DraftKings Dominates Massachusetts Sports Betting Market in March

In March, Massachusetts sports betting apps and retail providers saw their second-highest level of wagering activity ever.

The Massachusetts Gaming March report revealed that the top sports betting sites in the state accepted over $650 million in wagers for the fourth time in the last five months. Additionally, there were increases in both year-over-year and month-over-month handle.

Despite an increase in handle, revenues for Massachusetts’ top sports betting apps did not experience a similar upturn. Instead, revenues declined on a month-over-month basis and remained stagnant compared to the previous year.

DraftKings, a Massachusetts-based sports betting company, continued its tradition of leading the market in wagering activity, revenue, and popularity in the state’s sports betting industry.

$654.9 million March handle

In March, Massachusetts’ top live betting sites recorded a total of $654.9 million in wagers, marking the second-highest monthly handle on record. The highest monthly handle remains at $658.7 million in December.

The number reflects a 15.3% rise in sports betting activity in Massachusetts compared to last year, from the $584.5 million reported in March 2023, the first full month that Massachusetts sportsbook promotions were available in the state. This also represents a more than $112 million, or 20.7%, increase from the $542.4 million wagered in February.

In March, sportsbook promos in Massachusetts contributed $642.3 million to the state’s total sports betting handle, with retail making up approximately $12.7 million.

Revenues disappoint

In March, Massachusetts sports betting sites saw a significant increase in handle, but providers were disappointed with revenues due to a low 7.3% hold rate, the lowest in the 13-month-old Massachusetts sports betting market.

Massachusetts sports betting providers saw a gross revenue of $47.8 million in March, marking a 0.9% decrease from the $48.3 million earned in March 2023 and an 11.2% drop from the nearly $53.9 million in February.

In March, Massachusetts state providers contributed approximately $9.2 million in taxes, bringing the total contributions for the year to date to $33.9 million for state and local tax coffers that support those in need.

DraftKings in a class by itself

DraftKings continued to solidify its position as the top Massachusetts sports betting app, accounting for over half of the state’s total sports betting handle and extending its lead over competitors.

In March, DraftKings saw a total of $323 million in accepted wagers in Massachusetts, an increase of almost $67 million compared to March 2023. The company also reported $23.5 million in revenue for the month. With lifetime bets in the state surpassing $3.3 billion and revenue reaching over $250 million, DraftKings continues to dominate the betting market.

In the Massachusetts market, FanDuel came in second place with slightly over $190 million in bets accepted and $15.7 million in winnings for March. BetMGM, on the other hand, ranked third among the six sports betting apps in Massachusetts, with $45.5 million in wagers and approximately $3 million in revenue.

In March, ESPN BET came in fourth place with $34.4 million in wagers and $2.6 million in revenue. Caesars followed in fifth place with a handle of around $25.2 million. Fanatics was the last provider on the list with $23.7 million in wagers for the month.