Massachusetts Sportsbooks Claim $30.1 Million In Revenue For July

The Massachusetts Gaming Commission reported Tuesday that the state’s sportsbooks received more than $30.1 million in gross sports wagering revenue in July, as the overall hold topped 10% for the third time in five months since mobile betting launched.

The operators’ combined hold was 10.2% on $294.9 million handle. The betting volume sent the total amount wagered to more than $2 billion since the first wagers were placed Jan. 31. Operators have fared well in the early months of action in the Bay State, posting holds of 8% or higher in all six full months of wagering and 10.3% overall. July’s hold ranked third behind May (13.6%) and April (10.4%).

The state was able to levy taxes on just over $29.4 million in total adjusted gross revenue, resulting in more than $5.8 million in receipts. Massachusetts has generated $45.8 million in sports wagering tax revenue this year, which currently ranks sixth among 29 states conducting commercial betting.

Handle was down 11.2% compared to June, but that is to be expected given the light inventory of sporting events available in the U.S. during the summer. Revenue was down 8.7% versus the previous month as the hold was nearly three-tenths of a percentage point higher in July.

DraftKings continues to hold sway in hometown

July #SportsBetting numbers 🧵for #Massachusetts via MGC. YTD/All-time thru 7/23

Handle: $2,255,510,004
GGR: $235,862,554
GGR WR: 10.46%
AGR: $230,559,076
AGR WR: 10.22%
Taxes: $45,815,675

Story to come on @sports_handle

8/8 #GamblingTwitter

— Chris Altruda (@AlTruda73) August 15, 2023

DraftKings continued to flex its local muscle as the most popular book in Massachusetts — its $144.9 million was more than half the $288.1 million worth of wagers placed either through mobile or online means. It also fared well against the public in July, fashioning a 10.2% hold just below the overall state mark to claim $14.7 million in gross revenue.

Overall, three of the state’s eight mobile operators had double-digit win rates, with BetMGM making it 5-for-5 with an 11.3% hold and FanDuel extending its run to four months with a state-leading 11.7% among mobile books. FanDuel claimed $10.1 million in revenue from $86.2 million wagered, while BetMGM posted $2.5 million in winnings from $22.5 million in handle.

Fanatics showed solid month-over-month growth in handle, up 24% from June to $2.4 million. The public fared slightly better, limiting it to a 9.6% hold that resulted in a $1,544 increase in revenue to just over $226,000.

Betr, which recently rolled out its Betr Picks fantasy sports vertical, had its sportsbook handle pared nearly in half from June to less than $156,000. Its revenue, however, was close to flat at more than $11,300 — a mere $207 less than June.

WynnBET, which announced plans to shut mobile operations in eight states on Friday but remain in business in Massachusetts, posted an 8% hold on nearly $9.1 million handle to claim more than $728,000 in gross revenue. That was up 43.4% from June as its win rate spiked more than 3.7 percentage points higher. WynnBET has claimed 3.6% of the overall mobile handle market since launch.

Plainridge Park drags down retail hold

The Bay State’s three brick-and-mortar sportsbooks combined for an 8.7% hold, claiming more than $593,000 from $6.8 million worth of accepted wagers. Both MGM Springfield and Encore Boston Harbor had double-digit holds, but the public held Plainridge Park to a 5.4% win rate as it claimed nearly $161,000 from just shy of $3 million wagered.

Encore paced the trio of books in revenue and handle, winning close to $358,000 from more than $3.2 million handle for a hold close to 11.1%. MGM Springfield had a 12.3% win rate, resulting in more than $74,000 worth of winnings from $607,000-plus handle.