DraftKings and FanDuel ranked first and second in market share, respectively, in the first three weeks of legal online sports betting in Massachusetts, according to data released by the state’s Gaming Commission on Tuesday.
From the March 10 launch date of Massachusetts sports betting through March 31, DraftKings Massachusetts reported $257.6 million in online sports betting handle, compared to $181.1 million for FanDuel Massachusetts. DraftKings and FanDuel, however, each generated around $16 million in online sports betting revenue over the same period, as FanDuel held 9 percent of the money wagered, compared to just 6 percent for Boston-based DraftKings.
Taxable revenue of $15.5 million from DraftKings and $16 million from FanDuel generated $3.1 million and $3.2 million in state revenue, respectively, for the month based on a tax rate of 20 percent.
Massachusetts Online Sportsbook Handle, Revenue, Market Share (March 2023)
After DraftKings and FanDuel, there is a big gap to BetMGM Mass at No. 3 and Barstool Sportsbook — which has its own Massachusetts roots — at No. 4. WynnBet and Caesars MA round out the six sports betting apps that have launched in the state.
Massachusetts Online Sportsbook Handle, Revenue, Market Share (March 2023)
| Mass Sportsbook | Handle | Revenue (Win) | Hold % | Taxable Gaming Rev. | Tax Collected | Market Share |
|---|---|---|---|---|---|---|
| DraftKings | $257,634,289 | $16,119,771 | 6.26% | $15,556,827 | $3,111,365 | 47.00% |
| FanDuel | $181,085,196 | $16,342,642 | 9.02% | $16,003,000 | $3,200,600 | 33.04% |
| BetMGM | $45,271,183 | $7,427,641 | 16.41% | $7,314,464 | $1,462,893 | 8.26% |
| Barstool Sportsbook | $29,505,722 | $2,969,196 | 10.06% | $2,893,576 | $578,715 | 5.38% |
| WynnBet | $18,207,674 | $2,069,118 | 11.36% | $2,023,598 | $404,720 | 3.32% |
| Caesars Sportsbook | $16,398,405 | $1,855,140 | 11.31% | $1,814,142 | $362,828 | 2.99% |
| Total | $548,102,467 | $46,783,507 | 10.74% | $45,605,607 | $9,121,121 |
BetMGM, Barstool Next Top Performers in Massachusetts for March
BetMGM ranked third in revenue with $7.4 million, based on $45.3 in handle and a 16.4 percent hold. BetMGM is also the retail sports betting vendor for MGM Springfield casino, which launched an in-person sportsbook on Jan. 31.
Six online sportsbooks have been live in Massachusetts since the March 10 launch that followed the opening of three casino retail sportsbooks on Jan. 31.
Barstool tops the remaining three in performance in March with revenues of $2.9 million based on $29.5 million in handle at a hold of 10.1 percent. Next is WynnBET, with $2.06 million in revenue, based on $18.2 million handle at 11.4 percent hold.
Caesars pulled up the rear in March with $1.8 million in online sportsbook revenue generated from $16.39 million in handle at 11.31 percent hold.
Total online sports betting handle reported by the MGC for the first month after the March 10 launch was $548.1 million, with sportsbook revenues of $46.8 million, marking a hold — or win — percentage of 10.7 percent.
Total taxable online sports betting revenues of $45.6 million from all apps generated $9.12 million in total state revenue for the month.
More to Come in Massachusetts Online Sportsbook Market
Four additional online sportsbooks – Betr, Betway, BallyBet, and Fanatics (also partnered with PCC) – are licensed in Massachusetts but have not yet launched. BallyBet, Betr, and Fanatics are all expected to launch sometime in May.
Betway is not expected to launch its mobile app in the Commonwealth until next year.
Retail sportsbooks at MGM Springfield (BetMGM), Encore Boston Harbor (WynnBET and Caesars), and Plainridge Park Casino (Barstool, Fanatics) collectively generated $1.5 million for the month based $19.9 million handle with a hold of 9.6 percent. Total tax revenue generated by the retail sportsbooks for March was $218,295 (at a rate of 15 percent).
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