Massachusetts Achieves Record Betting Revenue in January 2024
LISTEN TO THIS ARTICLE:The Massachusetts Gaming Commission has released the state’s January 2024 sports wagering results, showing a continuous strong and thriving sports betting market. In the month, the state posted a significant sports betting handle of $651.7m, only 1.1% behind the $658.7m accumulated in December 2023.
Since it launched on January 31, 2023, the Massachusetts betting market has demonstrated promising growth, with the online segment playing a pivotal role in the sector’s positive trajectory. January was no different, with online bets capturing 99.4% of the total wagers. Massachusetts also recorded its all-time taxable sports betting revenue in January at $71.1m. The figure marked an impressive 17% rise compared to the previous record of $61m set in May 2023.
Regarding land-based casinos, Massachusetts generated $93.5m in gross gaming revenue (GGR) for January, showing a 10.1% decrease from December's $103m. Encore Boston Harbor maintains its lead with $60.9 million in table and slot GGR. The state collected $5.8m in sports betting tax In January.
DraftKings Remains Biggest Market Leader
DraftKings continues to be the leader in the Massachusetts sports betting market with a handle of $315.9m, although it decreased by $4.5m compared to the $311.4m it achieved in December. FanDuel was in second position with a handle of $194m, an increase of 3.6% month-on-month.
ESPN Bet, which launched across 17 US states, including Massachusetts, in November, claimed the third spot with $45.4m in the handle. Securing the fourth and fifth positions, BetMGM and Caesars Sportsbook earned $36.8 million and $22.5 million, respectively.
WynnBet Exits Massachusetts
Last week, Wynn Interactive division announced that it will no longer operate its WynnBet online gambling brand in the state. The decision follows Wynn Resorts’ announcement in August to scale back its online gaming operations across the United States.
However, Wynn Resorts will maintain its presence in Massachusetts by operating retail sports betting. Players can still place wagers at the land-based sportsbook and kiosks within the Encore Boston Harbor casino.
WynnBet will also be ceasing operations in Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia, and West Virginia. The brand will continue to operate in Nevada and Michigan, and it recently entered into an agreement with Penn to sell its New York sports betting licenses for $25m.
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