The summer months tend to be a slow period for sports betting in the US. That was also the case in Massachusetts, as The Bay State is in the middle of its first year with legal sports wagering.
The state’s online sports betting numbers have gone down every month since April. In fact, July saw the lowest monthly handle with $288.1 million in total bets. However, those figures rebounded in the month of August, which should be a sign of things to come.
According to the August revenue report from the Massachusetts Gaming Commission, Bay State sports bettors wagered $307.1 million with online operators. That’s a nearly $20 million uptick from July’s Massachusetts online sports betting numbers.
Operators generated $22.7 million in taxable sports wagering revenue from that handle. As a result, the state received $4.5 million in sports betting tax payments in August.
Since legal sports wagering launched earlier this year, Massachusetts sportsbooks have handled over $2.5 billion in bets while recording $247 million in taxable gaming revenue. Thus, those operators paid more than $49.3 million to the state.
Ranking MA sportsbooks by August handle
Once again, DraftKings Massachusetts dominated the state’s sports betting market, taking 52.7% of the market share in August. That should be no surprise for the Boston-based company. DraftKings established partnerships with all four of Boston’s major professional sports franchises. They accepted $161.9 million worth of bets in August.
Meanwhile, FanDuel Massachusetts held a firm grasp as the second-largest operator in the state. They took 28.5% of the state sports betting market share by taking in $79.4 million worth of bets in August.
Here is a look at how all eight Massachusetts sportsbooks faired in August in terms of handle:
|📱 Sportsbook||💰 August Handle||📈 Market Share|
Raise in August sports betting handle is a sign of things to come
One thing consistent with sports wagering in every market is that there is a lull in summer sports betting activity right before a dramatic jump in the fall. That will be the same in the Massachusetts sports betting market.
That jump goes hand in hand with the start of the NFL and college football seasons. It is the busiest time of year in the sports betting world, and Massachusetts is getting its first taste of the NFL kickoff betting boost right now.
A new report from geolocation firm GeoComply shows just how many people in The Bay State were making bets during the first week of NFL action. The report shows 9.2 million Week 1 geolocation checks across GeoComply’s sportsbook customers in Massachusetts between September 3 and September 10. Furthermore, around 59,000 new sports betting accounts were created in that time frame.
This shows that the Massachusetts sports betting scene is continuing to grow. There are eight licensed online sportsbooks. There can be as many as 15 online sports betting apps in the state. Bally Bet is expected to launch before the end of the year. Meanwhile, Betway should launch in January 2024.
For a closer look at the Massachusetts Gaming Commission’s August sports wagering revenue report, click on this link.