The sports betting revenue for February on Friday, as the state’s three retail sportsbooks and eight mobile operators combined to narrowly miss a 10% hold for the month.
Since there were no from the state-record $72.7 million generated in January since the 9.93% win rate was down more than 1.2 percentage points.
Handle totaled $542.5 million, a 16.8% decrease from January. It also completed 12 months of mobile betting in Massachusetts with $5.98 billion worth of bets accepted from online sources.
The state received $10.5 million in taxes from $52.6 million in adjusted gross revenue for the month, lifting the total from the first two months to $24.7 million. Massachusetts has collected $118.6 million in state taxes through the first 14 months of wagering, though its launch came Jan. 31, 2023.
WynnBET and Betr close up shops 51152j
February running Top 10 #SportsBetting handle by state:
1 New York $1.77B
2 NEW JERSEY $1.08B
3 Mass. $542.5M
4 Maryland $442.6M
5 Indiana $408.7M
6 Tennessee $378.2M
7 Iowa $220.6M
8 Kansas $203M
9 West Virginia $38.8M
10 Maine $32.3M#SportsBettingX #GamblingX— Chris Altruda (@AlTruda73) March 15, 2024
February marked the final month both WynnBET and citing economic reasons for departing the mobile betting scene.
WynnBET finished with a loss of $196,400 from $3.7 million handle in its final month of operation, posting a minus-5.3% hold. For its complete run, it generated $156.5 million worth of wagers and crafted a 5.7% hold to claim $8.9 million in gross winnings.
Betr, whose handle never topped its $593,000 generated during its launch last May, came out $5,045 ahead from $86,900 worth of wagers in February. It totaled $3 million handle during nine-plus months of action and had a 7.8% win rate in collecting $236,000 in revenue.
The two departures leave Massachusetts bettors with six mobile operators, but one can argue they may be the six best in homegrown DraftKings along with FanDuel, BetMGM, ESPN BET, Caesars, and Fanatics Sportsbook.
DraftKings again protected its home turf well, ing for more than 50% of the $530.3 million online handle for February. It also had an 11% or better hold for the third time in five months, landing at 11.7% to keep $31.5 million of the $269.8 million worth of wagers for the month. DraftKings also sured $3 billion in all-time handle despite a four-month run of $300 million handles coming to an end.
FanDuel, meanwhile, was denied a third straight monthly double-digit hold, fashioning a 9.1% win rate in winning $14.4 million from $158.9 million handle. The fellow online juggernaut still has an all-time hold of 10.9% in the Bay State and an 11.3% one through the first two months of 2024.
ESPN BET as its 5.7% decline to $34.7 million was softer than the 32.6% downturn from the PENN Entertainment-run mobile book. BetMGM had a 9.8% hold to reap $3.4 million, while ESPN BET sill had a month-over-month increase in revenue to $2.2 million as its 7.3% hold was 2.8 percentage points higher than January.
Fanatics Sportsbook cleared the benchmark by $97,000 as its revenue was practically flat from January. Its hold ticked nearly two-thirds of a percentage point higher to 7.7%.
