Home NewsSports Betting Massachusetts Online Sportsbooks Report $5.98bn in Handle for the First 12 Months

Massachusetts Online Sportsbooks Report $5.98bn in Handle for the First 12 Months

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The number of bets placed by Massachusetts sportsbooks and retail sportsbooks in the last month when Betr and WynnBET platforms were active, in February, was $542.5m, a decrease of 16.8% from that in January.

The state regulator also reported that $5.98bn worth of online wagers have been placed since the launch on 10 March 2023.

During February, eight digital platforms were live. In March, there are six options for those who live in the Bay State after Betr, WynnBET, and other platforms have closed their Bay State sites.

Last week, the Massachusetts Gaming Commission announced it expected Bally Bet will be online by June 30. BetMGM Sportsbooks, Caesars Sportsbooks DraftKings ESPN Bet Fanatics Betting & Gaming and FanDuel are still live.

Massachusetts reported adjusted gross gaming revenues (GGRs) of $52.55m for February. The state received $10.5m as taxes. The state has received $118.6m from operators since the three brick-and mortar sportsbooks opened on 31 January 2023.

The 10% hold is just barely within reach

The numbers were lower across the board in February, the first time since September that there was no full NFL schedule. Operators were also just short of achieving a hold of 10%.

In January, the win rate was 11.2%. The hold of 9.93% is down from that. The digital operators held a 10.03% hold for the month of February, while physical bookmakers did not fare well with an average hold rate of 6.2%.

Online platforms took in $530.3m of wagers and retail sportsbooks $12.2m. Digital operators pay a 20% tax on gross gaming revenue, while brick-and mortar sportsbooks only pay a 15% tax.

DraftKings, the leader in the digital market, continues to lead the way with $269.8m of wagers and an 11,7% hold. FanDuel was the next operator with $158.9m in wagers and a 9.1% holding. BetMGM came in third with $34.7m of bets, and 9.8% holding. Caesars, the only sportsbook still in Massachusetts that is open for business, had the lowest holding at just 3.8% of the $18.3m handle.

WynnBET lost $196m in a hold of -5.34% after it stopped accepting bets on 12 February. Encore Boston Harbor will remain open as a physical sportsbook. Betr closed its doors in Massachusetts on 16th February. It showed $5,044 in profit from $86,865 of wagers, and 5.8% holding. It does not actually have an office in Massachusetts.

Plainridge Park, a retail casino in southern Massachusetts near Rhode Island, had the largest handle. Players wagered $5.6m there. MGM Springfield held the largest share of all operators at 15% on $1.6m. MGM Springfield, despite the small handle, was second in retail casinos for GGR and tax paid to the State.

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