DraftKings remains top Massachusetts sportsbook in May

Massachusetts Sports Betting Revenue May 2024
Image: Marcio Jose Bastos Silva / Shutterstock

The Massachusetts Gaming Commission (MGC) reported substantial year-over-year growth in May for the state’s sports betting market.

The gaming regulator reported a $587.2 million total sports betting handle in May 2024 compared to $454.9 million for the same month last year. Massachusetts, home to six active sportsbooks, saw its online operators finish last month with $57 million in taxable gaming revenue behind a 10.1% hold. By comparison, online taxable gaming revenue in May 2023 reached $60.9 million with operators closing the month with a 13.6% hold.

Massachusetts collected $11.3 million in taxes from online sports wagering in May 2024. The Bay State saw taxes in May 2023 from online betting reach roughly $12.1 million. Online operators in Massachusetts are taxed at a 20% rate with retail wagering at 15%.  

DraftKings leads the way in Massachusetts

The Boston-based sports betting and fantasy giant closed May 2024 as the state’s highest-grossing operator. DraftKings reported a $299.5 million online handle last month with taxable gaming revenue at $28.3 million behind a 9.7% hold. In May 2023, DraftKings posted a $221 million online handle and $30 million in taxable gaming revenue.

FanDuel recorded the second-highest May online handle in Massachusetts at $172.4 million, up from $135.3 million for the same month last year. The Flutter Entertainment-owned brand generated $19.8 million in online taxable gaming revenue last month behind an 11.7% hold. In May 2023, online taxable revenue was $19.7 million with a 14.8% hold.

ESPN Bet, which launched in November 2023, reported favorable results for its first May in the Bay State. The sportsbook reported a $25.8 million online handle during the month, ranking fifth in the state. ESPN Bet also generated $2.4 million in taxable May revenue.

Fanatics surges in Massachusetts

May marked a significant jump in handle and revenue for Fanatics Sportsbook, which recently completed its $225 million takeover of PointsBet’s U.S. operations. In May 2023, Fanatics reported a $123,108 online handle with revenue for the month reaching $41,769.

Last month, the New York-based sportsbook reported a $19.8 million online handle and $1.7 million in taxable revenue behind an 8.8% hold. It also collected $342,822 in taxes.

Fanatics hasn’t solidified a footprint in Massachusetts without growing pains. Last month, the MGC fined the operator $10,000 for accepting a wager on an in-state college football game. As of June 2024, the MGC prohibits wagering on in-state colleges and universities unless they are competing in a tournament that includes four or more teams. An investigation found that Fanatics accepted a $50 futures bet on a Dec. 5 bowl game.

The Fenway Bowl was between Boston College and Southern Methodist University.

Massachusetts is also home to Caesars Sportsbook and BetMGM. The state has seen several online operators exit the market, including WynnBet and micro-betting app Betr.