Bay State bettors set a handle record in November but it didn’t last very long as the high water mark fell in December with a total of $658.7 million in sports bets wagered.
Let’s check the numbers and see what the future might hold for the online sportsbooks industry in Massachusetts.
Holiday Gifts for Massachusetts Sportsbooks
They say December is the month for giving and Massachusetts sports bettors did just that. They kept the online sportsbooks jumping with $643.2 million in online wagers, coupled with $15.5 million bet at the retail sportsbooks found at the state’s three casinos. The total tally in December was $658.7 million which was just north of November’s previous handle record of $654.4 million.
The blizzard of betting generated $60.6 million in taxable revenue for the sportsbooks, which was up 23.9% from November’s $48.9 million, delivering a healthy $12 million cut of the profits to the Commonwealth of Massachusetts. However, December revenues fell just shy of the record $61 million in revenues recorded in May 2023.
December was a financial windfall for the online sportsbooks and the state, while the three retail sportsbooks contributed a very minor portion of the overall handle and revenues. As is the case throughout the nation, mobile sports betting towered above the brick-and-mortar books, accepting 97.6% of the wagers and generating virtually the same percentage disparity in revenue with the three retail sportsbooks, producing a combined $1.29 million of the $60.6 million combined in taxable revenue.
The Breakdown
Boston-based DraftKings continues to dominate on its home turf and was far and away the leading mobile sportsbook in December, while FanDuel trailed a distant second. Below are the handles and market share for the online sportsbooks in Massachusetts in December.
- DraftKings $315.8 Million 49.1%
- FanDuel $187.3 Million 29.1%
- ESPN BET $49.9 Million 7.7%
- BetMGM $39.1 Million 6%
- Caesars $24.2 Million 3.7%
- Fanatics $13.6 Million 2.1%
- WynnBET $12.4 Million 1.9%
- Betr $498,897 0.07%
As for revenues, DraftKings led all challengers in December with $29.9 million in revenue from its $315.8 million in mobile bets. FanDuel reported $19.3 million in revenue on its $187.3 million handle. But the big surprise was the emergence of ESPN BET muscling past mainstays BetMGM and Caesars to take the bronze medal with $49.9 million in wagers.
As for the retail end of the bookmaking business in Massachusetts, Plainridge Park Casino led the revenue race with $534,411 in profit from its $7.2 million handle. Encore Boston Harbor and MGM Springfield generated $499,411 and $259,588 in revenue, respectively, during the final month of 2023.
And speaking of 2023, the inaugural numbers are in after nine months of mobile and retail sports betting in the Bay State:
- Total bets placed (handle): $4,946,326,347.07
- Taxable revenue: $471,198,639.76
- Taxes for Massachusetts: $93,893,563.09
As for casino gambling revenue, the Encore Boston Harbor trumped its other two challengers with $65.8 in casino revenue of which $36.2 million was generated from slots, while $29.7 million came via table games.
MGM Springfield took its customary second place with $23.6 million, which saw $19 million in slots revenue while $4.6 million came from table games. Plainridge Park Casino was last with $13.6 million in revenues coming solely from slots as there are no table games available.
Calculators
