Massachusetts regulator highlights Q1 results from its major operators
The commission heard reports from BetMGM, Caesars, DraftKings and FanDuel during an online public meeting.
The Massachusetts Gaming Commission (MGC) recently held its 519th public meeting and discussed quarterly reports from several of its state operators, including BetMGM, Caesars, DraftKings and FanDuel.
The virtual meeting was led by Interim Chair Jordan Maynard.
MGC reported that BetMGM ended the first quarter with $10.1m in revenue. The operator contributed close to $2m in taxes to the state in Q1. Revenue and tax totals during the first quarter reflected a slight drop when compared to results from the previous quarter.
Caesars attributed its rise in Q1 revenue to March Madness. The company posted a total Q1 revenue of $3.1m, an increase when compared to last year’s fourth quarter revenue of $2.7m.
Massachusetts received nearly $2.7m in taxes from Caesars during this year’s first quarter.
DraftKings’ Q1 revenue reached close to $92m. The operator paid the state $17.9m in taxes.
However, revenue during the first quarter fell short of the operator’s Q4 2023 total by nearly $1m.
Along with its financial report, DraftKings reported on its philanthropic work during the first quarter. The company’s Service, Equity, Responsibility, Vitality, Environment, Sports (S.E.R.V.E.S) department recently partnered with the Arbor Day Foundation to plant trees in local communities. The duo has planted more than one million trees as part of a multi-year agreement.
The tree planting is part of DraftKings’ employee volunteer program. Through the project, DraftKings reported that more than 3,500 acres of land have been restored.
As the meeting wrapped up, FanDuel presented its Q1 results, reporting $54.4m in total revenue for the quarter. The operator contributed $10.8m in taxes to the state during Q1.
During the quarter, the company partnered with the nationally known non-profit Operation HOPE to empower Massachusetts players and encourage responsible gaming.
Operation HOPE and FanDuel provide free financial counseling to residents throughout the state through a program called HOPE Inside. Players can get free access to in-person financial health sessions with a financial wellbeing coach, as well as to resources that can help improve credit scores and manage entertainment spending.
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