Massachusetts Posts $25.7 Million Handle In Lone Month Of Retail Sports Betting

Massachusetts has had a hot start in entering the legal sports betting industry.

In February, the Massachusetts Gaming Commission (MGC) announced that the state had generated over $25.7 million in sports wagering handle. This is a promising start for Massachusetts sports betting, especially considering that online sports betting will be launching on March 10, just in time for March Madness.

According to the report from the MGC released last week, Massachusetts casinos generated over $98 million in revenue in February, marking a 1.1% increase from the previous month’s total.

The modest rise in revenue aligns with the inaugural month of legal and operational retail sports betting at Massachusetts casinos, where Encore Boston Harbor (Wynn Bet), MGM Springfield (BetMGM), and Plainridge Park Casino (Barstool Underscoreg) collectively generated $2.1 million in gross operator revenue.

Encore dominated the state’s betting market by taking in $16.9 million in wagers, resulting in nearly $901,000 in gross revenue from a 5.3% hold, making up almost two-thirds of the total handle.

Plainridge Park narrowly beat Encore for the highest total revenue spot by just under $5,000, closing at slightly over $905,000 with a 12.8% hold from a $7.1 million handle.

The February numbers for retail sports betting in Massachusetts show that the highest handle does not always result in the highest revenue. Encore had the largest handle by a significant margin, a trend that is expected to continue due to its location just north of Boston.

However, bettors at MGM Springfield appeared to have better luck compared to those at Plainridge Park. Despite having nearly $10 million less in handle, Plainridge Park reported about $23,000 more in revenue. MGM Springfield reported gross revenue of close to $267,000 from $1.8 million worth of bets, leading the group with a 15.1% win rate.

In February, all three venues reported a positive adjusted gross revenue. The three Massachusetts casinos collectively paid the state nearly $27.4 million in taxes for the month. Additionally, the state was able to collect over $301,500 in taxes from the just over $2 million in adjusted revenue generated by retail sportsbooks in Massachusetts.

MA online sports betting off to a hot start

Initial data from the inaugural weekend of legalized online sports betting in Massachusetts is showing positive results.

During the opening weekend of MA online sports betting, GeoComply, a provider of fraud and risk solutions to sports betting operators, logged over 400,000 player accounts in Massachusetts. This was based on a total of 8.1 million geolocation transactions in the state from March 10-12, surpassing only New Jersey, Ohio, Pennsylvania, and New York in terms of player accounts.

Over the weekend, The Bay State surpassed Virginia sports betting, Arizona sports betting, and Indiana sports betting by a significant margin in terms of performance, and ranked as the fifth-busiest state according to GeoComply’s data.

Although Virginia has a higher population of 8.4 million compared to Massachusetts’ 7 million, it only recorded 4.4 geolocation transactions over the same period. Arizona and Indiana, with populations of 7.4 million and 6.8 million respectively, had even fewer geolocation transactions than Massachusetts, with 4.9 million in Arizona and 3.5 million in Indiana.

Big early returns projected for MA online betting

According to experts, online sports betting in Massachusetts has the potential to bring in $60 million in wagers from mobile users during the March Madness college basketball tournament. Additionally, projections indicate that overall sports betting in Massachusetts could see nearly $5 billion in wagers in its first year, resulting in over $100 million in revenues for the state.

Massachusetts’ online sports betting scene features top sportsbooks like DraftKings and Barstool, both local brands looking to capitalize on their roots. FanDuel remains a strong competitor in any market and has entered Massachusetts through partnerships with NESN and the Bruins. BetMGM also made a significant impact by becoming the official sports betting partner of the Red Sox.

It is undeniable that Massachusetts is currently experiencing an exciting period for sports betting. The six operators that have launched in the state are offering attractive promotions to kick off their operations and gear up for what promises to be a significant first month of online betting.