Massachusetts Latest State to Report Sports Betting Handle Record

In November, Massachusetts sportsbooks once again set monthly handle records, with the top sportsbooks continuing to post strong numbers in the state’s sports wagering scene.

The Massachusetts Gaming Commission has released its November revenue report, showing record-breaking sports betting activity in the state. However, due to a disappointing sportsbook hold, revenue numbers for Massachusetts sports betting apps and retail providers did not hit new highs.

The legal Massachusetts sports betting scene has been boosted by the strong performances of the NBA’s Boston Celtics and the NHL’s Boston Bruins, but unfortunately, the New England Patriots are having a rough season.

$654.4 million in November bets for Massachusetts

Massachusetts sports bettors wagered a total of $654.4 million at the state’s sportsbooks in November, marking the most successful month for Massachusetts sports betting sites. This surpassed the previous record of $579.3 million set in April, indicating that residents likely made use of various promotional offers from Massachusetts sportsbooks during the month.

The $654.4 million also showed a 14.5% increase from the $571.8 million wagering activity in October, month-over-month.

The Massachusetts sports betting app has now exceeded $4.3 billion in lifetime handle with the addition of November’s figures, following its launch on Jan. 31.

Revenues slide

Although the record handle was reported, revenues for Massachusetts sports betting apps were somewhat underwhelming. State sportsbooks saw a decrease in revenue, with $50.6 million reported in November, marking a 16.5% decline from the $60.5 million in October.

In May, Massachusetts sportsbooks achieved a monthly revenue record with reported profits of almost $60.3 million.

In November, Massachusetts sportsbooks had a win rate of 7.7%, which was slightly higher than the national average of 7%, but lower than the rates of 10.7% in October and 9.8% in September.

Adjusted gross revenues totaled $48.9 million, leading to the collection of $9.8 million in taxes for Massachusetts state and local governments.

ESPN BET off to a strong start but finishes behind DraftKings and FanDuel

The initial ratings for ESPN BET have been released across the country, showing modest results for the first two weeks of operation. In Massachusetts, ESPN BET had a successful launch, ranking third in operator handle for the month of November.

Between its launch on November 14 and the end of the month, ESPN BET collected $39.1 million in wagers in Massachusetts, accounting for 6.1% of the total for the month. With $5.8 million in revenues in November, the provider ranked third in earnings among Massachusetts sportsbooks.

Despite facing recent regulatory issues in Massachusetts, DraftKings, the leading sportsbook in the state, had a successful month last month. It achieved a record-breaking $320 million in monthly handle and generated $27.2 million in revenues.

In November, FanDuel Massachusetts secured second place in the Bay State’s legal sports betting market, generating $181.5 million in bets, its highest monthly total to date. The company reported $12.6 million in revenues.

In November, BetMGM Massachusetts came in fourth place with $38.9 million in bets and $3.1 million in revenues, trailing behind ESPN BET. Fanatics Massachusetts took the fifth spot with $15.8 million in wagers and $730,000 in revenue.