Massachusetts bettors placed $654.9 million worth of wagers, according to the state’s gaming commission.
It was the second-highest handle in 13 months with 15.3% compared to March 2023, when mobile betting launched statewide.
Boston-based DraftKings ed for more than half the state’s $642.3 million mobile handle, accepting $323 million worth of bets. It bettered their previous state high of $320 million established last November.
The 7.3% statewide hold was the lowest in any full month of wagering in Massachusetts, with the previous low 7.5% in August. Operators collected $47.8 million in gross sports betting revenue, of which $46.2 million was eligible for taxing. The state saw an inflow of $9.2 million into its coffers, lifting the total for the first three months of the year to $33.9 million.
Revenue was down nine-tenths of a percentage point compared to March 2023 but down 11.2% versus February, when the hold was 9.9%. Adjusted gross revenue was off 1.8% compared to 12 months prior and 12% lower than February.
Massachusetts has collected more than $125 million in taxes from sports betting since launch Jan. 31, 2023.
DraftKings still the only member of the $300 million handle club 321i35
Running Top 10 March #SportsBetting handles by state:
1 New York $1.85B
2 NEW JERSEY $1.33B
3 N.C. $659.3M
4 Mass. $654.9M
5 Maryland $536.7M
6 Indiana $500.8M
7 Michigan $497.6M
8 Tenn. ~$472M
9 Louisiana $350M
10 Iowa $272.4M#SportsBettingX #GamblingX— Chris Altruda (@AlTruda73) April 16, 2024
Though the Massachusetts Gaming Commission does not report operator spend of promotional bonuses and credits, and operators cannot deduct it against gross revenue, it is clear DraftKings has made its home state a high priority by protecting its turf.
It has generated more than $3.3 billion handle in 13 months of mobile betting and has the state’s five monthly totals of $300 million or more. The public held DraftKings to a 7.3% win rate for March, and the $23.5 million in gross revenue was the first time it finished below $30 million since last November. It was, though, enough to sur $250 million in total revenue.
Eternal rival FanDuel topped $190 million worth of wagers for the second time in three months, and its 8.2% hold resulted in $15.7 million in winnings. It topped $200 million in all-time revenue in the Bay State, and its 10.6% overall hold is eight-tenths of a percentage point higher than DraftKings.
The battle for third intensifies 6295v
There are now only six mobile options available in Massachusetts after the departures of WynnBET and Betr, and the remaining four digital sportsbooks received increased attention in March to try and grab the No. 3 spot for handle.
BetMGM won the tussle in March as its handle jumped 31% from February to $45.5 million. Its hold, though, dipped three percentage points to 6.7%, as it barely extended its streak of months with $3 million in revenue to seven.
ESPN BET‘s uptick was lighter, reaching $34.4 million to claim fourth. Its 7.5% hold resulted in $2.6 million in revenue, a high-point for 2024 after claiming $10 million in November and December combined.
Fanatics Sportsbook for fifth by $1.5 million worth of bets, though the floor is significantly higher after Fanatics posted an all-time best of $23.7 million.
It was the second-best month for handle for Caesars, trailing the $27.4 million generated in November, but it was held below a 6% hold for the fifth consecutive month and finished with $1.4 million in revenue.
Fanatics had the lowest hold of the sextet at 4% and was denied a third straight month with $1 million in winnings, coming up $47,350 short.
