Massachusetts shatters betting and revenue records in September

Sudhanshu Ranjan October 18, 2024

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Massachusetts shatters betting and revenue records in September

The Massachusetts Gaming Commission (MGC) has released its report for September, showcasing record-breaking figures. The sports betting handle reached new heights, surpassing previous records set in 2022, with revenue following suit. The state’s sports betting market, both online and retail, experienced tremendous year-on-year growth.

Sports betting boom

In September 2023, Massachusetts reported a total sports betting handle of $678.7 million, marking a new milestone for the state. This was a significant increase from $512.2 million in the same month last year. Not only did it surpass 2022 figures, but it also outperformed August’s handle of $447.3 million, indicating a strong upward trajectory in the state’s sports betting market. The majority of the handle came from online betting, which contributed a staggering $667.7 million. Retail sportsbooks also played a role, processing $11.1 million in handle. September’s sports betting revenue totalled $73.5 million, up 47.6 percent compared to September last year and a remarkable 120.7 percent increase from August.

The state of Massachusetts also benefited from this surge in sports betting. In September, the state collected $14.6 million in tax revenue. The overwhelming majority of this amount, $14.4 million, came from online operators. When it comes to the sports betting landscape in Massachusetts, DraftKings remains the dominant player, continuing to lead among online operators. DraftKings led the state’s online market with $38.8 million in taxable revenue from a $355.2 million handle, achieving a 10.92 percent hold.

FanDuel followed with $22.5 million from $182.4 million, holding 12.34 percent. BetMGM was third with $5.6 million from $45.6 million, holding 12.28 percent. ESPN Bet earned $2.2 million from a $22.4 million handle, with a 9.82 percent hold. In the retail market, Encore Boston Harbor led with $743,326 in revenue from a $5.4 million handle, holding 13.66 percent.

Mixed results for casino gaming

Alongside sports betting, the MGC also reported on Massachusetts’ casino gaming performance in September. The total casino gaming revenue hit $92.1 million, representing a 1.9 percent increase year-on-year but a 10.8 percent decline compared to August. Encore Boston Harbor continues to dominate the casino gaming scene in Massachusetts, posting $57.7 million in revenue for September.

When combining the sports betting and casino gaming figures, the total revenue for September amounted to an impressive $165.6 million. This strong performance highlights the ongoing growth of Massachusetts’ gambling industry. The Massachusetts sports betting market shows no signs of slowing down. With record-breaking numbers already posted in 2023, it is clear that the state’s betting industry is on a growth trajectory.

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