- The Massachusetts Gaming Commission reported more than $16 million in sports betting tax revenue in November
- The total is a new monthly record for the commonwealth
- Massachusetts set its previous record in September
Sure, the Patriots stink, but that’s not stopping Massachusetts sports bettors from flocking to their sportsbook apps every Sunday.
The Massachusetts Gaming Commission reported more than $16 million in sports betting tax revenue in November, a new monthly record for the commonwealth, breaking the previous record set in September by nearly $1.5 million.
To date, the Massachusetts has collected approximately $213.59 million in total sports betting tax revenues since sports wagering began in person on Jan. 31, 2023, and online on March 10, 2023.
New State Revenue, Handle Records Set
Massachusetts bettors wagered $777,814,799 in November, also a new monthly record. The previous total sports betting handle record was set in October when patrons wagered $748,070,048 in person and online.
In total, Massachusetts sports betting operators reported $80,468,944 in total taxable gaming revenue, good for a 10.62% revenue hold for November. Online sports betting accounted for the vast majority of both the monthly handle and tax revenues collected, at $764,051,514 and $15,917,344, respectively.
Retail sports betting handle came in at $13,763,284 for the month, with taxable gaming revenues at just $882,223. This resulted in just $132,333 in retail sports betting tax revenues collected for the month.
DraftKings Dominates Commonwealth Yet Again
DraftKings remained as the top operator in Massachusetts for the month, reporting a whopping $384,184,323 in online sports betting handle and $8,837,820 in online sports betting tax revenues. It reported a hold rate of 11.75%, also tops in the state.
FanDuel had a solid month as well, totaling $225.6 million in online sports betting handle, coupled with nearly $5 million in tax revenues.
ESPN BET reported a little more than $29.2 million in handle and $454,000 in tax revenue for the month.
Here are the online sports betting totals for the month of November:
- Bally Bet: $5,688,120 in online sports betting handle, $541,352.83in taxable gaming revenue
- BetMGM: $58,544,812 in online sports betting handle, $5,007,584 in taxable gaming revenue
- Caesars Sportsbook: $23,345,154 in online sports betting handle, $1,371,500 in taxable gaming revenue
- DraftKings: $384,184,323 in online sports betting handle, $44,189,102 in taxable gaming revenue
- ESPN BET: $29,222,137 in online sports betting handle, $2,272,850 in taxable gaming revenue
- Fanatics Betting and Gaming: $37,386,636 in online sports betting handle, $1,699,120 in taxable gaming revenue
- FanDuel: $225,680,330 in online sports betting handle, $24,505,209 in taxable gaming revenue
Massachusetts Achieves Record Monthly Sports Betting Revenue
In a landmark achievement for the state, Massachusetts has reported record-breaking monthly sports betting revenue for the month of October. According to the Massachusetts Gaming Commission, the state saw a total handle of $150 million in sports bets placed during the month, resulting in a revenue of $12 million.
This significant increase in sports betting revenue can be attributed to several factors. Firstly, the legalization of sports betting in Massachusetts earlier this year has opened up a new revenue stream for the state. With more residents now able to legally place bets on their favorite sports teams, the overall volume of bets has increased significantly.
Additionally, the popularity of sports betting has been on the rise nationwide, with more states legalizing the activity in recent years. This trend has also contributed to the increase in revenue seen in Massachusetts, as more people are now participating in sports betting than ever before.
Furthermore, the success of Massachusetts’ sports betting industry can also be attributed to the state’s robust regulatory framework. The Massachusetts Gaming Commission has worked diligently to ensure that sports betting operators adhere to strict regulations and guidelines, which has helped to build trust among consumers and foster a safe and secure betting environment.
Looking ahead, experts predict that Massachusetts’ sports betting industry will continue to grow and thrive in the coming months and years. With more residents becoming interested in sports betting and new operators entering the market, the state is poised to see even greater revenue numbers in the future.
Overall, the record-breaking monthly sports betting revenue achieved by Massachusetts is a testament to the state’s commitment to fostering a thriving and successful sports betting industry. As more residents continue to participate in sports betting, the state can look forward to reaping the economic benefits that come with this exciting and rapidly growing industry.
