Massachusetts Sports Betting Revenue Sees Drop in April
Massachusetts saw its sports betting revenue fall 16.6% year-on-year in April to $49.1 million despite an increase in the betting handle.
Massachusetts suffers a decline in sports betting revenue in April.
LISTEN TO THIS ARTICLE:Revenue was $9.8 million less than that of April 2023, which was the first full month of legal online sports betting in the state. However, revenue was up 6.3% from the $46.2 million generated in March this year.
Related: Massachusetts Gaming Revenue Hit $1.4B in 2023
While online betting produced revenue of $49.9 million in April, retail betting suffered a $256,593 loss, which brought the overall total down. A total of $603.3 million was bet on sports in the state, which is an increase of 4.1% from last year but a drop of 6.1% from March. The vast majority, $591.5 million, was bet online, while the remaining $11.7 million was bet at retail sportsbooks.
DraftKings Stays Ahead of the Game
DraftKings remains the leading operator in Massachusetts, generating $24.5 million in sports betting revenue from $304.1 million in total bets during April. FanDuel ranked second with $20.1 million in revenue from $176.3 million in bets. BetMGM, the collaboration between Entain and MGM Resorts International, followed in third place with $2.5 million in revenue from $40.4 million in bets.
Among other operators, ESPN Bet reported $1.8 million in revenue, Fanatics $1.2 million, and Caesars $712,756.
In the retail sector, Encore Boston Harbor was the most successful of the three casinos offering on-site sports betting, with $161,126 in revenue from $5.2 million in wagers. Plainridge Park Casino reported $149,405 in revenue from $4.6 million in bets. However, MGM Springfield posted a $537,772 loss from $1.9 million in bets, resulting in a net loss for the retail segment.
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Casino Revenue Also Falls in April
Looking at the state’s casinos, revenue was also down 3.7% year-on-year at $97.5 million and 12.2% lower than in March.
Slots generated $65.9 million of the total revenue, while table games brought in $31.6 million. Encore Boston Harbor led with $60.9 million in revenue, followed by MGM Springfield with $22.8 million and Plainridge Park Casino with $13.8 million.
In the Massachusetts market overall, gambling revenue totaled $146.6 million. The state collected $9.9 million in taxes from sports betting and $27.7 million from casino gaming, amounting to a total tax revenue of $37.6 million.
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