Massachusetts sees 57% growth in sports betting handle in June despite retail sector drop

Massachusetts has reported an increase in sports betting activity in June compared to the previous year, although the retail sector faced losses. According to the latest report from the Massachusetts Gaming Commission, total sports betting handle reached $509.4 million, a 57.5% increase from $323.5 million in June 2023. 

However, this figure was a 13.3% decrease from $587.3 million in May 2024, marking the lowest monthly total since August 2023. Online sports betting dominated the market, with players spending $500.7 million in June, while retail betting accounted for only $8.6 million.

Total revenue for operators across both sectors was $40.5 million. This represents a 25.8% increase from $32.2 million in June 2023 but a 29.0% drop from $57.0 million in May 2024. It was also the lowest monthly revenue since August 2023.

Online sports betting generated $41.0 million in revenue, but the retail sector reported a loss of $588,965, bringing the total revenue down. The overall hold rate for the Massachusetts market in June was 8.30%, with online betting at 8.44% and retail betting at just 0.01% due to the losses. The state collected $8.2 million in sports betting taxes, primarily from online betting.

DraftKings remained the top operator in Massachusetts, generating $19.3 million in revenue from $263.7 million in bets, with a 7.58% hold rate. FanDuel followed with $16.5 million in revenue from $141.4 million in bets, achieving an 11.9% hold. BetMGM was third, with $2.3 million in revenue from $34.0 million in bets and a 7.09% hold.

Other operators in the market included Fanatics, which reported $1.7 million in revenue from $20.2 million in bets; and ESPN Bet, which earned $1.2 million from $21.8 million in wagers. Caesars reported a $16,588 loss from $19.6 million in bets, with a hold rate of just 0.15%.

Encore Boston Harbor was the only retail venue to report positive revenue in June, generating $146,565 from a $4.7 million handle, resulting in a 3.40% hold. Plainridge Park Casino reported a $186,969 loss from $3.0 million in bets, with a negative hold of 6.09%. MGM Springfield posted a $548,561 loss from a $1.0 million handle, with a 2.21% hold.

Earlier this month, Bally Bet entered the Massachusetts online betting market. The operator, which received its temporary license 18 months ago, launched on July 2. Bally Bet becomes the seventh betting option in the state, following the exits of Betr and WynnBet earlier this year. The performance of Bally Bet will be included in the next monthly report.

As for casino gambling, Massachusetts' market experienced declines both year-on-year and month-on-month. Gross gaming revenue from slots and table games fell by 4.5% to $96.1 million compared to the previous year. This figure was also lower than the $98.0 million reported in May 2024. Slots contributed $66.2 million to the total revenue, while table games accounted for $29.9 million. The state collected $27.3 million in casino gaming taxes for June.

Encore Boston Harbor led the casino market with $60.4 million in total revenue, including $34.9 million from slots and $25.5 million from table games. MGM Springfield followed with $31.9 million, and Plainridge Park Casino reported $13.8 million in revenue.