Massachusetts sports fans are pretty spoiled. The Boston Celtics just won their NBA-record 18th title. The Bruins are one of the best (regular season) teams in the NHL of late, and the Red Sox and Patriots have both won championships in the last decade.
It’s no surprise that Massachusetts sports betting has been a prolific market since its inception in January 2023.
The Massachusetts Gaming Commission reported a $587.3 million total handle across all retail and online sports betting in Massachusetts for the month of May. That’s a 32.4% year-over-year increase compared to May 2023’s $454.97 million, so the market is growing at the aggregate level despite a 2.7% month-over-month decline from April’s $603.3 million.
Massachusetts sports betting operators generated more than $59 million in revenue in May thanks to a 10.05% hold. That’s a 4.9% year-over-year decline from May 2023’s $62.1 million, but it’s a nice 16.6% month-over-month bump from April’s $50.6 million.
The 15% tax rate churned $11.5 million in tax contributions to state coffers, taking the year-to-date total to $55.3 million. So far, Massachusetts sports betting has generated nearly $22 million more in tax revenue through the first five months of 2024 compared to the same period in 2023.
Online sports betting in Massachusetts dominates
Massachusetts online sportsbooks collected roughly 98% of all bets placed in the Bay State in May.
There are just three retail sportsbooks in Massachusetts, and those venues garnered a $10.2 million total handle while online sports betting sites hauled in $577.1 million in bets.
Boston-based DraftKings sits at the top of the totem pole of online sportsbooks in Massachusetts for May’s performance. The sports betting behemoth reported a $299.5 million handle and $29.1 million in revenue from a 9.70% hold. DraftKings accounts for more than half of the Massachusetts sports betting marketplace overall.
FanDuel was the only other operator in the nine-figure handle range with $172.4 million. It earned $20.3 million in revenue from a solid 11.76% hold.
BetMGM is in a distant third place with its $39.3 million handle and $3.1 million revenue (7.96% hold). The rest of the field consists of ESPN BET, Caesars Sportsbook, and Fanatics after WynnBet and Betr exited the Massachusetts sports betting market earlier this year.
| Operator | May Handle | Revenue |
|---|---|---|
| DraftKings | $299.5 million | $29.1 million |
| FanDuel | $172.4 million | $20.3 million |
| BetMGM | $39.3 million | $3.1 million |
| ESPN BET | $25.9 million | $2.5 million |
| Caesars Sportsbook | $20.1 million | $1.6 million |
| Fanatics | $19.8 million | $1.8 million |
Encore Boston Harbor collected the highest handle of any retail sportsbooks in Massachusetts with $5.5 million, more than half of the overall retail handle. Plainridge Park Casino saw $3.6 million in bets and MGM Springfield hauled in $1.1 million.
