any other sporting event in the country, March Madness attracts millions who fill out brackets, make casual bets with friends or wager at a legal sportsbook, which Americans can now do more than ever before.”

Since the U.S. Supreme Court’s ruling in May 2018, more than $5.9 billion has been wagered in the now-eight states with legal, regulated sports betting, enabling consumer protections and generating valuable tax revenue for state, local and tribal governments across the country.

“These results indicate there’s still work to do to eradicate the vast illegal sports betting market in this country, and we’re committed to ensuring sound policies are in place to protect consumers, like the 47 million Americans who will bet on March Madness,” continued Miller.

Sports betting legalization is currently being considered in 23 states across the country.

Methodology

This survey was conducted on behalf of the AGA by Morning Consult between March 1-7, 2019, among a national sample of 11,002 adults. The interviews were conducted online, and the data were weighted to approximate a target sample of adults based on age, race/ethnicity, gender, educational attainment and region. The margin of error is +/- 1% and greater among subgroups. Bettors include those who expect to place a bet online, with a bookie, with a casino sportsbook, casually with a friend or participate in a bracket contest.

About AGA: 

The American Gaming Association is the premier national trade group representing the $261 billion U.S. casino industry, which supports 1.8 million jobs nationwide. AGA members include commercial and tribal casino operators, gaming suppliers and other entities affiliated with the gaming industry. It is the mission of the AGA to achieve sound policies and regulations consistent with casino gaming’s modern appeal and vast economic contributions.

Source: American Gaming Association