Massachusetts sports betting revenue hits six-month low in March

Massachusetts Sports Betting Revenue Declines to Six-Month Low Amid Record Player Spending

In March, Massachusetts experienced a notable downturn in sports betting revenue, marking a six-month low despite impressive player spending that approached record levels. The state’s taxable sports betting revenue reached $52.1 million (£39.1 million/€45.7 million), reflecting a year-on-year increase of 12.8%, yet falling significantly—by 20.6%—from February’s robust $65.6 million.

This figure represents the lowest revenue since October 2024, when the state recorded $48.3 million in taxable revenue.

Data released by the Massachusetts Gaming Commission indicates that online betting was the primary revenue driver, generating $51.9 million. In comparison, retail sportsbooks contributed a modest $265,536 to the total revenue.

The total handle, or the amount wagered, in March reached an impressive $772.5 million. This figure surpasses last year’s total by 20.3% and exceeds February’s performance by 23%, making it the third-highest monthly handle since the state legalized sports betting in January 2023. The record for monthly handle was set at $788.3 million in December of the previous year.

Breaking it down further, consumers placed $761.8 million in online wagers and an additional $10.6 million at retail sportsbooks, ultimately yielding a monthly hold of 6.74% on the total amount wagered.

DraftKings Maintains Dominance in Massachusetts Market

When examining operator performance, DraftKings continues to dominate the Massachusetts sports betting landscape. The platform achieved $28.4 million in online revenue from a handle of $375.2 million, translating to a commendable hold of 7.57%.

FanDuel ranks as the closest competitor, generating $13.8 million in revenue from a $208.4 million handle, resulting in a hold of 6.62%. Other operators such as BetMGM and Fanatics reported revenues of $4.1 million and $2.1 million, respectively, from handles of $72.1 million and $48.3 million, yielding holds of 5.69% and 4.35%. Caesars and ESPN Bet followed, reporting $1.7 million and $1.5 million in revenue from handles of $26.2 million and $26.5 million, with holds of 6.49% and 5.66%. Bally Bet concluded the online rankings with a revenue of $179,586 off a $5.1 million handle, resulting in a hold of 3.49%.

On the retail front, Encore Boston Harbor emerged as the leader with $197,219 in revenue generated from a $5.6 million handle, reflecting a hold of 3.49%. Plainridge Park Casino saw $68,317 in revenue from $3.3 million wagered, yielding a 2.05% hold. Notably, MGM Springfield failed to report any revenue, despite processing $1.6 million in bets.

Year-on-Year Decline in Casino Revenue

Apart from the sports betting sector, March also brought a decline in revenue from land-based casinos. The combined revenue from the state’s three casinos reached $105.1 million, reflecting a 5.4% decrease compared to the previous year.

Of the total, slot machines accounted for $76.6 million, while table games contributed $28.5 million to the overall revenue stream.

Encore Boston Harbor led casino performance with a total of $53 million in gaming revenue, followed by MGM Springfield with $25.5 million, and Plainridge Park Casino at $16.5 million.

In total, the gambling tax collected by Massachusetts in March surpassed $40.7 million, with $10.1 million derived from sports betting and $30.2 million from land-based casino operations. This data underscores the dynamic nature of the gambling landscape in Massachusetts, indicating both challenges and opportunities as the market continues to evolve.