Massachusetts sportsbook revenue fell to six-month low in March

In Massachusetts, sportsbook revenue hit a six-month low in March despite spending almost reaching record levels. 

Last month, taxable sports betting revenue reached $52.1 million, 12.8% up year-on-year, but a significant 20.6% behind the $65.6 million figure secured in February this year.

March’s monthly total works out as the lowest revenue return since October 2024, when $48.3m was recorded. 

Figures released this week by the Massachusetts Gaming Commission showed online betting revenue secured $51.9m for the state purse, with the remaining $ 265,536 coming from retail sportsbook betting across the Bay State.

While the revenue returns slumped, the same cannot be said for player spending. 

The handle was recorded as $772.5m, beating March 2024 by 20.3% and outpacing February this year by 23%. The upward trend was further reflected as March’s total was the third-highest since Massachusetts commenced legal gambling in January 2023. 

The state record for player spending is $788.3m, set in December 2024.

In the online operator market in Massachusetts, DraftKings continues to command the biggest slice of the pie. 

It secured $28.4m of the online revenue from a $375.2m handle, meaning a hold of 7.57%. 

Beyond DraftKings, the nearest contender is FanDuel with a revenue return of $13.8m and a $208.4 handle (6.62% hold), while BetMGM reached $4.1m and a handle of $72.1m (5.69% hold). 

The other competitors were as follows: 

Fanatics – $2.1m revenue from $48.3m handle for 4.35% hold.

Caesars – $1.7m revenue from $ 26 m handle for 6.49% hold.

ESPN Bet – $1.5m revenue from $26.5m handle for 5.66% hold.

BallyBet – $179,586 revenue from $5.1m handle for 3.49% hold.

Casino betting revenue showed a further slump, with figures from the three land-based venues reaching $105.1m, down 5.4% from March last year.

A further breakdown detailed Slots accounting for $76.6m of revenue, with table games contributing  $28.5m.

Overall, the gambling tax recorded in Massachusetts in March reached $40.7m, with $10.1m received from sportsbooks and $30.2m derived from casino venue betting.

Image credit: Ideogram

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