UMass: Massachusetts Sports Betting Won’t Generate Huge Profit

UMass: Massachusetts Sports Betting Won’t Generate Huge Profit

  • The University of Massachusetts and the Social and Economic Impacts of Gambling in Massachusetts (SEIGMA) project have highlighted that the Bay State will need to modify its expectations for the regulation of sports betting. While the legalization of sports betting has swept the nation, it is not the most lucrative gambling vertical now available countrywide.
  • According to the university’s SEIGMA project, the Bay State cannot anticipate large revenues.
  • Still, sports betting will be advantageous for Massachusetts and its casinos.

Massachusetts Sports Betting Efforts Delayed Yet Again

SEIGMA Says Massachusetts Will Still Get More out of Casinos Than Betting

The similar result was reached by SEIGMA, which provided an initial evaluation of the legalization of industry in the Bay State and its impending debut. 

The approval of the legislature and the support of Governor Charlie Baker, who signed a measure into law, has paved the way for the introduction of sports betting in Massachusetts. The Massachusetts Gaming Commission is in the process of establishing the licensing qualifications and conditions for sports betting.

Rachel Volberg, professor of research and chief investigator at SIGMA, explained that the social and economic effects of sports betting in Massachusetts will vary. 

In economic terms, the Bay State can anticipate anything between $8.6 million to $63 million, depending on the sports betting handle, the money won by operators, and the tax rate established by the Commission.

Massachusetts has already witnessed an increase in online gambling, which is mostly attributable to the legalization of daily fantasy sports, indicating a high interest in and demand for sports betting. Given the state’s other gaming verticals, it remains to be seen how well local Daily Fantasy Sports fans will accept the regulated sports gambling sector and whether they will truly exhibit interest.

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Wagering Will Remain an Important Net Benefit for Massachusetts Casinos

As there is now no other option for Massachusetts residents to wager online except through Daily Fantasy Sports, there is a high probability that sports betting will grow significantly once it is legalized.

 In the interim, Commission chair Cathy Judd-Stein praised the UMass study. According to Judd-Stein, the analysis will assist the Commission better evaluating the impending sports gambling business and determine how to optimize the state’s revenue.

Regardless, casinos will undoubtedly remain the primary revenue generator. However, Massachusetts is unlikely to move through with the legalization of iGaming options at this time. In the meanwhile, the Commission will continue to focus on introducing sports betting in a responsible and sustainable manner.

 

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About Lou De Aguila

Lou Aguila is a contributor to Golden Casino News. For over a decade, Lou has published news and featured articles for some of the most reputable sports betting and online casino sites in the world, including BetNow.UK, VegasOdds, and BWin. Apart from being a hardcore live casino punter, he also covers sports stories in North American leagues from time to time.