Massachusetts Breaks Records with Stellar Sports Betting in September
In a remarkable month for the state’s gaming industry, Massachusetts achieved unprecedented milestones in sports betting during September 2023. The Massachusetts Gaming Commission announced that the state recorded an astounding handle of $678.74 million and generated $14.63 million in tax revenue, setting brand new records since the launch of sports betting earlier this year. This surge highlights the growing popularity of sports betting in Massachusetts and positions the state as a formidable player in the national gaming landscape.
A Jaw-Dropping Handle
The September numbers revealed that $667.65 million of the total handle stemmed from online sports betting, showcasing a significant preference for digital platforms among bettors. With a taxable gaming revenue reaching $75.35 million, which translates to an impressive 11.1% hold rate, it’s clear that Massachusetts bettors are increasingly betting with confidence.
In stark contrast to last year, when the total handle stood at $500 million and tax revenue at about $9.72 million, the September 2023 figures underscore a remarkable year-on-year growth. This jump in handle speaks to the effectiveness of the state’s marketing strategies and the increasing engagement of sports fans in the betting arena.
Retail vs. Online Betting
While online sports betting led the charge, retail betting contributed a more modest $11.09 million in handle for the month. This discrepancy highlights a trend seen across many states—where online platforms continue to dominate as the preferred method for sports betting. Since its launch, Massachusetts’s robust online sports betting framework has attracted a diverse array of operators and bettors, further cementing its position in the gaming market.
DraftKings Dominates the Market
In the latest metrics, DraftKings firmly established itself as the frontrunner in the Massachusetts sports betting scene, accounting for a staggering $355.19 million in online handle. This translates to over $7.75 million in tax revenue for the state, solidifying DraftKings’ reputation in its home turf.
Following closely, FanDuel recorded a strong showing with $182.4 million in handle, contributing $4.4 million in taxes. Despite a relatively smaller presence, Fanatics Sportsbook and ESPN BET rounded out the field, reporting $37.9 million and $22.3 million in handle, respectively.
Revenue Breakdown by Operators
The competition among operators has intensified, with the following detailed breakdown of online sports betting handle and taxable revenue for September:
- Bally Bet: $4.66 million (Taxable Revenue: $464,980)
- BetMGM: $45.59 million (Taxable Revenue: $5.46 million)
- Caesars Sportsbook: $19.52 million (Taxable Revenue: $1.40 million)
- DraftKings: $355.20 million (Taxable Revenue: $38.79 million)
- ESPN BET: $22.37 million (Taxable Revenue: $2.17 million)
- Fanatics: $37.91 million (Taxable Revenue: $1.83 million)
- FanDuel: $182.41 million (Taxable Revenue: $22.06 million)
A Bright Future Ahead
With a total of $187.88 million collected in taxes and fees since the launch of sports betting, the revenue generated in September reaffirms the economic potential of this burgeoning sector. The record-setting numbers signal not only the financial benefits for the state but also the ongoing interest in sports betting among residents and visitors alike.
As Massachusetts continues to refine its regulatory landscape and enhance the betting experience, there is optimism about further growth in the coming months. With more professional sports events lined up and the introduction of innovative betting options, sports enthusiasts in the state have much to look forward to.
In conclusion, September 2023 was a landmark moment for Massachusetts sports betting, establishing new records and highlighting the state’s swift growth in the gaming industry. As more bettors flock to legalized platforms, the potential for increased revenue and engagement looks promising in the evolving landscape of sports betting—and Massachusetts stands poised to capitalize.
