Massachusetts Sports Betting Sees Record Revenue in August
Massachusetts sportsbooks achieved significant success in August, generating a remarkable $55.8 million in revenue, representing a hold of 10.2%.
The state witnessed a substantial surge in consumer spending on sports betting, totaling $545.3 million for the month. This figure marks a notable increase compared to the same month last year and surpasses July’s numbers as well.
When looking at year-over-year trends, the handle increased by 21.9%, as reported by the Massachusetts Gaming Commission. In a month-to-month comparison with July, spending rose by 11.4%.
Out of the total amount wagered in August, a staggering $537.4 million came from online platforms, while retail sportsbooks accounted for $7.9 million.
In terms of taxable revenue, online betting led the way with $55.1 million, while retail sportsbooks contributed $681,347. Consequently, the overall hold for sports betting stood at 10.23%.
Dominance of DraftKings in the Massachusetts Market
A deeper look into the online revenue reveals DraftKings as the clear frontrunner in the state. The company reported $28.7 million from $275.9 million wagered, resulting in a robust monthly hold of 10.4%.
Close behind, FanDuel earned $13.8 million from $129.3 million in wagers, achieving a hold of 10.67%. Fanatics secured third place, bringing in $5 million with a $49.5 million handle, indicating a slightly lower hold of 10.04%.
Other operators also made their mark: BetMGM generated $4.7 million from $46.2 million in bets with a hold of 10.17%, while ESPN Bet rounded out the top five with $1.5 million from $15.8 million, resulting in a 9.49% hold.
For brick-and-mortar establishments, Encore Boston Harbor took the lead, raking in $387,454 from a $3.9 million handle, which amounted to a 9.96% hold. Plainridge Park Casino followed closely, reporting $293,893 from $2.8 million in bets, equating to a 10.56% hold. Notably, MGM Springfield did not generate any revenue despite accepting $1.2 million in wagers.
Strong Performance from Land-Based Casinos
In the realm of traditional casino games, gross revenue hit $105 million, reflecting a 1.7% increase from the previous year. This figure comprised $73.9 million from slots and $31.1 million from table games.
Encore Boston Harbor again led this segment with an impressive revenue of $65 million. MGM Springfield and Plainridge Park Casino followed, reporting $24.9 million and $15.1 million, respectively.
The state collected $41 million in total tax revenue from all gambling activities in August, including $11.1 million from sports betting and $29.9 million stemming from casino gaming.