DraftKings continued to hold sway in its home state of Massachusetts, ing for nearly half the $62.1 million in gross sports wagering revenue for the month of May, according to figures released Thursday by the Massachusetts Gaming Commission.
The online titan has made it a point to flex its muscles where it is headquartered, and that continued as DraftKings also ed for almost half the $443.6 million online handle generated among the Bay State’s eight online operators. It posted a hold of 3.9% to keep $30.6 million in winnings.
Overall, sportsbooks kept nearly $62.1 million in gross revenue to fashion a 13.6% hold from $455 million handle, continuing what has been a banner May for the house nationwide. All 11 states that have published revenue reports have seen operators post win rates of 10.8% or higher for the month. Handle dropped 21.5% compared to April, but gross revenue ticked 2.9% higher as the hold climbed by more than 3.2 percentage points.
The state was able to tax almost $61 million in adjusted gross revenue, resulting in more than $12.1 million flowing into state coffers. Massachusetts operators have generated $33.2 million in taxes since the launch of online betting in March and nearly $33.6 million since the first bets were placed Jan. 31.
Betr and Fanatics enter the scene 714m6w
Running May Top 10 #SportsBetting handle by state:
1 New York $1.36B
2 MASSACHUSETTS ~$455M
3 Maryland $320.2M
4 Indiana $283.4M
5 Tennessee $279.8M
6 Iowa $147.72M
7 Oregon $52.12M
8 West Virginia $31.91M
9 Washington DC $12.53M
10 Montana $4.46M#GamblingTwitter— Chris Altruda (@AlTruda73) June 15, 2023
Two mobile operators, Betr and Fanatics, made their Massachusetts debuts in May. Betr, known primarily as a microbetting platform, launched May 10 and had handle just shy of $593,000. Its 7.9% hold ranked sixth among the eight operators, as it kept just over $47,000 in gross revenue.
began beta testing in the Bay State on May 25. It accepted more than $123,000 in bets, posting a healthy 34% win rate in generating nearly $42,000 in gross revenue.
While DraftKings has received the bulk of action in the first three months, BetMGM, however, took honors for the best win rate among mobile books with a minimum seven-figure handle at 15.7%, which helped it claim close to $5.5 million in revenue from almost $35 million worth of wagers.
Barstool Sportsbook enjoyed a solid May, posting an 11.4% hold to reap $1.8 million in winnings from just over $16 million handle. WynnBET was the lone mobile operator under the 7% industry standard, landing at 6.4% to claim close to $1.1 million in winnings off $16.4 million handle.
MGM’s retail book absorbs another loss 6g5c1v
MGM Springfield paid out more in winning wagers than it took in bets for the second consecutive month, though the $23,538 loss on $1.9 million handle was far slimmer than April’s loss of more than $228,000 on $1.7 million in accepted bets. The brick-and-mortar book in the state capital has a modest 2.9% hold since launch, barely clearing $200,000 in gross revenue from $7.1 million handle.
Encore Boston Harbor finally put the screws to the public with its first double-digit hold since launch. It did so in emphatic fashion, with a 20.6% win rate to claim nearly $1.4 million in gross revenue from $6.7 million wagered. The WynnBET-powered brick-and-mortar book had generated $1.8 million in gross revenue in its first three-plus months of action.
Plainridge Park, meanwhile, situated itself in the middle with an 8.4% win rate to keep more than $233,000 of almost $2.8 million wagered. Encore’s outlier performance contributed to the overall retail hold reaching 13.9%, nearly 11 percentage points higher than April, from $11.4 million handle.
