Massachusetts sportsbooks see revenue jump by 40% in July, Bally Bet enters market

Massachusetts sportsbook operators achieved a 10.3% hold in July, while total handle soared nearly 40% to $411.8 million, according to the latest revenue report from the Massachusetts Gaming Commission (MGC). The state’s seven mobile and three retail operators combined to generate $42.2 million in gross sports betting revenue, marking a 40% increase compared to July 2023.

The report highlighted a significant month-over-month stability in revenue, despite a nearly two percentage point increase in win rate from June. The state collected $8.2 million in taxes from the $41.2 million in adjusted gross revenue (AGR), contributing to a total of $71.7 million in tax receipts for the first seven months of 2024 — $25.9 million more than the same period last year.

Boston-based DraftKings continued to dominate the Massachusetts market, capturing 49.9% of the mobile handle with $202 million in wagers. The operator reported a 10.3% hold, resulting in $20.8 million in gross winnings. FanDuel followed as the second-largest mobile operator, with a handle of $119.9 million and a hold of 10.97%.

July also saw the debut of Bally Bet in Massachusetts, making the state its eighth market in the U.S. Bally Bet recorded a 5% hold on $2.4 million in wagers, generating $121,300 in revenue. Despite being the lowest hold among digital operators, Bally Bet’s first-month handle nearly matched the full-year handle of Betr, a microbetting-focused platform that exited the state in February.

Among other operators, BetMGM and Fanatics Sportsbook both recorded holds exceeding 10%, while ESPN Bet and Caesars Sportsbook reported more modest holds of 8.05% and 7.29%, respectively.

In the retail sector, Plainridge Park Casino led with a 15.53% hold on $2.4 million in handle, while Encore Boston Harbor reported the highest handle among brick-and-mortar sportsbooks at $3.5 million, but a low 3.6% hold.

In a separate development, the MGC voted to remove International Boxing Association events from its betting menu, citing an ongoing investigation by the International Olympic Committee. The commission also introduced new football and basketball betting options and scheduled a meeting in early October to discuss potential betting limits with operators.