Massachusetts posts $642M in sports betting handle despite operator exits

Map of Massachusetts
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The Massachusetts Gaming Commission has reported a rise in sports betting handle in March despite the exit of two operators.

In February WynnBet and Betr shuttered its online sports wagering operations in the state.

Bettors in the state wagered $654.9 million in March compared to $542.4 million in February and was also up 15.3% year-over-year compared to the $568.2 million handle posted in March 2023.

February was the first time that sports betting handle had dropped below $600 million since October 2023.

Despite the increase in handle, taxable revenue generated by operators dropped due to a drop in handle from over 10% to 7.3%. Operators generated $51.8 million in taxable revenue in February compared to $46.2 million in March. Taxable revenue in March was almost identical to the same period in 2023.

Massachusett’s three retail locations contributed $12.7 million in handle while its six online operators contributed the remaining $642.3 million.

DraftKings exhibit significant year-over-year growth

DraftKings led the way in March, reporting $323 million in sports betting handle and $23.5 million in gross revenue. These figures represented a significant year-over-year increase when compared to the $257.6 million handle and $16.1 million gross revenue reported in March 2023.

DraftKings, unlike other operators in the state, had an increased hold in March compared to the same period in 2023.

FanDuel was the only other operator to top $100 million in handle. The operator posted a handle of $190.4 million and gross revenue of $15.7 million. Although its handle increased slightly, gross revenue was down 3.8% year-over-year off the back of a percentage point drop in hold from 9% to 8%.

ESPN Bet rounded out the top three with a $34.4 million handle and gross revenue of $2.6 million. Similarly to FanDuel, it posted a slight drop in gross revenue year-over-year due to a decrease in hold. 

Despite the exit of WynnBet and Betr, no operator was able to significantly increase its market share compared to the previous month.