Aug 15, 2024; Foxborough, MA, USA; New England Patriots quarterback Bailey Zappe (4) looks to pass during the second half against the Philadelphia Eagles at Gillette Stadium. Mandatory Credit: Eric Canha-USA TODAY Sports
- The Massachusetts Gaming Commission reported more than $447.3 million in sports betting handle for the month of August
- Retail and online sports betting generated $33.3 million in gaming revenues
- Massachusetts took in more than $6.6 million in sports betting tax revenue for the month
Massachusetts ended the summer on a strong note as it moves into the lucrative football season.
The Massachusetts Gaming Commission reported $447,318,475 in total sports betting handle for the month of August, as it took in more than $33.3 million in taxable gaming revenue for a hold of more than 7.7%.
The month led to the state taking in more than $6.6 million in sports betting tax revenue during August.
Sprinting into Football Season
The Massachusetts Gaming Commission reported $447,318,475 in total sports betting tax revenue for the month, a 36% increase in total handle from the August 2023 total of $305,739,028.
The state took in $6,601,433 in sports betting tax revenue, a more than $2 million increase over the August 2023 tax revenue total of $4,471,656. It was an impressive end to a typically slow time of year for sports betting, as the commonwealth moves into the lucrative football season. Operators and states make most of their tax revenues over the next several months when football is available to bet on.
To date, Massachusetts has collected approximately $173.25 million in total taxes from sports betting since it launched in-person on January 31, 2023 and online on March 10, 2023.
DraftKings Continues Massachusetts Dominance
DraftKings continued its impressive run in its home state, nearly doubling FanDuel’s total handle. DraftKings reported $229,375,488 in online sports betting handle for the month, compared with FanDuel’s $118,224,617 handle.
The total taxable gaming revenues for both operators were closer, but DraftKings still edged out rival FanDuel DraftKings reported $16,239,518 in taxable gaming revenue compared with FanDuel’s $10,658,529. DraftKings generated $3.2 million in taxes for the commonwealth compared with FanDuel’s $2.1 million.
Caesars Sportsbook and Bally Bet were the only two operators in the state to generate less than a million in taxable gaming revenue, with Caesars Sportsbook generating $674K and Bally Bet $222K. Caesars only accounted for only a 4.46% hold for its $15.99 million online sports betting handle.
ESPN BET reported $1.3 million in taxable gaming revenue for the month.
Here are the online sports betting totals for the month of August:
- BetMGM: $31,118,524 in online sports betting handle, $2,274,818 in taxable gaming revenue
- Caesars Sportsbook: $15,998,314 in online sports betting handle, $674,279 in taxable gaming revenue
- DraftKings: $229,375,488 in online sports betting handle, $16,239,518 in taxable gaming revenue
- ESPN BET: $16,679,915 in online sports betting handle, $1,322,444 in taxable gaming revenue
- Fanatics Betting and Gaming: $25,859,712 in online sports betting handle, $1,551,728 in taxable gaming revenue
- FanDuel: $118,224,617 in online sports betting handle, $10,658,529 in taxable gaming revenue
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.
Massachusetts has wrapped up a successful summer of sports betting, with residents and visitors alike flocking to local sportsbooks to place their bets on their favorite teams and players. The state’s legalization of sports betting earlier this year has proven to be a boon for the economy, with millions of dollars in revenue generated from the activity.
One of the key factors contributing to the success of sports betting in Massachusetts has been the wide range of options available to bettors. From traditional sports like football and basketball to more niche sports like rugby and cricket, there is something for everyone to wager on. Additionally, the state has embraced online sports betting, allowing bettors to place their bets from the comfort of their own homes.
Another factor that has contributed to the success of sports betting in Massachusetts is the strict regulations put in place by the state government. By ensuring that sportsbooks are licensed and regulated, the state has been able to protect consumers and ensure fair play. This has helped to build trust among bettors and has encouraged more people to participate in sports betting.
The success of sports betting in Massachusetts has also had a positive impact on local businesses. Sportsbooks have seen an increase in foot traffic, leading to higher sales for nearby restaurants, bars, and hotels. Additionally, the state has seen an increase in tourism as sports fans from neighboring states come to Massachusetts to place their bets.
Overall, the conclusion of a successful summer of sports betting in Massachusetts is a testament to the state’s forward-thinking approach to gambling regulation. By legalizing and regulating sports betting, Massachusetts has been able to capitalize on a popular form of entertainment while also boosting the economy and supporting local businesses. As sports betting continues to grow in popularity, Massachusetts is poised to remain at the forefront of this exciting industry.
