Almost all of Massachusetts‘ online sportsbooks took hits in June as the Boston Celtics beat the Dallas Mavericks in the NBA Finals, but none suffered more than Caesars Sportsbook.
The latest revenue figures from the Massachusetts Gaming Commission (MCG) showed that Caesars’ hold plummeted from 7.88% in May to just 0.15% in June, meaning they produced minus-$16,588 in taxable revenue from a handle of $19.6 million last month. Its all-time hold of 5.4% hold is comfortably the lowest of any of Massachusetts’ six active mobile sportsbooks.
ESPN Bet and DraftKings also both saw win rates slip by multiple percentage points month-over-month as customers cashed in on the Celtics’ championship win. BetMGM and Fanatics held firm, with only marginal dips.
FanDuel was the only online sports betting operator to grow its win rate, as its hold ticked up by 0.2% to sit just below an impressive 12% in June. June was its third-straight month with a hold above 11%.
FanDuel collected $16.8 million in revenue from $141.4 million of bets, taking it over the $1 billion handle mark and the $250 revenue barrier in 2024.
Boston-based DraftKings remains on top and still holds more than half of the state’s total handle, totaling $263.7 million in June and eclipsing $4 billion from its 16 months of online sports betting. However, its win rate was 4% lower than FanDuel’s.
BetMGM still sits third for both revenue and handle, while ESPN Bet, Fanatics Sportsbook and Caesars battle for fourth.
Handle grows nearly 60% YOY
Overall, Massachusetts online sports betting continues to surge year-over-year.
In June, the total combined handle of $500.7 million was up 58.3% from June 2023 and taxable revenue was 30.5% higher, at $41 million. Last year, the Celtics didn’t play into June after losing to the Miami Heat in Game 7 of the Eastern Conference Finals on May 30, 2023.
Massachusetts reaped nearly $2 million more in sports betting tax revenue last month than it did in June 2023.
To date, the MCG noted the state has taken approximately $158.4 million in taxes and assessments from the sports wagering operations of licensed operators since sports wagering began in person on January 31, 2023 and online on March 10, 2023.
Next month, a seventh online sports betting operator will be listed on the revenue reports. Bally Bet went live in the Bay State at the start of July.
