Massachusetts Sports Betting Generates $59 Million in May Revenue
In May, Massachusetts’ sports betting market generated $59 million in gross revenue, with the state’s six mobile operators achieving a combined hold of 10.1%.
Despite a year-over-year increase in handle by 29.1%, reaching $587.3 million, the revenue showed a slight decline of 4.9% from May 2023. The hold rate also dropped from last year’s 13.6%, which was an all-time high.
Year-to-Date Growth
The first five months of 2024 have been robust for Massachusetts, with a total handle exceeding $6 billion and revenue surpassing $500 million. This represents a 37% increase compared to the same period in 2023.
The state collected $11.5 million in taxes from May’s adjusted gross revenue of $57 million, pushing the year-to-date tax revenue to $55.3 million, which is $21.7 million ahead of last year’s pace.
However, comparisons to 2023 are not direct, as sports betting only began at the end of January last year and mobile betting apps launched in mid-March.
Since the launch of sports betting, Massachusetts has seen its total handle surpass $8 billion, with 97.3% of wagers placed online. This highlights the significant role of mobile platforms in driving the state’s sports betting market.
Top Performers in the Market
DraftKings, based in Boston, continued to dominate the market, almost reaching $300 million in handle for the third consecutive month. Although it fell slightly short, DraftKings managed a 9.7% hold, resulting in $29.1 million in revenue and maintaining over 50% of the mobile market share.
FanDuel also had a strong performance, achieving an 11.8% hold in May, which resulted in $20.3 million in revenue from $172.4 million in bets. This marked consecutive months with an 11% or higher hold and at least $20 million in revenue for the first time since last year.
BetMGM came in third, with a nearly 8% hold and $3.1 million in revenue from a $39.3 million handle. ESPN BET showed a 9.7% hold, generating $2.5 million from $25.9 million in wagers, marking its best performance since transitioning from Barstool Sportsbook.
Fanatics Sportsbook and Caesars rounded out the top five, with Fanatics generating $1.8 million in revenue from a $19.8 million handle at an 8.9% hold, and Caesars earning $1.6 million from $20 million in bets at a 7.9% hold.
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