The sports betting revenue for April on Wednesday, pushing the overall total to over $700 million since launch.
It was the ninth time in 14 months with sports betting apps available that the Bay State sured $50 million in operator winnings, though April’s haul was 16.1% lower compared to the same month last year. Revenue, however, was up 5.8% compared to March as the 8.4% hold was 1.1 percentage points higher.
The state’s three retail sportsbooks and six 4.1% from April 2023. All five occasions where Massachusetts has topped $600 million in handle have come in the past six months as total wagering has crossed $7 billion since the first bets were placed Jan. 31, 2023.
The state received more than $9.9 million in tax revenue, lifting the year-to-date total to $43.8 million. That is more than double the total from the first four months of 2023, but mobile wagering in Massachusetts did not begin until March of that year.
DraftKings maintains 50%+ mobile handle market share 473l5p
Running APRIL Top 10 #SportsBetting handles by state:
1 New York ~$1.97B
2 MASS. $603.3M
3 Maryland $486.3M
4 Indiana $393.9M
5 Tennessee $380.9M
6 Iowa $209.5M
7 Oregon $72.3M
8 Maine $38.4M
9 West Virginia $34.4M
10 Vermont $17.1M#SportsBettingX #GamblingX— Chris Altruda (@AlTruda73) May 15, 2024
DraftKings again attained more than half the mobile betting market in its home state, accepting $304.1 million worth of wagers in April. It posted an 8.1% hold to report $24.5 million in gross revenue, the eighth consecutive month with at least $23 million in winnings.
FanDuel, meanwhile, avoided a third straight month with a single-digit hold, claiming 11.4% of its $176.3 million handle to reap $20.1 million in revenue. It was the fourth time it cleared $20 million in monthly winnings while lifting its year-to-date total above $75 million.
BetMGM grabbed third for both revenue and handle, claiming $2.5 million in revenue from $40.4 million handle to craft a 6.2% win rate. That pushed its all-time winnings in Massachusetts above $50 million, but its 8.2% hold in 2024 is 2.6 percentage points lower than its all-time mark of 10.8%.
Though April marks the start of the slower portion of the sports betting calendar year, ESPN BET‘s $27.9 million handle was its first below $30 million since entering the Bay State last November. It fashioned a 6.6% hold to keep $1.8 million in winnings, also an all-time monthly low.
Fanatics Sportsbook did more with less in April as revenue jumped 29% from March to $1.2 million despite the $22.8 million in handle being nearly $1 million less. More than 60% of its $76.2 million handle in 2024 has come in the last two months.
Caesars dropped to last in handle for April and the betting public held it to a 3.6% hold and $712,800 in revenue. Caesars has not posted a hold above 5.4% in its past six months in Massachusetts dating back to last November and has a 4.5% win rate through the opening four months of the year.
MGM Springfield absorbs worst retail loss in state history 1a481b
MGM Springfield now has the two biggest monthly losses among the state’s retail three sportsbooks after bettors came out $537,800 ahead in April on $1.9 million in handle. It was the second straight April MGM finished in the red, having lost $228,400 in 2023.
Boston Encore Harbor and Plainridge Park both had sub-3.3% holds in collecting $310,500 between them. It was the first time that Massachusetts’ three brick-and-mortar sportsbooks combined to post a full-month loss, with bettors collecting $227,200 on top of the $11.7 million in wagers placed.
