Massachusetts Sportsbook Establishments Generate Over $59 Million in Income during May Month
In a disclosed statement on Monday, the Massachusetts Gaming Commission reported a total sports betting revenue of $59 million for May. The six mobile operators combined to secure a collective 10.1% hold.
Despite a double-digit win rate and a year-over-year increase of 29.1% in handle to $587.3 million, revenue declined by 4.9% compared to May 2023. The overall hold for this year was 3.6 percentage points lower than last year's all-time high of 13.6%. However, revenue did increase by 16.6% from April's total of $50.6 million, while the handle only decreased by 2.7%.
The state was able to collect taxes on $57 million in adjusted gross revenue, resulting in an influx of $11.5 million into the state's coffers. Through the first five months of 2024, the state has collected a total of $55.3 million, which is $21.7 million ahead of last year's pace.
Massachusetts has reached over $8 billion in handle since its inception. A staggering 97.3% of this total - $7.79 billion - was wagered online.
The latest report showcases the expanding handle and the fluctuating month-over-month revenue trends that characterize a maturing market for Massachusetts sports betting.
DraftKings Remains Dominant in Home Market
The top 10 sports betting handles by state for May were led by New York, New Jersey, Massachusetts, North Carolina, Maryland, Tennessee, Indiana, Iowa, Kansas, and Maine.
DraftKings, which is based in Boston, finished just shy of $300 million in handle for the third consecutive month. The company secured a solid 9.7% hold, generating $29.1 million in winnings. DraftKings maintained over 50% of the mobile market share and controlled $32.7 million of the $4 billion in all-time handle.
FanDuel achieved back-to-back holds of 11% or higher for the first time since April to July of last year, landing at 11.8%. The company kept $20.3 million of the $172.4 million worth of bets placed, marking the second time FanDuel had consecutive months with at least $20 million in revenue, also achieved in April and May of last year.
BetMGM stood in third place, claiming nearly 8% of the revenue from $39.3 million in handle. Encore Boston Harbor, however, had a double-digit hold for just the fourth time at 10.1% en route to $554,600 in revenue. Plainridge Park's retail sportsbook had a second consecutive sub-4% hold in collecting $142,500 in winnings from $3.6 million in handle.
MGM Springfield, unfortunately, continued to struggle, with bettors coming out $23,375 ahead on $1.1 million worth of bets. The payout was $163 less than last May, while the minus-2.1% hold was slightly worse as handle plunged 41.6% from the previous year. The consecutive monthly losses for MGM Springfield have them down $85,124 for the year.
Sports betting continued to thrive in Massachusetts, with DraftKings, based in Boston, leading the pack in handle for the third consecutive month. The company's hold was a solid 9.7%, generating approximately $29.1 million in payouts for winners.
FanDuel, another notable player, achieved back-to-back holds of 11% or higher, landing at 11.8%, securing a revenue of $20.3 million from $172.4 million worth of bets.
In the realm of sports-betting, the competition between DraftKings and FanDuel remains tight, with DraftKings maintaining over 50% of the mobile market share and controlling $32.7 million of the $4 billion in all-time handle in Massachusetts.
