After a first month where DraftKings surpassed fanDuel but lagged in revenue, the local sportsbook shook off its initial slump, winning both categories in April. It is not clear how much money DraftKings spent on promotional credits to achieve this status.
DraftKings’ strong performance led to $579 million worth of total bets in a single month. $566 million were placed online, and $13 millions at retail sportsbooks. These bets generated $58.9 millions in revenue for sportsbooks, and $11.8 in tax for the state.
This is the breakdown of revenue and handle by operator:
DraftKings: $29 Million in revenue, $283.8 Million in handle
FanDuel: $172.6 Million in Handle, $22 millions in Revenue
BetMGM: $4.7 Million in revenue from $43 million of handle
Barstool: $24.6 Million in handle, $2,000,000 in revenue
WynnBet: $22.8 Million in Handle, $463K Revenue
Caesars: $19.4 Million in revenue, $1.7 million handled
FanDuel topped the list in one category, holding 12.8% of bets. BetMGM held 11% while DraftKings had 10.2%. WynnBet, on the other hand, held only 2% of wagers. This was an anomaly during a month where all other operators held at least 8 percent of bets.
DraftKings took in about half of the wagers placed by players in this state, while FanDuel saw its market share drop from 32% to 30 %. BetMGM’s market share remained relatively unchanged, dropping from 8% to 7.5%. Barstool also saw a similar drop from 5% down to 4%.
Betr launched in Massachusetts last week. We will know by May how it affects the market. Fans will also be available this summer.
Massachusetts, at least so far, is another state where FanDuel, DraftKings, and other operators account for more than 80% of market share. However, with only six operators, there’s still a bit of pie left to be shared by the rest of us.