Massachusetts reports sports betting growth despite retail loss in June
Total player spending on sports betting in Massachusetts during June amounted to $509.4m (£303.1m/€467.8m). This is 57.5% up from $323.5m last year but 13.3% behind $587.3m in May this year. It is also the lowest monthly total since $314.9m was bet in August 2023.
Online betting spending hit $500.7m in June, with retail drawing just $8.6m in comparison.
Revenue-wise, operators across online and retail reported $40.5m. This is up 25.8% from last year’s $32.2m haul but 29.0% short of $57.0m in May and the lowest monthly amount since $22.7m last August.
Online sports betting generated $41.0m in revenue during June. However, a $588,965 loss from the retail sector pushed the overall revenue total down for the month.
As for hold, across the Massachusetts market, this stood at 8.30% in June. Online hold hit 8.44% with retail at 0.01% due to the monthly loss. In addition, sports betting tax reached $8.2m, with almost all of this coming from the online sector.
DraftKings retains the lead in Massachusetts
Breaking down the market by operator, DraftKings remains the market leader with $19.3m in revenue off $263.7m in bets. DraftKings also posted a 7.58% hold for the month.
Long-time rival, Flutter Entertainment-owned FanDuel, placed second with revenue of $16.5m from a $141.4m handle, leaving an 11.9% hold. BetMGM followed in a distant third with revenue of $2.3m off $34.0m in bets and a 7.09% hold.
Elsewhere in the market, Fanatics reported $1.7m in revenue from $20.2m in bets, with an 8.63% hold. Meanwhile, ESPN Bet saw revenue hit $1.2m from $21.8m in wagers, leaving a 5.72% hold.
Caesars rounds off the Massachusetts market in June, reporting a $16,588 loss off $19.6m in bets, with its hold reaching just 0.15%.
As for retail, Encore Boston Harbor was the only one of the state’s three licensed operators to post any revenue. For June, the venue generated $146,565 from a $4.7m handle, resulting in a 3.40% hold.
In contrast, Plainridge Park Casino posted a $186,969 loss off $3.0m in bets, with a negative hold of 6.09%. Meanwhile, MGM Springfield saw its loss hit $548,561 from a $1.0m handle, meaning a 2.21% hold.
Bally Bet enters the fray
Earlier this month, the Massachusetts online marker welcomed a new operator in the form of Bally Bet.
The brand has had its temporary licence for around 18 months and is the last operator approved for a 2023 launch to do so. After Betr and WynnBet exited Massachusetts earlier this year, Bally Bet will provide a seventh betting option for those in the state.
It officially went live on 2 July, with details of its debut month to be reported in the next round of monthly results.
Massachusetts casino revenue dips
Away from sports betting, the Massachusetts casino market endured both year-on-year and month-on-month declines.
Gross gaming revenue from slots and table games fell 4.5% year-on-year to $96.1m. This is also lower than the $98.0m reported in May this year.
Slots accounted for $66.2m of all casino revenue, with table games drawing $29.9m. Tax from casino gaming in June totalled $27.3m
Encore Boston Harbor took top spot with total revenue of $60.4m, including $34.9m from slots and $25.5m from table games. MGM Springfield placed second with revenue of $31.9m, ahead of Plainridge Park Casino at $13.8m.
As for the Massachusetts market as a whole, total gaming revenue in June hit $136.5m, generating $35.6m in tax for the state.