Massachusetts witnessed noteworthy developments in its gambling landscape in August. The state’s casinos, including Encore Boston Harbor, MGM Springfield, and Plainridge Park Casino, generated a combined gross gaming revenue of $97.9 million, marking the best August figures since the market’s inception in 2018. Additionally, the online sports betting sector showed mixed results, with DraftKings leading the online sportsbook scene. Fanatics made a solid debut, while Betr faced challenges in gaining traction.
Casino Revenues:
The three major Massachusetts casinos reported a collective gross gaming revenue (GGR) of $97.9 million for August, reflecting a marginal decrease from July but a 5.9% increase compared to the previous year. Encore Boston Harbor led the way with a monthly GGR of $61.3 million, contributing significantly to state tax revenue.
Online Sports Betting:
Massachusetts online sportsbooks had a total handle of $307 million for the month, resulting in revenues of $22.51 million. DraftKings remained the preferred operator among the state’s sports bettors. However, the sector saw a decline of 6.78% in the handle compared to July.
Sports Betting Operators:
DraftKings recorded the highest wagers with $161.9 million and taxable revenue of $10.7 million, followed by FanDuel with wagers of $79.4 million and taxable revenue of $7.4 million. Betr, backed by Jake Paul, struggled with a meager $11,269 in revenues on a total handle of $150,000.
Fanatics’ Entry:
Fanatics, fully launching in Massachusetts after a beta phase, performed reasonably well, gathering $4.4 million in handle and holding $545,000 as revenues. Despite a lower overall handle than some competitors, Fanatics displayed promising revenue results.
Industry Shifts:
The closure of WynnBET in several states was announced during August, impacting the overall sports betting landscape. Barstool Sportsbook, now rebranded as ESPN Bet by Penn Entertainment, also underwent significant changes.
Massachusetts’ gambling market showcased a balance of casino revenue growth and shifts in the online sports betting sector. The performance of key operators in online sports betting hinted at a dynamic landscape with potential for further improvements and expansions.