Massachusetts Records Second-Highest Sports Betting Handle in January

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Online sportsbooks in Massachusetts recorded their second-largest handle ever by recording $638 million in wagers in Jan. 2024. The state’s most significant month in terms of handle was Dec. 2023, where the year-end betting frenzy contributed to a record $643 million recorded in wagers.

In its monthly report for Jan. 2024, the Massachusetts Gaming Commission reported that it collected the most revenue and taxes from sports wagering since the launch of sports betting in the state in Jan. 2023.

Here is more on Massachusetts’ sports betting handle.

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MA Records Increase in Total Tax Collected

Massachusetts also posted an increase in month-on-month revenue and growth in the total tax collected from the state’s sportsbooks. For Jan. 2024, the state recorded $72.7 million in gross sports betting revenue across licensed operators.

The reported figures point to steady growth in the state’s sports betting ecosystem, as Massachusetts surpassed the previous high of $62.1 million in house winnings set a month earlier, in Dec. 2023.

DraftKings in the Bay State hit a record $36.9 million in revenue — the fourth time in the past 11 months that the sportsbook has surpassed the $30 million mark in the state. Betting handle totaled $651.7 million in the state, a minor 1.1% decrease compared to the previous month but also within the range of the record $658.7 million handle from Dec. 2023.

January’s result nudges Massachusetts over $5 billion in recorded handle from 13 months of wagering, despite Jan. 2023 being a retail wagering-only month.

January’s hold ranks second all-time in the state’s history, falling a little behind the 13.6 win rate from last May. The state levied taxes on $71.1 million in adjusted gross revenue, resulting in $14.2 million making it into Massachusetts’ coffers. Since the launch of sports betting in the state, it has collected $108 million in taxes, most of which comes from mobile betting. Of the recorded taxes, only $311,395 came in through the state’s retail sportsbooks.

DraftKings MA Continues to Defend Home Ground

DraftKings has held on to its position as the top sportsbook in the state in which it is headquartered. Jan. 2023 was its second-best hold behind the 13.9% that DraftKings was able to manage in May 2023. The sportsbook accepted $311.4 million worth of wagers in its third straight month, exceeding $310 million in wagers.

So far, DraftKings has accounted for over half of the all-time handle of $5.45 billion in the Bay State. Similarly, the $274.5 million it has generated in revenue accounts for just over 50% of the combined revenue of the state’s eight licensed mobile betting apps.

While DraftKings continues its stronghold on its home state, FanDuel continues to make significant inroads into challenging its supremacy. Of all the state’s online betting platforms, it recorded the highest hold at 13.2% in January, allowing it to rake in $25.6 million in winnings from accepted bets worth $194 million.

Accordingly, FanDuel’s overall contribution to the state’s gross gaming revenue slightly exceeds 11%. Overall, it has held on to $175.5 million from a betting handle of $1.59 billion.

ESPN BET MA Making Rapid Progress

ESPN BET continued its grip on the third-place position in the state, as it posted a handle of $45.4 million, a contraction of 9.2% compared to Dec. 2023. The PENN Entertainment-owned ESPN BET carried out 7.1% of the Bay State’s $638 million worth of recorded wagers.

Currently, it is on track to meet its first-year goals for Massachusetts. BetMGM made some progress toward the coveted third-place spot in the state but fell just short of the mark. Despite a 6% downturn in handle compared to the previous month, BetMGM posted a hold of 10.8% to start the year, granting it $4 million in winnings. January was the third straight month during which BetMGM posted a sub-10% win rate.

Fanatics Sportsbook improved its monthly handle by 13.6% to clock in $15.5 million, coming close to its all-time high of $15.8 million in Nov. 2023. On the other hand, WynnBet and Betr, who are set to leave the state, made a tiny dent in the state’s overall gaming revenue. WynnBET claimed nearly $731,000 in winnings, while Betr recorded $419,000 worth of wagers, out of which it held $36,000.

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About the Author
Nikhil Kalro

Nikhil Kalro

Nikhil Kalro is a sports betting writer at Gaming Today. With an interest in strategy and mathematics, applying that to sports writing was the natural progression. Nikhil’s previous experience includes working with ESPN for five years. His specializations include soccer, football, basketball, tennis, and esports betting.

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