After an opening month in which DraftKings outpaced FanDuel in handle but trailed in revenue in Massachusetts, the hometown sportsbook stormed back in a big way, winning both categories handily in April. However, with no indication of how much promotional credit was spent to attain that status, it is unclear just how deep DraftKings reached in its pockets to extend its strong position in Massachusetts.
The strong performance by DraftKings led to a month with $579 million in total bets split with $566 million accepted online and $13 million placed at retail sportsbooks. Those bets produced $58.9 million in revenue for the sportsbooks and $11.8 million in taxes for the state.
The breakdown of handle and revenue by operator is as follows:
DraftKings: $283.8 million in handle, $29 million in revenue
FanDuel: $172.6 million in handle, $22 million in revenue
BetMGM: $43 million in handle, $4.7 million in revenue
Barstool: $24.6 million in handle, $2 million in revenue
WynnBet: $22.8 million in handle, $463K in revenue
Caesars: $19.4 million in handle, $1.7 million in revenue
One category FanDuel was tops in was hold, as the group held 12.8% of wagers compared to BetMGM’s 11% and DraftKings’s 10.2%. On the flip side, WynnBet held a mere 2% of bets. That number was an anomaly in an otherwise strong hold month for the other operators, which each held at least 8%.
DraftKings accepted roughly half of all wagers in the state this month while FanDuel’s market share slipped slightly from 32% to 30%. BetMGM was relatively flat, going from 8% to 7% and Barstool similarly dipped from 5% to 4%.
May will see how much of an impact Betr will have on the Massachusetts market standings, as it launched in the Bay State last week. Fanatics is scheduled to go live sometime this summer as well.
In the meantime, so far at least, Massachusetts is another state in which FanDuel and DraftKings account for 80% of the market, but with only six operators total, there is a little more of the pie to go around to the rest of the pack.
