Sports betting handle continued its slip in Massachusetts in June, despite weeks of professional and college sports events unfolding last month.
According to a revenue report released Monday by the Massachusetts Gaming Commission, total sports betting handle for retail and mobile in the commonwealth in June was $332 million, down from $454.8 million in May.
That’s a 27% decline in handle from May to June. From April to May, Massachusetts’ overall handle fell about 18 percent – $559.2 million to $454.9 million.
The sports calendar is one reason for the month-to-month decline. Betting traditionally cools over after the NFL Draft and NCAA Men’s and Women’s Final Fours, held in April. But a nearly 41 percent drop in handle in June compared to April is still eye-opening.
Declines in sports betting handle are happening in other states as well. Nevada posted a nine percent drop in handle between April ($580.55 million) and May ($527 million). In Ohio, state data shows total sports betting handle down 30% from March to April.
‘Summer Slowdown’ Expected
Still, a summer slowdown is not uncommon across the country. Other states have also reported lower numbers in June. A big reason for the drop is the sports calendar.
June had the NBA Final, NCAA College World Series, and the US Open. July betting events will include the MLB All-Star Game, Open Championship, and Women’s World Cup. NASCAR has a few races in August, including the Coke Zero Sugar 400.
It’s in late summer and fall when sportsbooks expect to see a resurgence in betting. Return of the NFL and college football in September historically means big handle for sportsbooks as teams rev up another season.
DraftKings Again Tops Mass. Online Sports Betting Handle
DraftKings is once again the home-state favorite among Massachusetts online sports bettors in June, according to the MGC revenue report.
Boston-based DraftKings drew $159.3 million in online handle in June, with $15.4 million in taxable revenue at 9.74% hold. DraftKings reported $221 million in handle in May, with $30 million in taxable revenue at 13.85% hold.
FanDuel came in second in online handle for June at $96 million with $11.2 million in revenue at 11.67% hold. FanDuel was also the second-place holder in May, when it reported $135.3 million in handle and $19.7 million in revenue at 14.80% hold.
Rounding out the June rankings of Massachusetts’ eight online sportsbooks by handle are:
– BetMGM ($24.9 million in handle, $3.6 million in revenue, 16.97% hold)
– Barstool ($16.4 million in handle, $1 million revenue, 6.46% hold)
– Caesars Sportsbook ($12.6 million in handle, $687,023 in revenue, 5.41% hold)
– WynnBet ($11.7 million in handle, $508,067 in revenue, 4.31% hold)
– Fanatics ($1.8 million in handle, $224,685 in revenue, 11.84% hold)
– Betr ($290,649 in handle, $11.552 in revenue, 3.97% hold)
MGC: Sports Betting Tax Revenue at Approximately $40 million
Tax revenue collected from sports betting operators in Massachusetts has totaled approximately $40 million in total taxes and assessments since sports wagering began in the Bay State at the retail level on Jan. 31 and by mobile on March 10.
Retail sportsbooks at the commonwealth’s three casinos are taxed at 15% on their adjusted sports wagering revenue. The eight online sportsbooks are taxed at 20%.
According to the MGC, Massachusetts sports wagering tax revenue is split five ways, with 45% allocated to the state’s General Fund; 17.5% to workforce investment; 27.5% to local aid; 1% to youth development and achievement, and 9% to the state’s public health trust fund.
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