The state of Massachusetts saw its sports betting handle rise to $314.9 million in August, marking a 6.8% increase compared to the previous month, when the handle stood at $294.9 million. This positive trend comes despite a decrease in revenue for the same period. August’s revenue amounted to $22.7 million, down by 22.8% from the $29.4 million reported in July, representing a mixed performance in the Massachusetts sports betting market.
Online Dominance Continues:
Online sports betting continued to dominate the market, contributing significantly to the overall handle. Of the total handle, $22.6 million came from online betting, reflecting a modest decline of 21.5%, while retail betting reported $157,782, down significantly by 72.6%.
Leading Operators’ Performance:
DraftKings emerged as the leading operator in Massachusetts, recording $10.8 million in revenue from a handle of $161.9 million. FanDuel secured the second spot with $7.4 million in revenue generated from a handle of $79.4 million. BetMGM contributed $2.4 million in revenue, backed by a handle of $21.2 million.
Performance of Land-Based Venues:
In the land-based segment, the revenue figures were mixed. Plainridge Park Casino reported revenue of $150,773, stemming from a handle of $2.8 million. MGM Springfield posted revenue of $64,934, with a handle of $912,651. However, Encore Boston Harbor reported a loss of $57,925, despite having the highest retail handle at $4 million.
Market Analysis:
Despite the revenue dip, the rising sports betting handle in Massachusetts indicates continued interest and engagement among bettors. The state’s sports betting market has shown resilience and remains a promising sector for operators.
Massachusetts’ sports betting market demonstrated stability and growth in terms of handle, even though revenue experienced a decline in August. This trend highlights the market’s potential and the enthusiasm of bettors, making it an area of interest for both operators and stakeholders in the gaming industry. Further developments and regulatory adjustments may contribute to the market’s evolution in the coming months.