Massachusetts Hits Record $654 Million Sports Betting Handle in November

In November, sports bettors in the Bay State demonstrated an impressive surge in their engagement, collectively contributing a substantial $654.4 million toward sports wagering activities. This figure marked an uptick in the state’s betting handle, displaying a remarkable 14.5% increase compared to the reported betting activity in October.

November’s monthly sports betting handle has set a record, surpassing the previous high of $579.3 million (April 2023) by 13%. This new high follows closely behind October’s impressive betting volume of $571.8 million, which was the second-highest handle in the state’s history, standing merely 1.3% below the peak achieved in April.

The Massachusetts Gaming Commission‘s financial report revealed a significant contrast in contributions to the betting handle between online sportsbooks and the limited presence of three retail locations in the state — Encore Boston Harbor, MGM Springfield, and Plainridge Park Casino. According to the report, online sportsbooks contributed a substantial $636.7 million to the betting handle. In contrast, the retail trio collectively accounted for lower contributions, adding $17.6 million to the state’s betting activity.

Massachusetts Suffers a Decrease in Gaming Revenue

Despite the surge in Massachusetts sports betting handle marking a new high in November, the state faced a considerable 16.5% decline in revenue compared to the previous month. While operators experienced a significant increase in betting activity, collectively amassing a higher handle, the total gross gaming revenue contracted to $50.6 million.

This shift signifies an overall hold of 7.72%, a decrease from the previous month’s 10.5%. The revenue downturn amounted to $8.5 million lower than the October figures.

Online sportsbooks took center stage as the primary revenue drivers, amassing $50.1 million with a hold percentage of 7.87%. This marked a noticeable shift from the 10.7% hold recorded in October. Meanwhile, retail sportsbooks operated at a reduced hold of 2.35% from the previous 6.3%, with combined earnings amounting to $414,509.

The state generated $48.9 million in taxable revenue from operations encompassing both online and retail sportsbooks. Online operators contributed significantly to this figure, generating $48.6 million in taxable revenue, a portion of which amounted to $9.7 million in collected taxes. Retail operators, on the other hand, generated a comparatively smaller taxable revenue of $370,189, resulting in $55,528 in taxes.

DraftKings Leads the Month with $320 Million Handle

In November, MA-based DraftKings emerged as a dominant force, contributing almost half of the betting activity with a staggering $320 million in wagers. This positioned DraftKings significantly ahead, outpacing the second-place contender by over $100 million. They also reported an adjusted gaming revenue of $26.4 million with a hold of 8.5%.

FanDuel witnessed an influx of user bets totaling $181.5 million during the month, yielding an AGR of $12.1 million with a hold of 6.92%. Meanwhile, ESPN Bet secured a handle of $39.1 million, generating a taxable revenue of $5.7 million. Penn Entertainment’s sportsbook emerged as the leader in hold percentage, boasting an impressive 14.86%.

BetMGM demonstrated strong engagement with a total wager volume reaching $38.9 million. However, the revenue was significantly lower at $3.0 million. Caesar Sportsbook saw a handle of $27.4 million, yet recorded the lowest revenue hold at 1.47%, resulting in a revenue of $335,536.

About the Author
Tebearau Egbe

Tebearau Egbe

Tebearau Egbe is a seasoned gambling writer with more than four years of experience. Armed with a Masters degree in philosophy, Egbe possesses a unique ability to dissect complex industry developments, distilling them into insightful narratives that captivate readers.

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