Massachusetts Smashes Sports Betting Revenue Record
Date: 2024-02-17 Author: Dima Zakharov Categories: SPORTS BETTING
Record-breaking Revenue
Massachusetts set a new record in January by raking in $71.1 million in taxable sports betting revenue, surpassing the previous record of $61 million. This marks a significant 17% increase from the previous highest month, which was in May 2023.
Strong Performance Continues
Despite falling just 1.1% short of December's record handle of $658.7 million, Massachusetts still managed to accumulate $651.7 million in January, demonstrating the continued strength of the state's sports betting industry. Tax collections amounted to $5.8 million, down by 9.4% from December.
Online Dominance
Online wagers accounted for a staggering 99.4% of January's handle, showcasing the dominance of online sports betting in Massachusetts since its launch in January 2023.
DraftKings Leads the Way
DraftKings maintained its position as the market leader in Massachusetts, although its handle slightly dipped to $315.9 million in January compared to December's $311.4 million.
Competition and Expansion
FanDuel saw a 3.6% increase in its sports betting handle to $194 million, while ESPN Bet ranked third in the state with $45.4 million in handle. Despite the competitive landscape, DraftKings remains ahead of its rivals.
WynnBet Ceases Operations
WynnBet, a division of Wynn Resorts, has ceased operations in Massachusetts as part of a broader strategy to scale back across the US. Despite this, Wynn Resorts will continue to operate retail sports betting in the state, maintaining its presence at the Encore Boston Harbor casino.
