Massachusetts betting handle slips to eight-month low in February

In February, Massachusetts experienced a notable dip in player spending on sports betting, reaching its lowest monthly figure since July of the previous year. However, the state also reported year-on-year growth in both betting handle and taxable revenue.

The total expenditure by sportsbook customers in Massachusetts during February amounted to $628.2 million (£484.5 million/€578.5 million). This figure reflects a substantial increase of 15.8% compared to the same month in the previous year, even as it fell short by 17.6% from January’s higher betting handle.

Recent data released by the Massachusetts Gaming Commission on March 20 reveals that online sports betting handled an impressive $618.6 million in February, while retail sportsbooks contributed an additional $9.6 million in total wagers.

Taxable gaming revenue for the month reached $65.6 million, which signifies a 24.7% increase from February of last year; however, it represented a decrease of 30.5% from January’s record haul of $94.4 million.

When analyzed in detail, online betting generated $65.4 million of the total gaming revenue, with retail sportsbooks accounting for a more modest $205,391 of the overall figures in Massachusetts.

In terms of hold percentage, the statewide figure for February stood at 10.44%, indicating the efficiency and performance of the sportsbooks throughout the month.

DraftKings Unchallenged Leadership in Massachusetts

Examining the performance of individual operators, DraftKings solidified its position as the leading online sportsbook in Massachusetts, generating $36 million in revenue from a $317 million handle, resulting in a hold of 11.36%.

FanDuel remained a close competitor, recording $19.2 million in revenue from a $167.2 million handle for an impressive hold of 11.48%. BetMGM secured its spot in the top three with $4.7 million in revenue derived from a handle of $54.6 million, which translates to a hold of 8.61%.

Notably, Fanatics achieved $3 million in revenue from a $33 million handle, resulting in a 9.09% monthly hold. ESPN Bet was the other online operator to surpass the $1 million revenue threshold, reporting $1.5 million from a $22 million handle, translating to a 6% hold.

In contrast, both Caesars and Bally Bet struggled significantly in February, failing to generate revenue exceeding the $1 million mark.

On the retail side, MGM Springfield led the market with revenue of $112,272 from $1.3 million in total wagers, achieving an 8.56% hold. Plainridge Park Casino followed, generating $93,119 from $3.3 million in wagers for a hold of 2.82%. Notably, Encore Boston failed to generate any revenue during the month.

Dwindling Land-Based Casino Revenue

The Massachusetts Gaming Commission’s monthly report also highlights trends in land-based casino gambling. In February, total revenue from this sector stood at $93.4 million, reflecting a 7.16% decrease year-on-year and a 4.6% decline from January’s figures.

This total comprised $63 million from slot machines and $30.4 million from table games, illustrating the diverse revenue streams within physical casinos.

Encore Boston Harbor continued to lead the market with total casino gaming revenue of $59.3 million. MGM Springfield followed with $20.9 million, while Plainridge Park Casino generated $13.2 million.

Overall, Massachusetts collected $39.6 million in gambling taxes during February, which included $13.1 million derived from sports betting and $26.5 million from land-based casino gaming.