Massachusetts sports betting apps combined to pull in more than $548.1 million in sports betting handle during the first month of legal online sports betting, according to a report released Tuesday by the Massachusetts Gaming Commission.
From that handle, the six online sportsbook apps in Massachusetts made a combined taxable revenue of over $45.6 million. The exact gross gaming revenue (GGR) total — $45,605,606.69 million — translates to over $9.1 million in tax revenue for the state. The report features numbers from March 10-31.
Now that official data has been released, we now have a better understanding of the Massachusetts online sportsbooks hierarchy.
Revenue for each MA sports betting app
In the MGC’s report, both handle and revenue were broken down by licensee, plus revenue hold percentage and taxes paid to Massachusetts.
DraftKings Massachusetts led the way in handle, taking in a total of $257.6 million in wagers. FanDuel Massachusetts was second at $181.1 million.
However, FanDuel MA still reported a higher revenue than DraftKings — $16 million vs. $15.6 million — because it had a higher revenue hold percentage.
Here’s how the six MA sports betting apps shook out, first ranked by handle:
|Sportsbook||March handle||Market share|
|Barstool Sportsbook||$29.5 million||5.4%|
|Caesars Sportsbook||$16.4 million||3%|
And now by revenue:
|Sportsbook||March revenue||Revenue hold %|
|Barstool Sportsbook||$2.9 million||10.06%|
|Caesars Sportsbook||$1.8 million||11.31%|
March Madness provided big boost
The online betting industry launched in Massachusetts on March 10, just in time for March Madness. Earlier this year, PlayMA projected that Massachusetts bettors could wager more than $120 million on college basketball’s biggest event.
Massachusetts bettors went all-in on March Madness betting without a local team in the mix. For the third consecutive tournament, Massachusetts did not have a team represented in the Big Dance.
In total, Massachusetts’ March online sports betting totals are staggering.
Over $548 million in handle and nearly $46 million in revenue is definitely a great start for Massachusetts, and it helps set the tone for what should continue to be a robust betting market.
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