Massachusetts Sports Betting Revenue Sees Decline Despite High Player Engagement
In March, Massachusetts experienced a notable downturn in sports betting revenue, marking the lowest figures in six months, even as bettors spent substantial amounts.
The state’s taxable sports betting revenue for March hit $52.1 million (£39.1 million/€45.7 million), reflecting a 12.8% increase compared to the same month last year. However, this total was 20.6% below the $65.6 million earned in February.
This recent figure stands as the weakest since the $48.3 million recorded in October 2024, according to data released by the Massachusetts Gaming Commission.
Online betting significantly contributed to the monthly total, bringing in $51.9 million, while retail sportsbooks generated a mere $265,536.
Player engagement remains robust, with a total of $772.5 million wagered in March. This represents a 20.3% year-over-year increase and a 23% rise from February, marking it the third-highest total since legal betting commenced in January 2023. The all-time high of $788.3 million was achieved in December of the previous year.
A closer look at the distribution reveals that bettors placed $761.8 million online and $10.6 million at retail betting points. The hold rate for the month was recorded at 6.74%.
DraftKings Dominates the Market
DraftKings continues to lead the Massachusetts market, generating $28.4 million in online revenue from a $375.2 million handle—resulting in a hold of 7.57%.
FanDuel follows as the nearest competitor, achieving $13.8 million in revenue from a $208.4 million handle, which corresponds to a hold of 6.62%. Other notable operators include BetMGM, with $4.1 million in revenue on a $72.1 million handle (5.69% hold), and Fanatics, bringing in $2.1 million from $48.3 million in bets (4.35% hold).
Caesars reported $1.7 million from a $26.2 million handle (6.49% hold), while ESPN Bet delivered $1.5 million from $26.5 million (5.66% hold). Bally Bet concludes the online spectrum with a modest $179,586 off $5.1 million, reflecting a hold of 3.49%.
In the retail sector, Encore Boston Harbor led with $197,219 in revenue from a $5.6 million handle (3.49% hold), followed by Plainridge Park Casino at $68,317, yielding a 2.05% hold. Notably, MGM Springfield reported no revenue despite accepting $1.6 million in wagers.
Year-on-Year Casino Revenue Decline
The report also highlighted a decline in land-based casino revenue, with the three casinos collectively earning $105.1 million in March—down 5.4% from the previous year. Slot machines contributed $76.6 million to this total, while table games accounted for $28.5 million.
Encore Boston Harbor topped the casino revenue charts with $53 million, followed by MGM Springfield at $25.5 million and Plainridge Park Casino with $16.5 million.
For the month of March, Massachusetts collected over $40.7 million in gambling taxes, with $10.1 million derived from sports betting and $30.2 million from casino operations.