If May was supposed to be a slow month for sports betting, Massachusetts sportsbooks missed the memo.
Massachusetts sportsbooks accepted $587.3 million in May wagers, a nominal 2.7% decline from $603.3 million in April. The monthly betting volume was a 29.1% increase from May 2023’s $455 million handle.
Online bets made up the vast majority of all action, with nearly $577.1 million wagered. Retail betting accounted for the remaining $10.2 million.
Tax contributions totaled $11.5 million, amounting to a total of $108.1 million in sports betting taxes for Fiscal Year 2024. Massachusetts sportsbooks have now handled more than $3 billion since the start of 2024.
All six Massachusetts sportsbooks improve YoY for May 2024
The Bay State offers multiple legal gambling options, including three brick-and-mortar casinos, each with retail sportsbooks. It also has six Massachusetts sports betting apps to choose from, all of which showed year-over-year gains in May betting volume.
Of those six, DraftKings Sportsbook has a stranglehold on the greatest market share in Massachusetts. Its $300 million handle was head and shoulders above its next closest competitor, FanDuel Sportsbook, which had a $172.4 million monthly handle.
DraftKings’ May betting volume represented 51.9% of all wagers in the state and was 35.7% higher than May 2023, when it reported $221.1 million. FanDuel accounted for another 29.9% and had 27.4% year-over-year growth (from $135.3 million). The two combined for 81.8% of the Massachusetts sports betting market.
BetMGM Sportsbook finished the month with the third-highest totals. Its $39.3 million handle was good for 12.3% year-over-year gains. ESPN Bet Sportsbook followed, accepting $25.9 million in wagers (+61.9% YoY from Barstool Sportsbook’s $16 million May 2023 handle).
Caesars Sportsbook ($20.1 million) had the smallest year-over-year growth in the state at 5.8%. However, it was enough to edge out Fanatics Sportsbook ($19.8 million), the only Bay State sportsbook with a sub-$20 million handle. Fanatics launched on May 16, 2023, and accepted $123K in wagers a year ago.
Overall, May was a successful month for Massachusetts sportsbooks:
| Sportsbook | May Handle | Taxable Revenue | Taxes Paid |
|---|---|---|---|
| DraftKings | $300 million | $28.3 million | $5.7 million |
| FanDuel | $172.4 million | $19.9 million | $4 million |
| BetMGM | $39.3 million | $3 million | $606K |
| ESPN Bet | $25.9 million | $2.5 million | $491K |
| Caesars | $20.1 million | $1.5 million | $306K |
| Fanatics | $19.8 million | $1.7 million | $343K |
Retail sportsbook handle falls 10.5% YoY in Massachusetts
Despite the 29% year-over-year increase in Massachusetts sports betting volume, sportsbooks saw a small 2.7% decline compared to the April sports betting report. Moreover, the state’s three retail sportsbooks saw a YoY decline in their May handle and revenue.
May’s $10.2 million in retail wagers was $1.2 million (10.5%) less than the $11.4 million reported in May 2023. Monthly revenue totaled just $105.6K, a small fraction of May 2023’s $1.6 million (-93.3% YoY).
Encore Boston Harbor accounted for 53.9% of the state’s retail handle, accepting $5.5 million in wagers (-18% YoY from $6.7 million). It reported $541K in taxable revenue, a 60.3% YoY decline. Encore had an outlier-like 20.6% hold in May 2023, which resulted in $1.4 million in taxable revenue.
Plainridge Park Casino reported a $3.6 million handle (+29.5% YoY from $2.8 million) with $133.6K in revenue (-40.9% YoY). It was the only retail sportsbook to show year-over-year improvement in betting volume.
MGM Springfield was the result of the state’s disastrous revenue total. It accepted $1.1 million in wagers (-41.6% YoY) and reported a $569K loss for the month.
Sports betting volume surpasses $3 billion in 2024
With May’s MGC revenue report, Massachusetts sports bettors have now wagered more than $3 billion in 2024.
Online sports betting accounts for $2.98 billion (98%) of those wagers. And retail’s $60.6 million put it over the $3 billion mark.
Total Massachusetts sports betting handle for 2024 is as follows:
Month Online Handle Retail Handle Total
January $638 million $13.8 million $651.7 million
February $530.3 million $12.2 million $542.5 million
March $642.3 million $12.7 million $654.9 million
April $591.5 million $11.7 million $603.3 million
May $577.1 million $10.2 million $587.3 million
Total $2.98 billion $60.6 million $3.04 billion
Looking ahead, June through August are likely to produce the lowest betting totals of the year, based on fewer sporting events on the calendar. Even still, the Massachusetts sports betting industry continues to grow, and the state’s sportsbooks should show significant year-over-year growth in the coming months.
