Massachusetts' sports betting handle record fell again.
The Massachusetts Gaming Commission reported that $788.3 million was wagered in December, the fourth consecutive month with a new handle record. December wagering, up 19.7% year-over-year and 1.4% month-over-month, surpassed November’s previous handle high of $777.8 million.
Bay State operators barely exceeded the industry standard with a modest hold of 7.5%. Their gross revenue of $59.2 million still ranks among the state's 10 best monthly profits but is less than November’s record-high of $82.6 million and Dec. 2023’s $62.2 million.
Adjusted revenue of $57.3 million in December decreased 5.3% year-over-year and was down 28% from November.
Like in October, bettors had another solid month betting NFL favorites, but the operator hold was still up from that month’s 6.7% win rate.
The Bay State filled its coffers in December with $11.5 million, a $4.5 million decrease from the previous month.
New yearly standard
Massachusetts’ first full year of sports betting generated $7.4 billion in wagers and led to $670.3 million in gross revenue. Online sportsbooks didn’t launch until March 2023, so 2024 is the current standard.
Still, 12 months of betting was up 49% compared to 10 months of the previous year. The annual hold on gross revenue ended at 9.1%, down from 2023’s 9.7%.
The state hauled in over $130 million in tax revenue during 2024 after falling just shy of $100 million in 2023.
More than $12.3 billion has been wagered in the Bay State since March 2023 with operators producing $1.1 billion in gross revenue.
DraftKings finishes 2024 on top
| Operator | December Handle | Revenue |
|---|---|---|
| DraftKings | $364.6 million | $30.5 million |
| FanDuel | $241.5 million | $19.4 million |
| BetMGM | $65.1 million | $4.2 million |
| Fanatics Sportsbook | $46.9 million | $2.6 million |
| ESPN BET | $29.8 million | $1.2 million |
| Caesars | $24.5 million | $1.1 million |
Massachusetts legal online sports betting operators generated $776.8 million in handle and $59.3 million in gross revenue during December.
DraftKings held down its top spot in the wagering rankings with $364.6 million in accepted bets for the month, running its 2024 total to $3.7 billion. Gross revenue fell from $45.1 million in November to $30.5 million in December, which produced an 8.4% hold.
FanDuel came in second with a $241.5 million handle and $19.4 million in revenue, $5.7 million less than the previous month. Still, the online operator finished 2024 with $2.1 billion in wagers and revenue of $219.6 million, $124.1 million less than DraftKings.
BetMGM’s $65.1 million handle was third best in December with Fanatics Sportsbook generating $46.9 million to finish fourth. Both operators produced win rates well below 7%.
ESPN BET’s $29.8 million handle beat out Caesars’ $24.5 million in wagers, but ESPN BET finished well ahead with a yearly handle of $328.1 million.
Other news
December was rough for retail sportsbooks. Encore Boston Harbor, MGM Springfield, and Plainridge Park Casino all reported losses in adjusted revenue on a combined sports betting handle of $11.5 million.
Also in Massachusetts, new legislation was filed last week by Sen. John F. Keenan, who hopes to significantly alter the state’s taxation and regulation of sports betting. The bill proposes a tax hike from 20% on online sports betting to 51%, the same as in New York.
Keenan also wants to prohibit all live betting and player props as well as limit how much a customer can wager.
