Massachusetts sportsbook revenue was expectedly low in June compared to previous months. But when analyzing the bigger picture, June marked a monumental month for Massachusetts.
The Massachusetts Gaming Commission reported $509.3 million in sports betting handle, with $500.7 million coming from mobile wagers. It was the lowest total since August 2023. And while this sounds like bad news, June’s numbers are astounding compared to June 2023, when sportsbooks saw an entire $177.3 million less in wagers.
Notable numbers for June sports betting in Massachusetts include:
- Sports betting handle grew by 53.4% year over year (from $332 million).
- Revenue ($40.5 million) grew by 28% year over year (from $31.6 million).
- Monthly tax contributions ($8.2 million) grew by 30.4% year over year (from $6.3 million).
- Mobile handle exceeded September 2023 ($499.7 million), a month with college and professional football betting.
- Monthly handle has transcended $500 million for 10 months.
Massachusetts sportsbook apps show significant June growth; Fanatics up 962.4%
Massachusetts was one of the most recent states to launch a regulated sports betting industry. Its three retail sportsbooks opened for business in January 2023, and six mobile sportsbooks followed two months later in March.
Eight Massachusetts sports betting operators existed by the start of Fiscal Year 2024 (July 1, 2023), but that number dropped back to six due to the commonwealth’s competitive landscape. WynnBET and Betr shut down in March 2024.
All six remaining apps showed at least 32.5% year-over-year increases from June handle. Fanatics Sportsbook, which launched on May 25, 2023, generated a 962% YoY growth. DraftKings Sportsbook led the rest of the pack.
- Fanatics: $20.2 million handle (+962.4% YoY from $1.9 million)
- DraftKings: $263.7 million handle (+60.6% YoY from $164.2 million)
- Caesars: $19.6 million handle (+54.7% YoY from $12.7 million)
- FanDuel: $141.4 million handle (+47.2% YoY from $96.1 million)
- BetMGM: $34 million handle (+36.2% YoY from $25 million)
- ESPNBet: $21.8 million handle (+32.5% YoY from $16.4 million as Barstool Sportsbook)
Six legitimate options, from DraftKings to Caesars
June typically represents a slow month on the sports betting calendar, but all six Massachusetts sportsbooks posted impressive totals according to June’s MGC revenue report,
DraftKings maintained its head-and-shoulders lead over FanDuel, its $263.7 million handle amounting to a 52.7% market share. FanDuel’s $141.4 million handle was good for a 28.2% market share. More than 80% of all June wagers came from these two apps.
BetMGM finished third in the state, well above the remaining three. Less than $2 million separated those three (ESPN Bet, Fanatics and Caesars), suggesting ESPN Bet could be losing ground.
That said, football season is only a few short months away, and we will see its effects on the market.
June sports betting data by operator:
| Sportsbook | June Handle | Taxable Revenue | Taxes Paid |
|---|---|---|---|
| BetMGM | $34,029,495 | $2,326,190 | $465,238 |
| Caesars | $19,630,687 | ($16,588) | $0 |
| DraftKings | $263,611,418 | $19,348,849 | $3,869,770 |
| ESPN Bet | $21,791,329 | $1,192,052 | $238,410 |
| Fanatics | $20,158,923 | $1,691,460 | $338,292 |
| FanDuel | $141,443,514 | $16,507,873 | $3,301,575 |
FY 2024 handle exceeds $6.5 billion; trend should continue into FY 2025
June’s sports betting report completes Massachusetts’s first full fiscal year’s data. In FY 2024, Massachusetts sportsbooks reported:
- $6.56 billion handle
- $594.2 million in taxable revenue
- $118.9 million in taxes
| Month | Handle | Revenue | Taxes |
|---|---|---|---|
| July | $294,924,777 | $29,409,053 | $5,812,041 |
| August | $314,923,842 | $22,708,940 | $4,542,588 |
| September | $512,177,671 | $49,809,930 | $9,914,147 |
| October | $571,767,517 | $59,177,689 | $11,786,571 |
| November | $654,435,572 | $48,576,131 | $9,715,226 |
| December | $658,697,371 | $59,256,745 | $11,851,349 |
| January | $651,747,269 | $71,130,795 | $14,165,773 |
| February | $542,480,676 | $52,550,153 | $10,514,991 |
| March | $654,933,312 | $46,225,905 | $9,208,593 |
| April | $603,253,752 | $57,840,992 | $11,703,557 |
| May | $587,262,703 | $57,025,686 | $11,485,181 |
| June | $509,356,529 | $40,460,869 | $8,235,270 |
| Total | $6,555,960,992 | $594,172,888 | $118,935,287 |
Looking ahead to July, the 10-month streak surpassing $500 million in betting volume will probably come to an end, with handle having already dropped $78 million from the May 2024 sports betting report. Last July’s $294.9 million handle is the commonwealth’s nadir since mobile apps went live.
That said, even a $400 million handle in July would represent better than 35% year-over-year growth. Of course, it would also resemble a 20% month-over-month decline.
Regardless of the outcome, recent months’ results suggest that Massachusetts sports betting has plenty more room for growth. July and August won’t break records, but they can give us some insight into how much growth to expect when football season arrives in September.
