sports wagering domain in its home state of Massachusetts in October, setting all-time monthly highs for revenue and handle, according to figures released by the Massachusetts Gaming Commission.
The $290.1 million in September.
Unlike the previous month, DraftKings was able to notch a double-digit hold at 11.2%, resulting in $34.3 million in revenue. That easily outdistanced its previous best of $30.6 million in May, when it had an all-time high hold of 13.9%
The state’s overall handle was $571.8 million, second-most in eight months of mobile wagering and within $7.5 million of the all-time best of $579.3 million established in April. Total operator gross revenue was $60.5 million, resulting in a 10.6% win rate and serving as runner-up to the $62.1 million generated in May. It also marked the third time revenue sured $60 million.
The state was able to levy taxes on $59.2 million in adjusted gross revenue, leading to an inflow of $11.8 million into its tax coffers.
Massachusetts has collected more than $72 million in state taxes since launch, with all but $9,861 of that amount coming after the Jan. 31 launch.
DraftKings continues to protect home turf 5c5c2p
October #SportsBetting numbers 🧵from #Massachusetts via MGC. Han/GGR/WR by mobile book (4/8)@DKSportsbook $304.76M/$34.25M/11.24%
YTD: $1.823B/$179.62M/9.85%All-time Mass. monthly highs handle/GGR
10/x #sportsbettingtwitter #GamblingTwitter
— Chris Altruda (@AlTruda73) November 15, 2023
It is plainly evident DraftKings made its home state a priority when launching earlier this year, with recent handle figures bearing that out. It has generated $756.8 million handle in the last three months, more than double FanDuel’s $356.9 million in wagers.
Though FanDuel has a higher overall hold than DraftKings — its 11.4% win rate is nearly 1.6 percentage points higher — the sheer volume of DraftKings’ handle has contributed to its gross revenue being 52.8% higher than its eternal rival, a separation of $62.1 million as DraftKings has reaped $179.6 million in gross revenue since taking its first bets in March.
FanDuel crossed the $1 billion handle threshold with a solid October showing, claiming $15.9 million in winnings from $155.6 million handle for a 10.2% hold. It was the sixth time FanDuel posted a double-digit hold in Massachusetts, but October’s win rate was more than one full percentage point lower than its overall 11.4% hold.
BetMGM is the only operator with a 100% record when it comes to double-digit holds, making it 8-for-8 after fashioning a 12.5% hold in October to reap nearly $4.4 million in winnings from $35 million worth of accepted wagers. Its 13.2% overall hold is tops among the eight mobile operators in Massachusetts, and BetMGM has posted an 11% or better hold for six consecutive months.
WynnBET as the trio was separated by less than $407,000 handle.
Fanatics had a 53.1% month-over-month increase in handle to $13.6 million and sured $1 million in monthly revenue for the first time. The nearly $1.3 million in gross winnings led to a 9.5% hold as October revenue was more than double that of September.
PENN Entertainment, which included Massachusetts ESPN BET on Tuesday, narrowly claimed the No. 5 spot with $13.9 million handle for its Barstool Sportsbook operating for the last full month in October. Barstool had more than $1 million in revenue for the first time since June, finishing just shy of $1.5 million, and its 10.7% hold was second-best all time behind the 11.4% crafted in May.
WynnBET posted more than $1 million in revenue for the first time in May as it notched a 7.9% hold on $13.5 million in wagers. The mobile sportsbook, which is operating only in Massachusetts, New York, and Michigan, has accumulated $7.1 million in winnings from $114.6 million handle.
Microbetting platform Betr had a 7% increase in handle to just shy of $325,000, but its 6.6% hold resulted in gross revenue decline of more than 25% to slightly over $21,000. Betr has had only one month with a hold of 8% or higher and has yet to sur $600,000 in handle.
Massachusetts has been competing with close to $500 million.
Running 2023 YTD Top 10 #SportsBetting handles by state (thru Oct in CAPS)
1 NEW YORK $15.02B
2 New Jersey $7.77B
3 Illinois $6.69B
4 Nevada $5.68B
5 Ohio $5.23B
6 Penn. $4.99B
7 Arizona $3.91B
8 Virginia $3.75B
9 Colorado $3.68B
10 MASS. $3.65B#GamblingTwitter— Chris Altruda (@AlTruda73) November 15, 2023
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