March Madness Propels Massachusetts Sportsbooks To Second-Highest Handle In State History

Written By Hill Kerby on April 17, 2024
Massachusetts March 2024 Revenue Report

March Madness is one of the most significant sports betting events of the year, and the 2024 tournament helped fuel Massachusetts sportsbook apps to record their second-highest monthly wager total in state history. 

Massachusetts bettors wagered $642.3 million on mobile sports betting apps and another $12.7 million at the state’s three retail sportsbooks. The total monthly handle was $654.9 million.

Massachusetts sports betting volume grew by 21.1% month-over-month (from $530.3 million) and 17.1% year-over-year (from $548.2 million). Only December 2023’s $643.2 million handle was higher.

Massachusetts sportsbooks see $654.9M, 7.33% hold for March

Despite the high handle, Massachusetts sports betting revenue failed to break $50 million for the first time since November 2023. 

Massachusetts’ southern neighbor, Connecticut, and its UConn Huskies became the NCAA Men’s Basketball champions. Many Bay Staters likely supported the Huskies throughout the tournament and reaped the benefits as sportsbooks reported their lowest hold percentage in history, 7.33%.

Nearly all sports betting revenue ($46.2 million) was taxable, resulting in $9.2 million going to the state.

Taxed at 20%, online sports betting accounted for $45.5 million of that total. Its tax bill was roughly $9.1 million. Online sports betting revenue for March and the previous 12 months are as follows:

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
March 2024$642,251,299$45,494,0387.08%$9,098,813

Meanwhile, retail’s $732K in revenue (taxed at 15%) made up the remaining $108K of Massachusetts’ tax collection for March.

DraftKings running away with Massachusetts sports betting market

DraftKings accounted for more than 50% of the Massachusetts sports betting market share, accepting $323 million in wagers. It was the second month in a row doing so after reporting $269.8 million, according to the February revenue report (+19.7% MoM).

FanDuel was second in handle ($190.4 million). The two combined for 79.9% of all wagers in the state. FanDuel’s 8.2% hold earned it $15.2 million in taxable revenue for the month, a higher percentage than DraftKings’ 7.3%. Of course, DraftKings still had the highest revenue for the state ($22.7 million).

Below the two titans, the remaining sportsbooks had a combined $128.8 million handle — barely two-thirds of FanDuel’s total and less than 40% of DraftKings.

SportsbookMarch HandleTaxable RevenueTaxes Paid
DraftKings$323 Million$22.7 Million$4.5 Million
FanDuel$190.4 Million$15.2 Million$3 Million
BetMGM$45.5 Million$2.9 Million$590K
ESPN Bet$34.4 Million$2.5 Million$499K
Caesars$25.2 Million$1.3 Million$258K
Fanatics$23.7 Million$895K$179K

WynnBET & Betr make official exit from Massachusetts sports betting

March was a triumphant month for most Massachusetts sportsbooks. For two of them, however, it marked the end of an era.

WynnBET and Betr officially ceased their Massachusetts operations in March, bringing the number of remaining sportsbooks in the state to six.

The consolidated market represents a sign of maturity. Just like on the playing field, not all who compete will win.

That said, the six remaining options are all legitimate, and bettors proved it with the March revenue report. Every operator had double-digit month-over-month increases in betting volume. 

Fanatics, the newest sportsbook to launch in Massachusetts, cleared $23 million and had the highest growth percentage of any operator in the state.

  • Fanatics: $23.7 million (+66.9% MoM)
  • Caesars: $25.2 million (+37.7% MoM)
  • BetMGM: $45.5 million (+31% MoM)
  • FanDuel: $190.4 million (+19.8% MoM)
  • DraftKings: $323 million (+19.7% MoM)
  • ESPN Bet: $34.4 million (+12.4% MoM)
Photo by Dreamstime / 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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