There is still a long way to go for Fanatics Sportsbook to potentially challenge DraftKings and FanDuel, but the brand continues to trend upward in Massachusetts per the latest revenue report from the Massachusetts Gaming Commission.
After going fully live in mid-August, Fanatics ended the month with $4.4 million in handle, $545,000 in revenue, and the best hold percentage in the state at 12.6%. Those numbers nonetheless are a drop in the bucket to the state’s total numbers for the month, which amounted to $307 million in online handle, $22.6 million in revenue, and $4.5 million in tax dollars for the state.
Overall, handle rose 6.6% from the July doldrums but revenue rose substantially from $14.4 million to $22.6 million.
The haul for Fanatics put it ahead of only Betr Sportsbook in the state. Betr continued to lag behind the competition with a mere $150K in bets. It is a jump from July, however, when the sportsbook accepted $2.4 million in wagers.
While Ohio does report promotional spend and noted Fanatics is dropping dollars in that category, Massachusetts does not. It is certainly possible, if not likely, that the group is spending comparably in the Bay State.
Meanwhile, DraftKings continued to dominate the market in terms of handle, accounting for $162 million, or 52.8% of all bets. FanDuel was the next-closest contender with $79.4 million in handle, while BetMGM lagged far behind that with $21.1 million.
DraftKings held just 6.9%, but that was enough to claim the most revenue for the month as well at $11.2 million. FanDuel generated better hold than DraftKings but posted $7.6 million in revenue. As mentioned, Fanatics put up double-digit hold in August, something only itself and BetMGM managed to do during a stretch where statewide books held an average of 7.8%.
Numbers should increase across the board in September as Massachusetts headed into its first-ever NFL regular season with legalized sports betting.