Mar 1, 2024; Boston, Massachusetts, USA; Boston Celtics forward Jayson Tatum (0) drives the ball against Dallas Mavericks guard Luka Doncic (77) in the second half at TD Garden. Mandatory Credit: David Butler II-USA TODAY Sports
- Six licensed operators presented their 2024 first quarter results to the Massachusetts Gaming Commission
- FanDuel, DraftKings were far and away the top operators in the state during its first three months of 2024
- The commission did not ask operators questions about limiting users, but the topic was addressed
DraftKings and FanDuel dominated the Massachusetts sports betting landscape for the first three months of 2024.
The state’s six licensed online sports betting operators today presented their Q1 2024 results to the Massachusetts Gaming Commission, updating the regulatory body on their total revenues, taxes, and responsible gaming measures for the first three months of the year.
As expected, DraftKings and FanDuel were by far the two most popular operators in the state, combining to bring in more than $28 million in tax revenue for the commonwealth through March.
Nobody Close to the Top Two Operators
DraftKings and FanDuel both tallied the highest revenue totals and tax revenues for the state, with hardly any of the other four licensed category 3 sports betting operators coming close their Q1 totals.
DraftKings reported $91,855,541 in total revenues through the first three months, which led to $17,931,533, good for a 10.2% hold. FanDuel reported $54,351,010 in total revenue in Massachusetts, with $10,870,202 going into the Massachusetts tax coffers, good for a 10.25% hold rate.
No other licensed operator in the state eclipsed more than $3 million in tax revenue for Q1 2024.
Here are the total revenues and tax revenues for the remaining operators:
- BetMGM: $10,127,132 in total revenue. $2,025,426 in Massachusetts tax revenue
- Caesars Sportsbook: $3,129,923 in total revenue. $2,966,738 in Massachusetts tax revenue
- ESPN BET: $6,585,180 in total revenue. $1,317,036 in Massachusetts tax revenue
- Fanatics Betting and Gaming: $3,148,459 in total revenues. $603,625 in Massachusetts tax revenue
Touchy Subject Briefly Broached
Most watching the reports online wondered if the Massachusetts Gaming Commission would touch on the operators not participating in a recent public meeting held by the commission to discuss the practice of limiting users who win too often.
This is the first public meeting the operators attended since declining to attend the limit meeting, but the MGC did not broach the subject during the day.
MGC Interim Chair Jordan Maynard, however, did briefly mention the subject. The interim chair revealed that FanDuel reached out to the commission last Friday hoping to discuss the practice in a non-public meeting.
While Maynard thanked the operator for attempting to set the record straight, he said discussions on the subject would only take place in a public setting.
“I will ensure that FanDuel and any other operator know that each commissioner will need to be updated in a way that is transparent and fully compliant with the open meeting law. That said, I wanted to acknowledge that reach out and I’m hopeful for the future as our learning on this issue continues,” he said.
A follow up discussion on limiting users has been set by the MGC for Thursday, June 20.
Rob covers all regulatory developments in online gambling. He specializes in US sports betting news along with casino regulation news as one of the most trusted sources in the country.
In the world of online sports betting and daily fantasy sports, DraftKings and FanDuel have long been two of the biggest players in the game. And in the first quarter of 2024, these two companies have once again shown their dominance in the Massachusetts gaming market.
According to recent reports, DraftKings and FanDuel have emerged as the top earners in terms of gaming revenue in Massachusetts for the first quarter of 2024. This comes as no surprise to industry experts, as both companies have been steadily growing their user base and expanding their offerings in the state.
DraftKings, which was founded in 2012, has become a household name in the world of sports betting and daily fantasy sports. The company offers a wide range of sports betting options, including traditional sports like football and basketball, as well as niche sports like golf and MMA. In addition to sports betting, DraftKings also offers daily fantasy sports contests, where users can compete against each other for cash prizes.
FanDuel, on the other hand, was founded in 2009 and has quickly risen to prominence in the online sports betting world. Like DraftKings, FanDuel offers a variety of sports betting options, as well as daily fantasy sports contests. The company has also made a name for itself with its user-friendly interface and innovative promotions.
Both DraftKings and FanDuel have been able to capitalize on the growing popularity of online sports betting in Massachusetts. With the legalization of sports betting in the state in 2019, both companies have been able to attract a large number of users and generate significant revenue.
In addition to their success in Massachusetts, DraftKings and FanDuel have also been expanding their presence in other states across the country. Both companies have secured partnerships with professional sports leagues and teams, further solidifying their position as leaders in the industry.
Overall, the first quarter of 2024 has been a strong one for DraftKings and FanDuel in Massachusetts. With their innovative offerings and strong brand recognition, these two companies are likely to continue leading the way in the online sports betting market for years to come.
