Massachusetts Sports Betting Sees Significant Revenue Growth
Online sports betting in Massachusetts reached remarkable heights in May, generating nearly $80 million.
In a striking turn of events, sports betting revenue in Massachusetts surged by 41.6% compared to the previous year, totaling approximately $80.7 million—marking the highest figure since January. Taxable revenue has notably outpaced last May’s $57 million, and it also exceeded April’s revenue by 22.5%. However, it still trails behind January’s record of $94.4 million.
According to the Massachusetts Gaming Commission (MGC), online betting was the clear standout, contributing $79.9 million, while retail sportsbooks managed only around $829,605.
In terms of overall betting activity, the combined handle—amount wagered across both online and retail locations—hit $655.8 million in May, reflecting an 11.7% increase from the previous year, though it fell short by 5% from April’s impressive $690.3 million. Online betting alone accounted for $645.7 million, with retail generating just $10.1 million. The hold for the month stood at 8.69%.
DraftKings Leads the Pack
When examining individual operators, DraftKings maintained a commanding lead in Massachusetts’s online betting arena, reporting $41.6 million from $330.8 million in bets, boasting a hold of 12.58%. FanDuel secured the second slot with $23.1 million from $171.9 million, achieving a notable hold of 13.44%.
Fanatics achieved third place with $5.8 million from $46.3 million wagered, resulting in a 12.53% hold. Other contenders such as BetMGM and ESPN Bet posted $4.9 million and $2.6 million, respectively. Meanwhile, Caesars and Bally Bet struggled, with revenues of $1.7 million and a modest $211,173 from their respective handles.
In the retail sector, Encore Boston Harbor emerged as the leader with $545,918 in revenue from a $5 million handle, while Plainridge Park Casino followed with $283,687 from $3.6 million in bets, achieving a hold of 7.83%. MGM Springfield, however, did not report any revenue despite taking in $1.5 million.
Casino Revenue on the Rise
The MGC also provided insights into the land-based casino market, where total revenue from slots and table games in May reached $105.4 million, demonstrating a 7.9% year-on-year increase. This comprised $75.5 million from slot machines and $29.8 million from table games.
Encore Boston Harbor again led the pack, generating $63.3 million in revenue, followed by MGM with $25.4 million and Plainridge Park with $16.6 million—all derived from slot machines.
In terms of taxation, Massachusetts collected $46.4 million in total revenue for May, with $16.1 million from sports betting and $30.3 million from casino gaming. The state is clearly witnessing a thriving gambling landscape, with both online and retail avenues contributing significantly to the overall financial picture.