Massachusetts Sports Betting Operators Report Q3 Revenue

During an open meeting held on November 27, the Massachusetts Gaming Commission facilitated presentations from four state operators regarding their revenue performance in the third quarter.

The operators involved in the meeting were DraftKings, PENN Entertainment, Caesars Sportsbook, and WynnBet, each providing insights into their quarterly financial outcomes and market contributions within the state’s sports betting landscape.

Massachusetts Gaming Chair Cathy Judd-Stein presided over the meeting, joined by Commissioners Bradford Hill, Jordan Maynard, Nikisha Skinner, and Eileen O’Brien.

Operators Q3 Revenue Breakdown in Massachusetts

The session began as Curtis Lane Jr, Caesars Sportsbook’s Digital Compliance Manager, presented the Q3 2023 sports wagering report. According to Curtis’ report, the sportsbook recorded $3 million in total revenue for sports betting during the quarter with a hold of 7%, indicating a 19% decrease from the previous quarter’s $3.8 million. In terms of taxes paid, Caesars remitted a total of $586,064 in Q3.

During the quarter, the company’s revenue showcased fluctuations: September saw a significant upswing, generating $1.6 million with a 9% hold. In the preceding months, August and July, earnings were $594,078 (with a 4% hold) and $806,058 (with a 7% hold), respectively.

The report provided by DraftKings, spearheaded by Jake List, Senior Director of Regulatory Operations, echoed a comparable narrative. The sportsbook’s Q3 2023 revenue marked $54.1 million on a 9.1% hold, demonstrating a 28% decrease compared to the previous quarter’s $75 million with an 11.2% hold.

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In September, DraftKings disclosed a revenue of $28.2 million with a hold percentage of 9.7%. August was 39.7% lower as the operator garnered $11.2 million in revenue at a 6.9% hold.

In July, on the other hand, DraftKings achieved $14.7 million in revenue with a hold of 10.2%. Throughout the entire third quarter, the company allocated a total of $10.5 million towards taxes.

During the Commission open session, PENN Entertainment took the stage as the third company to present. Senior Director of Compliance, Adam Kates, spearheaded the presentation, initiating it with a comprehensive breakdown of the third-quarter revenue figures. The operator amassed a total Q3 revenue of $1.8 million, contributing $357,337 in taxes derived from Massachusetts sports wagering.

The operator reported a revenue of $942,103 in September from a monthly handle of $13 million. August witnessed a higher handle of $16.7 million, yielding a revenue of $482,090. Furthermore, a revenue of $362,493 was earned from a handle of $11.7 million in July.

Jennifer Roberts, representing WynnBet, conducted the concluding presentation during the meeting. According to the revenue report, the earnings for Q3 amounted to slightly under $2 million, marking a 3% decline from the previous quarter and a 7% decrease from Q1. These figures led to a year-to-date state revenue of $6.1 million.

WynnBet saw a significant revenue boost, raking in $868,385 from a $13.9 million handle. This marked a considerable increase of 42.1% compared to the previous month’s revenue of $365,973 from a $9.0 million handle in August. July’s figures for WynnBet displayed a revenue of $728,393 with a $9.1 million handle.