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Massachusetts sports betting revenue falls despite handle rise in August

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Sports wagering handle in Massachusetts reached $314.9m (£254.4m/€295.3m) in August, a month-on-month increase of 6.8%, though revenue in the state declines.

The figure was higher than $294.9m in July, which was the lowest total since Massachusetts launched legal betting in April.

Some $307.2m was spent wagering online, an increase of 6.6% from July. Retail betting was also 13.2% higher at $7.7m for August.

Handle rise fails to halt revenue drop

However, while handle was higher month-on-month, the same could not be said for revenue from sports betting. Total revenue in August hit $22.7m, down 22.8% from $29.4m in July.

Of this total, $22.6m came from online betting, a decline of 21.5% from July. Just $157,782 was generated in retail wagering revenue, down 72.6’%.

DraftKings leads in Massachusetts

DraftKings remains the runaway leader, posting $10.8m from $161.9m in bets during August.

FanDuel again placed second with $7.4m off a $79.4m handle, then BetMGM on revenue of $2.4m from $21.2m.

Looking at the land-based market, Plainridge Park Casino led the way with $150,773 worth of revenue off $2.8m. MGM Springfield also turned revenue of $64,934 from a $912,651 handle.

However, Encore Boston Harbor posted a sports betting loss of $57,925 despite having the highest retail handle – $4.0m.

Casino revenue edges down in August

As for land-based casino activity, combined table and slots revenue fell 0.7% to $97.9m.

Physical slots revenue amounted to $67.5m, level with July’s total. Table games revenue hit $30.4m, down 2.6% month-on-month.

Combined sports wagering and casino revenue in August reached $120.6m, a drop of 5.9% from $128.1m in the previous month. The state collected $4.5m in sports betting tax and $27.6m in land-based casino tax.

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