Massachusetts Online Sportsbooks Hit Nearly $6bn in 12 Months
Date: 2024-03-19 Author: Dima Zakharov Categories: SPORTS BETTING
Strong Start, Slight Dip
In February, Massachusetts' digital and physical sportsbooks saw a slight dip in wagers compared to January, marking the end of the initial surge. The combined handle for retail and online betting totaled $542.5 million, showing a decrease of 16.8% from the previous month.
A Year of Digital Betting
The Massachusetts Gaming Commission revealed that since the launch of online sports betting on March 10, 2023, a staggering $5.98 billion in wagers have been placed digitally over the span of 12 months.
Changes in Platform Availability
As February concluded, the state bid farewell to two digital platforms, Betr and WynnBET. With their departure, Massachusetts residents now have six options for online sports betting. However, there's anticipation surrounding the upcoming launch of Bally Bet by the end of June, as announced by the Massachusetts Gaming Commission.
Financial Performance in February
Despite the dip in wagers, Massachusetts sportsbooks generated $52.55 million in adjusted gross gaming revenue (GGR) in February, contributing $10.5 million in taxes to the state. Since the inception of brick-and-mortar sportsbooks in January 2023, operators have paid a total of $118.6 million in tax revenue.
Performance Insights
Operators in February were just shy of reaching a 10% hold, with a 9.93% overall hold rate. While digital platforms maintained a 10.03% hold, physical sportsbooks recorded a lower average hold at 6.2%.
Market Leaders and Losses
DraftKings remained the dominant player in the market, leading in both wagers and hold percentage. However, WynnBET suffered losses and ceased operations in Massachusetts, while Betr also saw its exit from the state.
Retail Betting Performance
On the retail side, Plainridge Park and MGM Springfield emerged as key players despite variations in handle and hold percentages.
This significant milestone and performance insights underline the evolving landscape of sports betting in Massachusetts, showcasing both successes and challenges for operators in the burgeoning market.
