Massachusetts has, for the 9th consecutive month, surpassed the mark of $500 million in terms of sports betting handles. The Massachusetts Gaming Commission published a report that showed a total handle of $587.3M for May 2024, up by 32.4% in comparison to May 2023. However, it is down by 2.7% on a month-to-month basis as April’s figure was $603.3M. The number is a collection of online sports betting and retail venues.
Sports betting took center stage in January 2023 in the US state. It is believed that the number remained on the higher side with several sports events happening in the US. This includes the epic finale between the Celtics and the Mavericks among other events.
It is not just the handle, revenue for the state is also notable for the previous month. Sports betting operators banked over $59M in revenue with a hold of 10.05%. It is a jump of 16.6% against April 2024 but a drop of 4.9% over May 2023. Revenue in April 2024 was approximately $50.6 million and in May 2023 was $62.1M. Tax collection came at 15% as the state accumulated $11.5M. The year-to-date total now stands at $55.3. The first five months of 2024 alone have garnered $22M in tax collection.
The total handle for three retail venues in May was $10.2 million while online sportsbooks collected $577.1M worth of bets.
DraftKings led the charge with a handle worth $299.5 million and revenue of $29.1M. Fanatics, even though at the bottom of the list, had its handle above the $19M mark. The revenue column missed $2M by a deficit of $0.2M – nevertheless, the achievement of $1.8 million is impressive in a competitive market like sports betting.
FanDuel came in second with a handle and revenue of $172.4M and $20.3M, respectively. BetMGM followed the trend at $39.3 million and $3.1 million, applicable in the same order. ESPN BET and Caesars Sportsbook banked a handle of $25.9M and $20.1M, respectively while revenue turned out to be $2.5M and $1.6M.
Caesars banked a lower margin in revenue despite a higher handle as compared to Fanatics. Massachusetts continues to host some of the best sports betting sites in the USA, as more set their sights on the market for an entry.
Sports betting – online and retail – has served as one of the best forms of entertainment that allows participants to test their knowledge about sports. Or, it allows them to showcase support for their favorite teams. Needless to say, it is important to pace bets as per one’s financial assessment to not put a dent in life’s budget.