As legal sports betting launches across the country, states that have voted to legalize online sports betting have seen an influx of sports betting revenue. And now that we’re well into Q4, we’re taking a look at how different states and different operators within those states have been faring since launch.
Let’s take a look at Massachusetts sports betting revenue and the sports betting handle since it officially launched mobile sports betting in March.
Massachusetts Sports Betting Revenue, Handle
The Bay State has gotten a lot greener since the beginning of 2023, thanks to the launch of legal sports betting. In Massachusetts, in-person betting at casinos launched legally in January, followed by the introduction of online betting in March. One sportsbook staking its claim as the premier source for online betting in the state is DraftKings.
DraftKings’ success in Massachusetts could be attributed to spokesperson Kevin Hart’s quirky commercials that dominate ad space during major sporting events. Or it could be because the book’s name itself implies that it is in fact superior to its competitors. Perhaps DraftKings having its headquarters in Boston has given the book a leg up. At any rate, since DK launched in MA, the operator’s sports betting revenue has been nothing short of impressive.
In September, DraftKings’ sports betting handle totaled more than $290 million — the best month on record in the state of all online operators since launching. And DK wasn’t the only book to make bank as the seasons changed. FanDuel had one of its best months, too. Its handle for the month of September totaled almost $122 million.
Why was September such a big month for the books’ handles?
The NFL regular season kicked off, college football season was in full swing, and Major League Baseball was in its ninth inning ahead of the start of the divisional series matchups. Not to mention other leagues like MLS, which gained even more popularity in 2023 after Lionel Messi made his stateside debut. As sure as Sept. 1 marks the unofficial end of summer, it also marks the beginning of every sports bettor’s dream season.
Another noteworthy month for DraftKings was April. In that month, DK’s handle totaled almost $284 million. From college basketball’s March Madness carrying over into the month to NBA play-ins and playoffs, the revenue proves that people were enthusiastic about getting into the games online.
The inaugural month of March was another in which operators saw big sports betting revenue. That month, DraftKings eclipsed $257 million and FanDuel $181 million.
In addition to DraftKings and FanDuel, there are currently six additional mobile operators in Massachusetts. Those are Barstool Sportsbook, BetMGM, Betr, Caesars Sportsbook, Fanatics, and WynnBet.
Caesars, for example, finished the third quarter with more than $18 million in handle. That was better than its June, July, and August revenues. But in May, Caesars Sportsbook’s handle topped $19 million.
Barstool Sportsbook, a book that’s been in the news recently after reports surfaced that Penn is divesting its interest in the company, had a solid March. That month, its handle was more than $29 million — the best to date for Barstool.
Where Does the Cash Flow Go?
According to massgaming.com, when it comes to distributing the taxes collected on gross sports wagering revenue, here are the state funds to which the cash is being allocated (includes both in-person and online operators):
- 45% to the general fund
- 27.5% Gaming Local Aid Fund
- 17.5% Workforce Investment Trust Fund
- 9% Public Health Trust Fund
- 1% Youth Development And Achievement Fund