Home NewsSports Betting Massachusetts Online Sportsbooks reported $5.98bn in handle during the first twelve months

Massachusetts Online Sportsbooks reported $5.98bn in handle during the first twelve months

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Bets placed by Massachusetts sportsbooks and retail outlets in February (the last month Betr and WynnBet platforms were active) fell 16.8% on January.

The state regulator also reported that $5.98bn worth of online wagers were placed since the launch date, 10 March 2023.

During February, eight digital platforms were live. After Betr and WynnBet closed their Bay State platforms, there are now six options for bettors heading into the month of March.

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, FanDuel and Fanatics Betting & Gaming 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 31st January 2023.

10% is not far away

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 a 10% holding.

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 accounted for $530.3m of the total wagers placed in February, while retail sportsbooks accounted for $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 $18.3 million 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 Massachusetts office on February 16th, showing a profit of $5,044 on wagers worth $86,865 and a hold rate of 5.8%. It does not actually have an office in Massachusetts.

Plainridge Park, a retail casino in southern Massachusetts near the Rhode Island Border, 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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