We study the optical properties of gapped graphene in presence of a magnetic field. We consider a model based on the Dirac equation, with a gap introduced via a mass term, for which analytical expressions for the diagonal and Hall optical conductivities can be derived. We discuss the effect of the mass term on electron-hole symmetry and $π$-$π^*$ symmetry and its implications for the optical Hall conductivity. We compare these results with those obtained using a tight-binding model, in which the mass is modeled via a staggered potential and a magnetic field is included via a Peierls substitution. Considering antidot lattices as the source of the mass term, we focus on the limit where the mass term dominates the cyclotron energy. We find that a large gap quenches the effect of the magnetic field. The role of overlap between neighboring $π$ orbitals is investigated, and we find that the overlap has pronounced consequences for the optical Hall conductivity that are missed in the Dirac model. ; Comment: 10 pages, 9 figures, submitted for Physical Review B