Massachusetts sportsbooks take $443.5m in May handle as Fanatics and Betr join party
Boston-based DraftKings continues domination of Commonwealth market despite 18% month-on-month drop
Massachusetts sportsbooks racked up $443.5m in handle and $59.4m in revenue during May, according to data released by the Massachusetts Gaming Commission (MGC).
The state collected $11.8m in tax revenue from the eight licensed online sportsbook operators during the month, based on the Commonwealth’s tax rate of 20% on gross gambling revenue (GGR).
Boston-headquartered DraftKings continued its April dominance of the Massachusetts market into May, accounting for 50% of the total revenue generated in the market. This amounted to $30m and 49% of handle, which came in at $221m.
US sportsbook market leader FanDuel was close behind its rival, racking up $135.3m in handle during May and $19.7m in revenue, approximately 33% of the total revenue generated in the month.
BetMGM and Caesars were the best of the rest in the online sportsbook market during May, with BetMGM generating $35m in handle and $5.3m in revenue, while Caesars saw handle of $19m and revenue of $1.3m, respectively, during the month.
May marked the first full month of operation for Massachusetts’ newest sportsbook operators, Betr and Fanatics, which debuted in the state after the official launch in March due to the need to perform final work on their respective local sportsbook apps.
In its first month, Betr took just $592,965 in handle and $45,623 in revenue while fellow debutant Fanatics racked up $123,108 and $41,679 in revenue during May.
In respect of its month-over-month performance, Massachusetts’ online sports betting handle was down 18% from April, when the state’s operators garnered $546.2m in handle, benefitting from the NCAA’s March Madness tournament effect on sportsbooks.
Despite the drop in handle, taxable revenue fell by just over 1% month-over-month from $59.4m in April to May’s total of $58.5m.
As in April, the Encore Boston Harbor Casino led the way in respect of retail sports betting in Massachusetts, taking $6.7m in handle and generating $1.3m in revenue during May.
The Plainridge Park Casino managed handle and revenue of $2.7m and $226,079, respectively, while the Commonwealth’s final casino operator, MGM Springfield, reported its first negative revenue in the month, registering -$28,380.10 in revenue against $1.9m in handle.
