Massachusetts Sportsbooks Set New Records in November Betting Activity

Despite an underperforming sportsbook hold, the state’s sports betting apps and retail providers experienced substantial betting volumes.

Record-Breaking November for Massachusetts Sports Betting

In November, sports bettors in Massachusetts wagered a staggering $654.4 million, surpassing the previous record of $579.3 million set in April. This impressive figure indicates a 14.5% increase from October’s $571.8 million, signaling a robust growth trajectory for the state’s sports betting industry.

The strong performance of local teams like the NBA’s Boston Celtics and the NHL’s Boston Bruins contributed significantly to this record-setting month. Unfortunately, the less stellar season of the New England Patriots didn’t dampen the overall betting enthusiasm.

Revenue Performance

Despite the record handle, November revenues for Massachusetts sports betting apps were not as promising, reporting $50.6 million, a 16.5% decline from October’s $60.5 million. The sportsbooks’ win rate stood at 7.7%, just above the national average but lower than previous months.

The adjusted gross revenues of $48.9 million in November facilitated a substantial tax contribution, with $9.8 million collected for state and local coffers in Massachusetts.

Leading Sportsbooks in Massachusetts

DraftKings Massachusetts led the pack with a record $320 million in bets and $27.2 million in revenues. FanDuel Massachusetts followed, setting its monthly best with $181.5 million in wagers and $12.6 million in revenues. BetMGM Massachusetts and Fanatics Massachusetts also made significant contributions to the state’s betting landscape.

ESPN BET made a notable entry into the Massachusetts market, securing the third position in terms of operator handle for November. Despite being operational for just over two weeks, ESPN BET garnered $39.1 million in accepted wagers, accounting for 6.1% of the state’s total for the month.

Our Comment on the Article

The surge in sports betting activity in Massachusetts, particularly in November, reflects the growing popularity and acceptance of legal sports betting in the state. The dynamic market, fueled by strong performances from local sports teams and the entry of new operators like ESPN BET, demonstrates the potential for further growth and diversification in the industry.

As sports betting continues to evolve, it becomes increasingly important for operators to adapt to changing market dynamics and maintain responsible betting practices. This trend in Massachusetts is indicative of the broader movement towards a more mature and sophisticated sports betting environment across the United States.