In its first near-full month in the Massachusetts online sports betting market, Bally Bet took more than $2.4 million in wagers.
The Massachusetts Gaming Commission published its July 2024 revenue report which included Bally Bet for the first time after the sportsbook launched on July 2 as the state’s seventh online sportsbook.
Bally Bet reaped $121,300 in revenue from the $2.4 million in handle it generated thanks to a 5% hold. The MGC does not publish promotional spend, so it’s not certain how much of that total was credits and bonuses. However, Bally Bet’s first-month handle wasn’t far off matching the handle that Betr took in total between May and December 2023. Betr left the state in February. However, the number still puts the operator in a distant seventh place from the competition.
At the time it launched in Massachusetts, Bally Bet Sportsbook was also live in Arizona, Colorado, Indiana, Iowa, New York, Ohio and Virginia. Since then, it has also stepped into the Maryland market.
Bally’s Corporation CEO Robeson Reeves said on the company’s Q2 2024 earnings call two weeks ago that he expects the sportsbook to go live in four more U.S. states before the end of the year. He namechecked Illinois and Tennessee.
Bally’s Interactive posted Q2 North America revenue of $49.2 million for April to June 2024, nearly double (+94%) its Q2 2023 mark of $25.3 million.
Massachusetts betting soars 44% year-over-year
Overall, the MGC figures showed that the state’s total online sports betting handle and total taxable revenue both soared nearly 44% year-over-year to hit $405.2 million and $40.6 million, respectively. Operators enjoyed a 10.3% hold overall.
DraftKings continued to set the pace as the distant frontrunner in the state. The Boston-based operator took more than $200 million in bets for the 11th month in a row and collected $20.8 million in gross winnings thanks to its first double-digit hold since January. FanDuel was second with $13.2 million in revenue from $119.9 million in handle.
Behind the two leaders came BetMGM, as a 10.3% hold that was up more than 3% from June yielded $2.8 million in revenue from $27.5 million in bets. Fanatics came fourth with an all-time monthly high $2.3 million revenue from $21.0 million in bets, and ESPN Bet rounded out the top five with $1.5 million in revenue from a $19.1 million handle.
Caesars failed to break the $1 million revenue barrier in July.
