Sports Betting Handle in Massachusetts Revenue Tops $50M Despite Handle Dip

Bay State sports betting action was down nearly 8% in April compared to March but up 4% year-over-year. 

The Massachusetts Gaming Commission reported an April handle of $603.25 million, the fifth-highest since online wagering joined retail sportsbooks in March 2023. Back-to-back months with the amount wagered totaling more than $600 million is the first since the Bay State did it three consecutive months from Nov. 2023 through Jan. 2024.  

In a month filled with the end of the NCAA tournaments, NBA and NHL playoffs, and MLB, monthly gross revenue reached $50.6 million to produce an 8.4% hold. Adjusted gross revenue of $49.1 million was up nearly 6% from March but down 16% year-over-year.

The Bay State filled its coffers in April with $9.9 million, up slightly from the $9.2 million from the previous month, to put year-to-date tax revenue close to $44 million.

Massive splits

Differences between online and retail wagering are always going to be steep, but April was disheartening for a particular brick-and-mortar operator. Six online sportsbooks accounted for $591.5 million of the total handle while retail reached $11.7 million. 

However, mobile wagering made up all of the revenue. The MGM Springfield Casino lost over half a million dollars in April, bringing the overall total loss to $227,240 for the month. Encore Boston Harbor and Plainridge Park weren’t in the red, but neither had a hold much higher than 3%. 

DraftKings Dominates

Following March’s record-high handle of $323 million, DraftKings generated another $304 million in April, giving the online sportsbook just over 50% of the entire amount wagered in Massachusetts.

DraftKings also led the Bay State in revenue at $24.5 million, but rival FanDuel, which finished second with a handle of $176.3 million, enjoyed a monthly-best 11.4% hold to total over $20 million in profits.

No other mobile operator reached $50 million in handle, but BetMGM came close with $40 million. ESPN BET, Fanatics Sportsbook, and Caesars all reached $20 million. 

None of those four finished with a hold above 6.6% in April.  

Casino revenue cools

A month after in-person casino revenue reached $111.1 million, the MGC announced April profits of $97.5 million from table games and slots.

The Bay State hauled in $27.7 million in taxes from casinos, running the year-to-date total to over $113 million. 

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