Massachusetts Sports Betting Hits $764M Handle in Record-Breaking November
November 2024 was another huge month for sports betting in Massachusetts, with online sportsbooks smashing previous records. Players wagered $764 million, up 20% from the same time last year.
Revenue Jumps Thanks to Higher Hold Rates
Online operators saw a big boost in taxable revenue, bringing in $80.5 million, a sharp increase from $48.5 million in November 2023.
The higher revenue came from an improved 11% hold rate, up from 7.8% last year, giving operators a nice jump in profitability.
The state also set a new high for gaming tax revenue, collecting over $16 million, which beat the previous record by nearly $1.5 million.
DraftKings Dominates the Market
Homegrown favorite DraftKings maintained its lead as the top sportsbook in Massachusetts, handling a massive $384.1 million in bets, up from $319.9 million last year.
The company’s 11.75% hold rate was the highest in the state, translating to $44.1 million in revenue and nearly $8.8 million in taxes.
FanDuel held onto its second-place spot with $225.6 million in wagers and $24.5 million in revenue. Its 11.1% hold rate and roughly $5 million in tax contributions kept it a strong player, though still far behind DraftKings.
New Players Making Moves
While DraftKings and FanDuel lead the pack, newer entrants like Fanatics Sportsbook and ESPN Bet are gaining traction:
- Fanatics Sportsbook took in $37.3 million in bets but posted a low 4.7% hold rate, earning $1.6 million in revenue.
- ESPN Bet, relatively fresh to the market, handled $29.2 million in wagers, earning $2.2 million with an 8% hold rate.
The smaller players in the market also contributed to the record-breaking month:
- BetMGM: $58.5 million in handle, $5 million in revenue.
- Caesars Sportsbook: $23.3 million in handle, $1.37 million in revenue.
- Bally Bet: $5.7 million in handle, $541,352 in revenue.
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