Massachusetts Sees Surge in Sports Betting Revenue Amid Mixed Trends
In April, Massachusetts experienced a notable rise in sports betting activity, generating a staggering $65.5 million from online wagers alone.
While the figures reflected a positive year-on-year development, with a 34.2% increase compared to April 2024 and a 25.8% jump from March, the month-on-month landscape presented a contrasting picture. Notably, while revenue continued to climb, the volume of activities saw a slight decline.
Taxable sports betting revenue for April reached $65.9 million, indicating a robust growth trajectory. In total, the state recorded a handle (the total amount wagered) of $690.3 million, representing a 14.4% year-on-year increase, although it fell 4.5% short compared to the previous month. Online platforms accounted for the lion’s share, with players wagering approximately $680.5 million online, compared to just $9.7 million at physical locations.
Consequently, the overall statewide hold for April was recorded at 9.55%.
DraftKings Dominates the Online Betting Sphere
Examining the competitive landscape, DraftKings maintained its stronghold in the Massachusetts online betting market, amassing $37.8 million in revenue from bets totaling $343 million—yielding a solid monthly hold of 11.02%. Close behind was FanDuel, which garnered $17.9 million from $185.9 million in wagers for a 9.63% hold. BetMGM followed, earning $3.9 million with a handle of $55.1 million, achieving a 7.08% hold.
Other noteworthy online operators included Fanatics, which reported revenues of $3.1 million from a handle of $49.3 million (a 6.3% hold), and ESPN Bet, which crossed the $1 million revenue threshold with $1.8 million from a $21.7 million handle, resulting in a 4.61% hold.
Retail Betting Sees Modest Returns
In contrast to the online successes, retail betting generated just $486,828 during April. Encore Boston Harbor led this segment, with $372,527 in revenue, reflecting a 7.52% hold from a $5 million handle. Meanwhile, Plainridge Casino Park reported $114,301 from $3.1 million, translating to a 3.65% hold, while MGM Springfield did not report any revenue despite registering $1.6 million in bets.
Land-Based Casino Performance Mixed
Switching gears to land-based casinos, these establishments generated $102.1 million in gaming revenue, marking a 4.7% increase year-on-year, albeit falling 2.9% short of March’s figures. Of this, $71.1 million came from slot machines, while table games contributed approximately $31 million.
Encore Boston Harbor continued to lead the charge among brick-and-mortar venues, bringing in $63.5 million. MGM Springfield followed with $23.5 million, while Plainridge Park Casino rounded out the top three with $15.1 million in revenue.
From a tax perspective, legal commercial gambling yielded $42.3 million for the state in March, comprised of $13.2 million from sports betting and $26.2 million derived from casino gaming activities.
In summary, while Massachusetts is seeing an increase in sports betting revenue, the overall picture remains nuanced, marked by contrasting trends in online and retail sectors as well as mixed results from traditional casinos.