Betr’s MA handle tumbles in first full month of operation

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DraftKings further cemented its status as the top sportsbook in its home state of Massachusetts in June, once again capturing roughly half of all handle in the state.

The Massachusetts Gaming Commission released its June revenue report on Monday. The state’s eight sportsbooks generated $323.5 million in handle, a dip of nearly 28% from the $443.6 million posted in May. June is traditionally one of the slowest months on the sports calendar, so the dip is par for the course.

DraftKings was responsible for $159.4 million of the state’s wagers, keeping $15.5 million in revenue for a hold percentage of 9.7%.

FanDuel trailed a ways behind with $976 million in handle but still managed to generate $11.8 million in revenue. BetMGM rounded out the top three almost $25 million in handle and nearly $4 million in revenue. BetMGM also posted an unusually high hold rate of 14.4%, which was tops in the state for June.

The combined revenue across the sportsbooks in the state amounted to $32.8 million, producing $6.4 million in revenue for the state in the form of tax dollars.

At the bottom of the pack was Betr, with handle tumbling from $593K in May to just $291K in June. With just shy of 4% hold, the upstart sportsbook produced just $11,552 in revenue for the month. The decline in handle is surprising given that technically June was the first full month of operation for Betr. In May, the sportsbook launched on May 11, giving it only 20 days to generate revenue.

SBC Americas’s own Charlie Horner and Jessica Welman discussed Betr’s performance on a recent episode of iGaming Daily:

In Ohio, Betr is faring slightly better when it comes to handle, generating $700K in May, but that also came with $116,000 in promotional credit spending, which handily erased the $54,000 in revenue that month.

By comparison, Fanatics Sportsbook, which is still in beta in Massachusetts, did almost $1.9 million in handle and generated nearly $225K in revenue.