Massachusetts Sports Betting Sees $542.5 Million In February Wagers

Written By Hill Kerby on March 20, 2024
February Revenue Massachusetts Sports Betting

Massachusetts sportsbook apps had another strong month in February, handling $530.3 million in wagers. This marks the seventh time in the 12 months since MA online sports betting launched that handle has totaled more than $500 million.

Betting volume declined by 16.9% from January’s $637.9 million handle — an expected drop coinciding with the end of NFL season. Super Bowl betting was enough to keep the handle above half a billion dollars, but February’s revenue ultimately ended a three-month streak of wagers totaling above $600 million.

Another $12.2 million of wagers came from the state’s three retail sportsbooks, bringing the total sports betting volume to $542.5 million for the month.

Massachusetts sports betting revenue totals $542.5M in February

Online sportsbooks reported $51.8 million in Massachusetts sports betting revenue in February, which amounted to a 9.77% hold (90.33% returned to bettors). The state taxes online sportsbook revenue at 20%, meaning sportsbooks paid $10.4 million in taxes.

Through the first 12 months of mobile sports betting, Massachusetts operators have reported $5.96 billion in total handle, $583.8 million in revenue and $116.9 million in taxes.

Massachusetts sports betting monthly revenue averages:

  • Handle: $496.7 million
  • Revenue: $48.7 million
  • Taxes: $9.7 million

February exceeded the average in all three categories. It also generated greater revenue totals than March and November 2023, even though both those months had higher betting volumes.

February also marked the commonwealth’s sixth month with above $50 million in revenue and $10 million in sports betting taxes. November 2023 was not one of those months, despite its $636.8 million handle.

March 2023$548,230,163$45,637,3528.3%$9,227,470
April 2023$546,236,866$58,548,29510.7%$11,709,653
May 2023$443,559,714$59,410,84013.4%$11,882,168
June 2023$323,510,971$32,050,6729.9%$6,410,134
July 2023$288,119,407$28,832,91410.0%$5,725,620
August 2023$307,246,295$22,551,1577.3%$4,510,231
September 2023$499,748,033$49,026,9129.8%$9,805,382
October 2023$555,728,981$58,198,36010.5%$11,639,672
November 2023$636,767,865$48,576,1317.6%$9,715,226
December 2023$643,160,183$59,256,7459.2%$11,851,349
January 2024$637,984,749$69,923,08111.0%$13,984,616
February 2024$530,265,700$51,826,9289.8%$10,406,507

DraftKings held over 50% market share in February

In many states, DraftKings and FanDuel compete for the top spot in sports betting market share. That hasn’t been the case in Massachusetts, however, where the Boston-based DraftKings Sportsbook MA has maintained a significant gap over FanDuel Sportsbook MA.

February’s report from the Massachusetts Gaming Commission brought no surprises, either. 

DraftKings accepted $269.8 million in wagers, more than half of the state’s betting volume. Its 11.4% hold resulted in $30.8 million in revenue and $6.2 million in taxes.

FanDuel’s $158.9 million handle was second, less than 60% of DraftKings. Its 8.8% hold was below the state average but still resulted in the second-highest revenue total ($4 million) and tax bill ($2.8 million).

Underneath the top two, BetMGM Sportsbook ($34.7 million) reclaimed the number-three spot in handle from ESPN Bet Sportsbook ($30.6 million). 

Caesars Sportsbook ($18.3 million) followed, and Fanatics Sportsbook ($14.1 million) finished in sixth. The final two sportsbooks, both of whom shuttered business operations in February, brought up the rear: WynnBET ($3.6 million) and Betr ($87K).

SportsbookFebruary HandleTaxable RevenueTaxes Paid
DraftKings$269.8 million$30.8 million$6.2 million
FanDuel$158.9 million$14 million$2.8 million
BetMGM$34.7 million$3.3 million$662K
ESPN Bet$30.6 million$2.2 million$431K
Caesars$18.3 million$644K$129K
Fanatics$14.2 million$1.1 million$213K
WynnBET$3.7 million-$205K$0

Massachusetts sportsbooks gear up for March Madness boom

February is typically a decent sports betting month nationwide, but it doesn’t compare to January, which has the NFL playoffs, or March and the NCAA basketball tournaments.

As we enter the spring, Massachusetts sportsbooks will enjoy one last booming month in March before entering the slower months of the year. 

NBA and NHL betting will pull some weight through April and May, especially in Massachusetts, as the Boston Celtics and Bruins have the best records in their respective leagues. So will the start of the Major League Baseball season, but it won’t be enough to match recent months’ outputs.

Of course, slow months are a part of the industry. Nobody expects June and July to produce the same monthly revenue totals as football season. After an impressive first year of legal sports betting, Massachusetts sportsbooks can only hope to show year-over-year improvements as they ramp up for the fall.

Photo by PlayMA
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Hill Kerby

Hill Kerby is a proponent of safe, legal betting, and is grateful to be able to contribute to growing the industry. He has a background in poker, sports, and psychology, all of which he incorporates into his writing.

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