The sports betting landscape in Massachusetts witnessed notable developments in May. Despite a slight decline in the overall handle compared to the previous month, the market continues to evolve.
May Sports Betting Handle in Massachusetts
In May, Massachusetts saw a total sports betting handle of $455 million, reflecting a 23% decrease compared to the previous month. The state’s Gaming Commission reported that online sports betting contributed significantly to this figure, with a handle of $443.6 million. This marks a decrease from April, where online sports betting reached $546 million. Meanwhile, the retail sports betting handle at the state’s three casinos decreased by approximately 12.5%, going from $13.02 million to $11.4 million.
Impact of Fanatics Sportsbook’s Entry
Fanatics Sportsbook, one of the prominent operators in the sports betting industry, introduced beta testing in Massachusetts, making it the third state where the company offers mobile wagering services. This entry has the potential to influence the dynamics of the market and attract new bettors to the platform.
Continent 8 Technologies’ Approval as a Supplier
Another significant development in Massachusetts is the approval of Continent 8 Technologies as a supplier to sports betting license holders. This approval can pave the way for more innovations and advancements within the state’s sports betting ecosystem.
Market Evolution Since Opening
Massachusetts opened its online sports betting market on March 10. During the market’s initial weekend, from March 17 to March 19, GeoComply recorded a staggering 8.1 million online sports betting geolocation transactions. Additionally, over 400,000 player accounts were reported with major operators, including DraftKings, Caesars Sportsbook, BetMGM, WynnBET, Barstool Sportsbook, and FanDuel.
The Massachusetts sports betting market continues to undergo changes and adapt to new entrants. While there was a decline in the handle in May, the industry’s potential remains significant. With established operators and new entrants like Fanatics Sportsbook, the future of sports betting in Massachusetts is poised for further growth and innovation.