Massachusetts smashes sports betting revenue record in January
Massachusetts Sports Betting Revenue Hits All-Time High of $94.4 Million in January
In a landmark achievement for the Massachusetts gambling sector, sports betting revenue soared to a remarkable $94.4 million (£74.6 million/€90.2 million) in January 2024. This figure marks a significant milestone, as it represents the third-highest monthly handle since the state established its legal sports betting market.
The gross gaming revenue for January reflects a staggering 32.8% increase compared to the $71.1 million generated in the same month last year. Notably, this latest revenue figure not only surpasses previous monthly records but does so by an impressive margin, exceeding the prior high of $75.4 million set in September 2023 by 25.2%.
As detailed in the most recent data released by the Massachusetts Gaming Commission on February 20, 2024, the online sports betting segment alone contributed a substantial $93.6 million to January’s total revenue, while retail sports betting added $778,953.
This robust performance starkly contrasts with trends observed in other states, notably Pennsylvania, which reported a year-on-year decline of 26.4% in sports betting revenue during the same month.
In terms of handle, total player spending reached $762.5 million, representing a 17% increase year-on-year. This figure is only 3.3% shy of December 2023’s record high of $788.3 million.
The online betting market accounted for $751.4 million of the total handle, while retail betting contributed $11.1 million. For January, Massachusetts recorded a hold percentage of 9.32% across all betting activities.
DraftKings Maintains Dominant Position
Analyzing the online sports betting landscape reveals that DraftKings has further solidified its market lead. The company generated $51.8 million in revenue from a handle of $377.1 million, yielding a hold of 13.74%.
FanDuel, owned by Flutter Entertainment, remains the second-largest player but fell further behind in January, reporting revenue of $28.8 million from $217.3 million in bets, resulting in a hold of 13.25%.
BetMGM secured the third position, with revenue of $5.5 million from a handle of $63.2 million, producing an 8.7% hold.
Other notable operators in the Massachusetts market include:
- Fanatics: $3.5 million from a handle of $37.8 million (9.26% hold)
- ESPN Bet: $2.3 million from a handle of $28.4 million (8.10% hold)
- Caesars: $1.2 million from a handle of $23.0 million (5.22% hold)
- Bally Bet: $493,996 from a handle of $4.7 million (10.42% hold)
In the retail sports betting category, Plainridge Park Casino emerged as the leader, generating $413,922 from a handle of $3.7 million, achieving a hold of 11.1%. Encore Boston Harbor followed with $365,031 in revenue derived from $6.2 million in bets, resulting in a 5.85% hold. Meanwhile, MGM Springfield recorded $1.1 million in bets but did not report any revenue for the month.
Casino Revenue Experiences 4.7% Annual Growth
In addition to sports betting insights, the Commission reported promising developments in the state’s land-based casino sector. Taxable gaming revenue reached $97.9 million in January, reflecting a 4.7% increase compared to the previous year, though this figure represents a 4.2% decline from December’s totals.
Breakdowns of the revenue sources for January revealed:
- Slot Machines: $66.2 million
- Table Games: $31.7 million
Encore Boston Harbor maintained its status as the highest-earning casino, reporting total revenue of $61.4 million. Following it was MGM Springfield with $22.8 million, and Plainridge Park Casino with $13.8 million.
Regarding taxation, the combined monthly total of $46.6 million emerged from both casino gaming and sports betting, with $27.8 million attributed to casinos and $18.8 million derived from sports wagering.
This robust performance in both the sports betting and casino sectors underscores the resilience and ongoing growth of Massachusetts’ gambling landscape, reflecting broader trends and consumer enthusiasm in the industry.
