DraftKings has established itself as the number one sportsbook brand in its home state of Massachusetts, taking nearly 50% of all bets in the Bay State during May.
Per the Massachusetts Gaming Commission, which published the state’s revenue report for May, DraftKings handled $221.1m during May, compared to its closest rival FanDuel, which took $135.3m in bets.
In total, operators handled $443.6m in May, showing DraftKings early dominance in its home territory, taking roughly half of all the wagers placed in the Bay State.
As is customary during this period of the year, there was a noticeable drop in betting volume from April to May, with the $443.6m pailing in comparison to the $579m wagered in April.
Whilst DraftKings and FanDuel dominated the proceedings in yet another state, one brand hoping to challenge the establishment is Fanatics, which soft-launched in Massachusetts in May.
The MGC revealed that Fanatics took $123k in bets during May as the challenger brand aims to make a splash in 14 states before the NFL season. Onlookers will be eager to see how the brand takes the challenge to the bigger players in the market and whether it garners momentum quickly.
Betr struggled to make a big splash in Massachusetts upon its launch, taking just $593k in bets. Similar to its performance in Ohio, the Joey Levy/Jake Paul venture struggled to gain much traction, with minimal market share attained in its first month.
Here is a breakdown of the operators’ handle:
DraftKings: $221.1m
FanDuel: $135.3m
BetMGM: $34.9m
Caesars: $19.0m
Wynn: $16.4m
Barstool: $16.0m
Betr: $593k
Fanatics: $123k
Operators enjoyed a strong hold rate of 13.6% during May, with Fanatics holding 34% of its handle. It is unclear how much of this hold rate are from unresolved future bets.
This meant that Massachusetts sportsbooks generated $60.5m in revenue during May, slightly up on the $58.9m generated in April as the stronger hold rate bears fruit.
DraftKings took the lion’s share of revenue, with $30.6m made from its operations in the Bay State. FanDuel made $20.0m whilst the third biggest operator, BetMGM, made $5.5m.
Here is a rundown of all the online revenue made in MA in May:
DraftKings: $30.6m
FanDuel: $20.0m
BetMGM: $5.5m
Barstool: $1.8m
Caesars: $1.4m
Wynn: $1.1m
Betr: $47k
Fanatics: $42k
With a 20% tax rate implemented on online and mobile GGR in MA, operators paid out a total of $11.9m last month, up slightly from April.
