Massachusetts Sports Betting Revenue Reaches $48 Million in July
July marked a notable point in Massachusetts’ sports betting landscape, with taxable revenue hitting $48 million. This figure represents a year-on-year increase, though it reflects a dip in the state’s overall market activity for 2023.
According to the Massachusetts Gaming Commission, July’s taxable revenue exceeded last year’s by 16.5%. However, it also showed a decline of 22.7% from June’s revenue of $62.1 million, which had previously set the benchmark for 2023.
Delving into the specifics, online betting contributed substantially—a robust $47.6 million, while retail betting revenue was notably lower, at just $567,407. The total amount wagered in July reached $489.5 million, an 18.9% increase compared to the same month last year. Most of this activity came from online platforms, which accounted for $483.2 million of the total handle.
This led to a monthly hold of 9.81%, indicative of the overall performance across the betting landscape.
DraftKings Maintains Dominance
In the operator arena, DraftKings continues to lead the pack in Massachusetts. The platform garnered an impressive $24.3 million in revenue from a handle of $238.9 million, translating to a notable hold of 10.17%. This dominance is a testament to its strong brand presence in the state.
FanDuel closely followed, raking in $12.3 million from $121.6 million in bets and maintaining a hold of 10.12%. BetMGM held a solid third place, generating $4.4 million off a $38 million handle for an 11.05% hold.
Interestingly, Fanatics also posted $4.4 million but from a higher handle of $55.3 million, leading to a lower hold of 7.96%. Meanwhile, ESPN Bet hovered just below the $1 million mark, with $980,740 on a $13.9 million handle (7.03% hold). Caesars and Bally Bet finished with $765,128 and $314,682, respectively, with holds of 5.18% and 8.45%.
In the retail sector, Plainridge Park Casino led the way with $245,762 in revenue, achieving a commendable hold of 12.58%. Encore Boston Harbor followed with $221,823 from $3.5 million in bets, while MGM Springfield reported $857,275 and an 11.64% hold.
Broader Casino Market Performance
The outlook wasn’t only bright for sports betting; the land-based casino revenue also saw healthy numbers. Reaching $99.5 million in July, this figure remained consistent with last year’s performance and was a 1.8% rise from June’s totals.
Slot machines were responsible for a hefty $72.2 million of that revenue, with table games contributing $27.3 million. Encore Boston Harbor was the standout performer in this sector, generating $60.2 million, while MGM and Plainridge Park reported $24 million and $15.3 million, respectively.
From a tax perspective, Massachusetts collected a total of $38.1 million in July, which included $9.6 million from sports betting and $28.5 million from the wider casino gaming activities. This highlights the ongoing significance of both sectors to the state’s revenue streams.