MA Sportsbooks Beat July Betting Lull with Improved Hold
According to the recent monthly revenue report published by the state‘s Gaming Commission, the Massachusetts sports betting market experienced notable growth in July.
Massachusetts betting operators achieved an average hold of 10.3% resulting in an AGR of $41.2m in July.
LISTEN TO THIS ARTICLE:In the month, the state online operators collectively accepted $405.3 million in bets during July, a 37.6% increase from the $294.9 million wagered in July 2023. However, this figure represents a decline from June’s handle of $509.3 million.
These sportsbooks, comprising seven mobile and three retail operators, achieved an average collective hold of 10.3%, resulting in taxable gaming revenue of $41.2 million. While online betting accounted for $40.7 million, retail locations generated $521,817.
In July, Massachusetts collected $8.1 million in taxes from online sports betting operators based on a 20% tax rate and $50,227.56 from retail sportsbooks taxed at a 15% tax rate for a combined tax revenue of $8.2 million.
DraftKings Secures Highest Revenue
DraftKings maintained its position as the leading sports betting operator in the state in July with $202 million in bets and an adjusted gross revenue (AGR) of $20.9 million, boosted by a 10.3% hold. FanDuel followed in second place with a handle of $119.9 million, the highest hold of 10.97% and an AGR of $12.9 million.
BetMGM came a distant third with $27.5 million in total bets and an AGR of $2.8 million from a hold of 10.27%. Fanatics achieved the top four, boasting $20.95 million in handle and a revenue of $2.23 million, helped by a 10.90% hold.
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Other operators like Caesars Sportsbook and ESPN Bet trailed behind, with holds of 7.29% and 8.05%, respectively, and under $20 million in total bets. Both recorded AGR of no more than $1.5 million.
However, Bally Bet reported the lowest hold among all digital operators. The operator, which entered the state on 2 July, received $2.4 million in total bets and earned $121,299 based on a slight hold of 5%.
In the retail sector, Plainridge Park boasted a 15.53% hold in July, allowing it to retain $362,106 in AGR off a $2.4 million handle. Encore Boston Harbor had the highest handle in the market at $3.5 million. However, it could not translate to a corresponding revenue as the location posted the lowest hold amongst retail and mobile sportsbooks at 3.6%.
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