Massachusetts sports betting had every reason to expect a down month in April, which is traditionally a slow month on the calendar. Nonetheless, sportsbooks posted plenty of respectable numbers.
The state’s monthly handle was $603.3 million, of which $591.5 million came from Massachusetts sports betting apps. That total represented 8.3% year-over-year growth (from $546.2 million) despite a 7.9% drop from March’s $642.2 million.
April’s taxable revenue totaled $49.4 million due to the state’s 8.6% hold. This exceeded March’s $45.5 million revenue by 8.6% but fell well shy (15.7%) of April 2023, when sportsbooks had a double-digit hold and yielded $58.5 million in taxable revenue.
Fanatics overtakes Caesars, DraftKings remains clear MA leader in April
Six Massachusetts sports betting apps remain in the Bay State after WynnBET and Betr shut down shop in March. Five of those six accepted more than $20 million in wagers in April.
Caesars Sportsbook was the lone operator not to, missing that mark by less than $28,000. As a result, Fanatics Sportsbook surpassed it with the fifth-highest volume in the month with $22.8 million. Fanatics still fell over $5 million shy of its next-closest competitor, ESPN Bet.
At the top, DraftKings Sportsbook maintained its dominance with a $304.1 million handle. This represented a 51.4% market share and was the third straight month it accounted for half the state’s wagers.
FanDuel Sportsbook had the second-highest handle ($176.3 million). It accepted 58% of the wagers as DraftKings but had a state-best 11.38% hold, resulting in a much closer revenue gap.
| Sportsbook | April Handle | Taxable Revenue | Taxes Paid |
|---|---|---|---|
| DraftKings | $304.1 million | $23.7 million | $4.7 million |
| FanDuel | $176.3 million | $19.6 million | $3.9 million |
| BetMGM | $40.4 million | $2.4 million | $480K |
| ESPN Bet | $27.9 million | $1.8 million | $350K |
| Fanatics | $22.8 million | $1.2 million | $235K |
| Caesars | $20 million | $664K | $133K |
Massachusetts sports betting: a healthy industry that’s getting healthier
Massachusetts is barely in its second year with legal sports betting. It represents a thriving industry that still has room to mature and grow.
April is the 14th month of mobile sports betting data, making for the second month of measurable year-over-year data. The March sports betting report saw handle rise by 17.1% YoY and April’s by 8.3%.
Many states with legal sports betting have not published their April revenue totals yet, but Massachusetts is already a top-10 market nationwide based on March’s numbers.
While it is nowhere near the top markets like New York ($1.85 billion March handle), New Jersey ($1.32 billion), Illinois ($1.26 billion), Ohio ($802.6 million) or Pennsylvania $800.7 million), Massachusetts ($642.2 million) accepted more March wagers than several more mature markets.
- Virginia: $635.6 million
- Colorado: $593.1 million
- Maryland: $536.7 million
- Indiana: $500.8 million
- Michigan: TBA
- Tennessee: $473.6 million
MA sports betting taxes near $100 million in FY 2024
Taxed at 20%, online sports betting revenue resulted in a $9.9 million in monthly tax revenue for Massachusetts, according to the April report. Retail sports betting revenue is taxed at 15% and added only $42,907 to that total.
With April’s taxes, the commonwealth has now collected $96.6 million through the first 10 months of Fiscal Year 2024. Barring a catastrophe, it will surpass $100 million for the Fiscal Year.
Those numbers become even more impressive when you expand the horizon. Online sportsbooks have paid $135.8 million in taxes since going live in March 2023. That money goes to five different state funds:
- General Fund
- Gaming Local Aid Fund
- Workforce Investment Trust Fund
- Public Health Trust Fund
- Youth Development and Achievement Fund
As a result, Massachusetts logged the seventh-highest sports betting tax revenue in 2023. And that momentum doesn’t seem to be slowing down anytime soon.
