Massachusetts Gaming Commission Reports Record Sports Betting Handle and Revenue for September
The Massachusetts Gaming Commission (MGC) recently announced remarkable figures for sports betting in the state, marking a significant milestone in the sector’s growth. September saw a record-breaking sports betting handle and revenue, showcasing a considerable year-on-year increase across both online and retail segments.
Record-Breaking Handle and Revenue
For the month of September, Massachusetts reported a staggering sports betting handle of $678.7 million (£519.1 million/€623.1 million), eclipsing the previous record of $658.7 million established in December of the prior year. This notable increase is particularly impressive when compared to September 2022, when the state recorded a handle of just $512.2 million, illustrating a year-on-year growth of more than 32%. Even more telling, this September’s figures surpassed the August handle of $447.3 million, confirming the upward trajectory of sports betting in the Bay State.
Breaking down the contribution from various sectors, online betting accounted for the lion’s share at $667.7 million, while retail sportsbooks processed a modest $11.1 million. This robust performance in the online segment reflects the growing popularity of digital platforms among bettors in Massachusetts.
Impressive Revenue Generation
Revenue figures for September also reached new heights, totaling $73.5 million. This revenue surpasses the previous record of $71.1 million set in January and represents a 47.6% increase compared to the same month last year. Moreover, it marks a staggering 120.7% growth compared to August’s revenues. Online betting significantly bolstered these revenue figures, contributing $72.2 million, with the retail sector adding $1.3 million.
The overall hold for sportsbooks in Massachusetts during the month was recorded at 10.83% based on taxable revenue. The MGC reported that the state collected approximately $14.6 million in taxes, with nearly all of this revenue—$14.4 million—originating from online operators.
DraftKings’ Dominance Continues
In the competitive landscape of online sports betting, DraftKings has proven to be the dominant force in Massachusetts. For September, DraftKings posted an impressive $38.8 million in taxable revenue deriving from a handle of $355.2 million, which translates to a 10.92% fiscal hold.
Following closely behind, FanDuel secured the second position with $22.5 million in revenue from a $182.4 million handle, achieving a hold of 12.34% on taxable revenue. BetMGM maintained third place with a much smaller slice of the market, recording $5.6 million from a $45.6 million handle, resulting in a 12.28% hold. ESPN Bet also made its mark, garnering $2.2 million in revenue on a $22.4 million handle for a hold of 9.82%.
In the retail market, Encore Boston Harbor emerged as the leader, generating $743,326 from a $5.4 million handle and achieving an impressive hold of 13.66% on taxable revenue.
Mixed News on Casino Gaming
While sports betting figures shine brightly, the news regarding the casino gaming sector reflects a more mixed reality. The MGC reported that total revenue from land-based casinos in Massachusetts amounted to $92.1 million for September, marking a modest increase of 1.9% year-over-year but a decrease of 10.8% from August.
This revenue includes contributions from both slots and table games, with slots generating $62.8 million and table games bringing in $29.2 million. Encore Boston Harbor led the three casinos in total revenue, posting $57.7 million for the month. The tax collected from casino gaming amounted to approximately $26.2 million.
Conclusion: A Compelling Future for Gaming in Massachusetts
In summary, the significant achievements in sports betting marked by the Massachusetts Gaming Commission in September underscore the rapid growth and evolving landscape of gaming in the state. As the sports betting handle and revenue continue to break records, operators like DraftKings and FanDuel are proving their mettle in a fiercely competitive market.
While the casino gaming sector sees some fluctuations, the overall combined revenue from sports betting and casino gaming reached an impressive $165.6 million for the month. This indicates solid potential for future growth in Massachusetts, setting a strong foundation for a flourishing gaming environment as interest in these activities continues to rise. As the state embraces the gaming revolution, stakeholders will be watching closely to see how the landscape unfolds in the coming months and years.
