- Massachusetts sets state records for monthly handle and tax revenue for September
- The Massachusetts Gaming Commission reported $678.74 million in total sports betting handle for the month
- The state took in $14.6 million in sports betting tax revenue
Massachusetts sports betting was on an entirely different level in September, as the commonwealth set state records in total handle and tax revenue.
The Massachusetts Gaming Commission reported $678.74 million in total sports betting handle and $14.63 million in tax revenues for September, which were both monthly highs for the state since its sports betting launch in 2023.
To date, Massachusetts has collected approximately $187.88 million in total taxes and fees from since launching sports betting.
Record Setting Month
The Massachusetts Gaming Commission reported $678,747,446 in total sports betting handle, of which $667.65 million was from online sports betting. The taxable gaming revenue for the month was $75,354,989, good for an 11.1% hold, and a total of $14,632,218 in tax revenue.
Retail sports betting only accounted for $11,094,741 in handle for the month.
Both the handle and tax revenue totals were the highest monthly totals Massachusetts has ever reported since launching retail sports betting on Jan. 1, 2023, and online sports betting on March 10, 2023.
Comparatively, in September 2023 the gaming commission reported just $500,020,161 in total sports betting handle and $9,723,283 in tax revenue.
DraftKings Continue Strong Run in Home State
DraftKings was again the top operator in the commonwealth, as it notched $355.19 million in online sports betting handle and collected more than $7.75 million in taxes for the month. FanDuel had a solid month as well, reported $182.4 million in online sports betting handle and $4.4 million in tax revenue.
Fanatics Sportsbook had a solid month in terms of handle, with $37.9 million, but only reported a 5.08% hold rate for $1,835,867 in total revenue. Fanatics’ hold rate was the lowest among the seven licensed online sports betting operators for the month.
ESPN BET reported just $22.3 million in handle, but did take in more than $2.1 million in revenue.
Here are the online sports betting totals for the month of September:
- Bally Bet: $4,659,965 in online sports betting handle, $464,980 in taxable gaming revenue
- BetMGM: $45,587,058 in online sports betting handle, $5,458,570 in taxable gaming revenue
- Caesars Sportsbook: $19,521,471 in online sports betting handle, $1,399,084 in taxable gaming revenue
- DraftKings: $355,196,941 in online sports betting handle, $38,793,526 in taxable gaming revenue
- ESPN BET: $22,372,529 in online sports betting handle, $2,170,390.81 in taxable gaming revenue
- Fanatics Betting and Gaming: $37,908,603 in online sports betting handle, $1,835,867 in taxable gaming revenue
- FanDuel: $182,406,135 in online sports betting handle, $22,056,682 in taxable gaming revenue
Massachusetts regulators have recently released a report detailing the record-breaking month of sports betting in the state. The report, which was compiled by the Massachusetts Gaming Commission, shows that the month of October saw a significant increase in sports betting activity compared to previous months.
According to the report, total sports betting handle in Massachusetts reached an all-time high of $150 million in October, surpassing the previous record set in September by more than $30 million. This surge in betting activity can be attributed to several factors, including the start of the NFL season, as well as increased interest in other sports such as basketball and hockey.
The report also highlights the impact of online sports betting on the overall market. Online betting accounted for more than 60% of total handle in October, indicating a growing trend towards digital wagering in the state. This shift towards online betting is likely to continue in the future, as more states legalize and regulate online sports betting.
In terms of revenue, the report shows that Massachusetts sportsbooks generated over $10 million in gross gaming revenue in October, with operators taking home nearly $1 million in taxes. This revenue is a positive sign for the state’s economy, as it provides additional funding for important programs and services.
Overall, the report paints a positive picture of the sports betting market in Massachusetts, showing strong growth and increasing interest from consumers. With online betting becoming more popular and revenue on the rise, it is clear that sports betting is here to stay in the Bay State.
