Massachusetts sports betting handle slips to eight-month low in February
Total spend by sportsbook customers in February hit $628.2 million (£484.5 million/€578.5 million). This surpassed last year by 15.8% but was 17.6% behind January’s betting handle in Massachusetts.
Data released yesterday (20 March) by the Massachusetts Gaming Commission show online handle topped $618.6 million in February. Retail sportsbooks also processed $9.6 million in total wagers.
As for taxable gaming revenue, this reached $65.6 million. It beat the previous February by 24.7% but was 30.5% less than January’s $94.4 million record haul.
Breaking this down, online betting generated $65.4 million of total revenue. The retail sector was responsible for $205,391 of the overall monthly amount in Massachusetts.
In terms of hold, the statewide figure for February stood at 10.44%.
No stopping DraftKings in Massachusetts
Looking at individual operators in the state, DraftKings remains the clear online leader. In total, it posted $36 million in revenue off a $317 million handle, leaving an 11.36% hold.
FanDuel was again the closest challenger with $19.2 million from $167.2 million in handle, for a hold of 11.48%. BetMGM completed the top three with $4.7 million off $54.6 million, resulting in an 8.61% hold.
Fanatics saw revenue reach $3 million off a $33 million handle for a 9.09% monthly hold. ESPN Bet was the only other online operator to see revenue exceed $1 million, reporting $1.5 million from $22 million for a hold of 6%.
Both Caesars and Bally Bet failed to exceed the $1 million mark in February.
As for the retail market, MGM Springfield led the way with $112,272 off $1.3 million, leaving an 8.56% hold. Plainridge Park Casino posted $93,119 from $3.3 million for a hold of 2.82%. However, Encore Boston failed to post any revenue during February.
Land-based casino revenue declines
The commission’s monthly report also includes data on land-based casino gambling in Massachusetts. The $93.4 million reported for February revenue was 7.16% lower year-on-year and 4.6% less than January.
Of this total, $63 million came from slots gaming and $30.4 million from table games.
Encore Boston Harbor remains the market leader with $59.3 million in total casino gaming revenue. MGM Springfield took second with $20.9 million, ahead of Plainridge Park Casino at $13.2 million.
Overall gambling tax collected in Massachusetts during February reached $39.6 million. This included $13.1 million from sports betting and $26.5 million from land-based casino gaming.