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Betting
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“sports betting at MGM Springfield will bring more foot traffic and visitors to downtown Springfield. We are thrilled
at the prospect of not only having more people come and enjoy our property, but to experience all of the amazing businesses nearby.”
However, the SEIGMA study contends that direct economic impacts will depend on shifting spending from the illegal to legal market, and the impacts will not be entirely new since the majority of these already occur due to the illegal market.
In addition, sports betting will primarily redistribute money already in the economy rather than attracting new money from outside Massachusetts.
“When you compare the tax revenue we anticipate being generated in Massa- chusetts by sports betting, the optimistic scenario is $60 million a year,” Volberg said, “which is not very large compared to the lottery, which in 2019 generated $1.1 billion in tax revenue, or casinos, which in 2019 generated about $168 million.”
She added that “the biggest surprise
“The general scenario in any addition is doing more for the same effect.”
for us was how little research had actually been done, particularly on the economic impacts — what does the industry look like once you legalize it, once it’s operational? What kinds of jobs, what kinds of revenues, and how are those jobs translating into eco- nomic benefits? There were literally only two or three economic studies we were able to identify, so there’s clearly a lot of work to be done in that area.”
Volberg told HCN that the ‘handle’ — a term that refers to all money bet, includ- ing rewagered winnings, creating a high level of churn — is not the same as the total revenue taken in by operators.
“It’s easy to lose sight of the fact that sports betting is run on very narrow mar- gins, so the actual revenues the operator is able to generate are a very small number
of what the handle numbers are,” she ex- plained. “At this point, the most optimistic scenario for sports betting tax revenues in Massachusetts is about $60 million, and that’s assuming the legal operators are able to capture the great majority of the legal market. It also assumes it will attract people who haven’t bet on sports before there was
a legitimate, legal provider.”
When It’s No Longer Fun
Kimberley Lee, chief of Creative
Strategy and Development at MiraVista, said she hopes the state raises awareness
of gambling-addiction supports with the same enthusiasm it pushes access to sports betting — and such supports do exist, from the state’s Office of Problem Gambling Ser- vices to the National Council on Problem Gambling to local therapists and support groups.
“People should know where to find help,” Lee said, noting that gambling ad-
diction often contributes to other issues. “There are definitely high rates of co- morbidity between substance abuse and gambling addiction.”
Sports betting triggers the brain the same way other addictions do, Khouri-Boucher said, targeting a pleasure-reward mecha- nism. “The general scenario in any addition is doing more for the same effect.” When the pleasure wears off, they might seek big- ger thrills — and bigger bets, she added.
And when things don’t pan out — it’s helpful to remember the old adage that the house always wins — the financial pain can cause stress that often leads to unhealthy coping mechanisms like drinking or smok-
ing more.
“If you’re unable to fulfill your role as a
provider or remain self-sufficient, if you’re getting into crushing debt and not getting enough sleep, if you’ve stopped doing other things you enjoy because this is all-encom- passing...”
Khouri-Boucher paused before stating the obvious, that it’s important to recognize when gambling is no longer just for fun and has turned into something else — and to seek help. Because, for many people, making an activity legal doesn’t necessarily make it safe. v