Massachusetts May Sports Betting Handle Up But Revenues Down Year-Over-Year

On Monday, our top sports betting sites in Massachusetts received both positive and negative updates.

The Massachusetts Gaming Commission’s May revenue report brings both positive and negative news. On the bright side, the sports betting handle in Massachusetts saw a significant year-over-year increase in May, and combined provider revenues also rose compared to the previous month. However, there was a decline in overall wagering activity and revenues compared to April, as well as a decrease when compared to May 2023.

Not surprisingly, the top-performing sports betting site in Massachusetts was DraftKings, which is based in the state and holds over half of the mobile market share. Check out the offerings of this powerhouse with our DraftKings promo code.

$587.3 million May handle

In May, sports bettors in Massachusetts wagered a total of $587.3 million using state sports betting apps and retail providers. This marked a 32.4% increase from the previous year’s total of $457.1 million. However, there was a slight decrease of 2.7% from the $603.3 million wagered in April.

Massachusetts sports betting apps accounted for approximately 98% of total wagers placed in the state during the previous month.

Massachusetts’ lifetime total sports betting handle surpassed $8 billion with the addition of May’s legal sports betting figures, with $7.79 billion of that total coming from online providers in the state. It is evident that residents are making the most of Massachusetts sportsbook promotions.

$59 million in gross sports betting revenue 

In May, Massachusetts sports betting providers reported $59 million in gross revenue, showing a 4.9% decrease compared to May 2023’s nearly $62.1 million. However, there was a notable 16.6% increase from April’s $50.6 million, which was unexpected but welcomed despite a lower handle.

In May, the top sportsbooks in Massachusetts saw a 10.1% hold, which was a decrease from the record 13.6% hold in May 2023 but still a significant improvement from the 8.4% win rate in April.

Due to a 15% tax rate, $57 million in adjusted gross revenue was reported, with $11.5 million contributed towards state and local taxes. This brings the year-to-date total to $55.3 million, an improvement of $21.7 million compared to the first five months of 2023. It is important to note that while legal sports betting in Massachusetts began in January 2023, the sports betting sites did not go live until March.

DraftKings remains on top

In May, DraftKings, headquartered in Boston, continued to dominate as the top sports betting site in Massachusetts. DraftKings Massachusetts saw $299.5 million in bets and reported $28.3 million in revenue for the month, with a 9.7% hold. The company also upheld its position as holding over 50% of the market share in Massachusetts.

In May, FanDuel Massachusetts came in second in the Massachusetts market with a handle of $172.4 million and revenue of $20.3 million from an 11.7% hold. BetMGM Massachusetts took the third spot with $39.3 million in wages and $3.1 million in revenues.

In Massachusetts, ESPN BET ranked fourth with $25.9 million in bets and $2.5 million in revenue, while Fanatics Underscoreg trailed slightly behind with just under $20 million in wagers and $1.5 million in revenue.

Caesars underscore Massachusetts placed sixth in the rankings with $20.1 million in bets accepted and $1.5 million in revenues for the month of May, falling short of expectations.