Handle Record for Massachusetts Falls in December

Massachusetts finished 2023 on a high note with a surge in December. Just one month after breaking a new handle record in November, the state’s sportsbooks surpassed that mark yet again, showcasing their continued success.

In addition to the record-breaking sports betting handle in Massachusetts in December, the state’s gaming providers also achieved a new revenue milestone, as reported by the Massachusetts Gaming Commission.

In December, Massachusetts marked the twelfth month of legalized sports betting. The state’s industry closed out its first year with $4.97 billion in total wagers, surpassing initial expectations for sportsbook revenues and tax contributions.

$658.7 Million December Handle

In December, bettors in Massachusetts set a new record by spending $658.7 million through their sports betting apps and at physical locations. This marked a $4.3 million increase from the previous record of $654.4 million set in November.

The Massachusetts legal sports betting scene was close to reaching a yearly handle of $5 billion thanks to the December haul. It’s important to note that Massachusetts sports betting apps weren’t available until before March Madness. From January to March, only retail sports wagering was possible, but now residents have access to a variety of Massachusetts sportsbook promos.

If Massachusetts sports betting sites had been up and running on January 1st, the state’s sportsbooks would have surpassed the $5 billion mark for the year and potentially reached close to $6 billion.

Revenues set records too

Not only did Massachusetts legal sports betting activity hit a record in December, but there were also other records broken in the state during the same month.

State sportsbooks generated a record-breaking $62.2 million in gross revenues, surpassing the previous high set in May by nearly $90,000. This represents a significant month-over-month increase of just under $12 million from the $50.55 million reported in November.

For the third consecutive month, state sportsbooks have generated over $60 million in profits in December.

Massachusetts sportsbooks had a hold rate of 9.4%, slightly below their average of 9.7% for the year. The state collected over $12 million in tax revenue from the 15% tax on retail sportsbooks and 20% tax on mobile operators, benefiting state and local tax funds.

So far, Massachusetts sports betting operators have paid $93.9 million in taxes, surpassing the initial expert prediction of $60 million for the apps’ first year of operation.

Home state DraftKings still dominates, ESPN BET makes a splash

DraftKings, based in Massachusetts, easily claimed the top spot as the leading sportsbook in the state. DraftKings Massachusetts accounted for $315.9 million, almost half of the total handle, and brought in a state-leading $30.7 million in revenue.

FanDuel Massachusetts placed second in the Massachusetts market, totaling $187.4 million in accepted wagers and nearly $20 million in revenues.

In December, ESPN BET Massachusetts ranked as the third most successful operator in the state, out of eight sports betting apps. Despite a respectable intake of $89.1 million, the app’s revenues saw a decline of nearly 28% from the previous month, generating $4.2 million.