As predicted, Massachusetts sportsbooks had their slowest month in 2024 in July, accepting $411.8 million in wagers.
The monthly handle represented a 19.2% drop from $509.4 million in June but was 38.8% greater than a year ago when sportsbooks in Massachusetts handled $294.9 million.
Sportsbooks won $42.2 million (10.3% hold), and taxable revenue totaled $41.2 million, amounting to $8.2 million in taxes. Taxable revenue grew 1.8% monthly (from $40.5 million) and 40.1% yearly (from $29.4 million).
Massachusetts sportsbooks have handled $45.8 million shy of $4 billion in 2024. They have won $368.5 million (9.3% hold) and paid $75.7 million in taxes this year, most of which comes from a 20% mobile sports betting tax.
Massachusetts sportsbooks log $42.2 million in July revenue
Massachusetts had eight sportsbooks to start 2024, but WynnBet and Betr shut their virtual doors in March, bringing that total down to six. Six became seven in July, though, when the Commonwealth welcomed Bally Bet into the Massachusetts sports betting market.
Bally Bet Sportsbook launched on July 2 after more than a year of delays. It was one of the first sportsbooks to receive a sports wagering license in Massachusetts.
Unfortunately, Bally’s launch caused virtually no change to the state’s landscape. Bally Bet reported the totals in July, handling $2.4 million in wagers and earning $115K in taxable revenue.
Bally’s amassed just a 0.6% market share in its first month in Massachusetts, and its handle was only 18% of its next-closest competitor, Caesars Sportsbook. Caesars reported a $13.2 million handle and $913K taxable revenue in July.
Three of the five remaining sportsbooks also had eight-figure handles: ESPN Bet ($19.1 million), Fanatics ($21 million) and BetMGM ($27.5 million). All three had seven-figure revenue totals.
DraftKings & FanDuel maintain dominance as top Massachusetts sportsbooks
The two major Massachusetts sports betting operators performed as expected in July.
DraftKings led the state in handle ($202 million) and taxable revenue ($20.3 million). Its handle amounted to a 49.9% market share.
FanDuel was a distant second in both categories. Nonetheless, its $119.9 million handle was 44% greater than the state’s bottom five operators combined ($83.2 million). Even better, its $12.9 million revenue was 71% more than those same five operators ($7.5 million).
That said, July’s revenue report showed at least double-digit yearly growth for every MA sportsbook.
- Fanatics: +790.3% (from $2.4 million)
- ESPN Bet: +63% (from $11.7 million)
- DraftKings: +39.5% (from $144.9 million)
- FanDuel: +39.2% (from $119.9 million)
- BetMGM: +22.6% (from $22.5 million)
- Caesars: +16.6% (from $11.3 million)
| Sportsbook | July Handle | Taxable Revenue | Taxes Paid |
|---|---|---|---|
| DraftKings | $202,073,081 | $20,313,305 | $4,062,661 |
| Fanduel | $119,939,122 | $12,862,356 | $2,572,471 |
| BetMGM | $27,542,533 | $2,760,116 | $552,023 |
| Fanatics | $20,952,663 | $2,233,092 | $446,618 |
| ESPN Bet | $19,055,138 | $1,486,641 | $297,328 |
| Caesars | $13,231,280 | $912,773 | $182,945 |
| Bally Bet | $2,419,752 | $115,250 | $23,050 |
August marks final slow month before football season
Looking ahead, August will produce another set of relatively low sports betting numbers for the year. Massachusetts sportsbooks have only had three months with a sub-$400 million handle since mobile wagering went live in March 2023, and they came from June through August of last year.
- June 2023: $332 million
- July 2023: $285.7 million
- August 2023: $314.9 million
June’s handle exceeded $500 million this year, and July’s $400 million. If history repeats itself, August’s numbers will land between the two, closer to June than July.
Whether or not August’s handle exceeds July sportsbook spend, MA sportsbooks will be past their slowest stretch of the year once next month’s numbers become official.
Then, football season begins in September, bringing a drastic uptick in betting volume. Last year, September’s handle grew by 62.7% from August. October, November, and December betting volume grew month over month, with December’s $643.2 million handle tops in state history.
Of course, records were meant to be broken. That record will fall before the end of the year.
