Massachusetts Sets New Sports Betting Revenue Record in January
Date: 2024-02-20 Author: Dima Zakharov Categories: EVENTS
Massachusetts Breaks Records
Massachusetts made waves in the sports betting industry by smashing revenue records in January. The state raked in an impressive $71.1 million in taxable sports betting revenue, surpassing the previous record of $61 million.
Remarkable Growth
January's revenue represented a remarkable 17% increase from the previous highest month, demonstrating the ongoing growth and success of Massachusetts' sports betting market. Despite falling just 1.1% short of December's record handle, the state still accumulated $651.7 million in bets, indicating sustained momentum.
Online Dominance
Online sports betting continued to dominate, with online wagers accounting for 99.4% of January's handle. This underscores the significant role of digital platforms in driving revenue and engagement within the industry.
DraftKings Leads the Pack
DraftKings maintained its position as the market leader in Massachusetts, despite a slight decrease in handle compared to December. With a handle of $315.9 million, DraftKings remains the frontrunner in the state's sports betting landscape.
Competition and Market Dynamics
While FanDuel experienced a month-on-month increase in handle, it still trails behind DraftKings significantly. ESPN Bet, a newcomer to the market, ranked third in January, indicating the evolving competitive landscape.
Wynn's Departure
WynnBet, operated by Wynn Resorts, ceased operations in Massachusetts, signaling a shift in the market. Despite this, Wynn Resorts will continue to operate retail sports betting at Encore Boston Harbor, ensuring continuity for players.
Future Outlook
Massachusetts' record-breaking performance in January underscores the state's potential as a lucrative market for sports betting operators. With ongoing growth and competition, the landscape is poised for further evolution and innovation.
