The Massachusetts Gaming Commission reported a record $75.4 million in gross sports betting revenue for September on Tuesday as handle reached an all-time monthly high of $678.7 million.
The early fall figures also allowed Massachusetts to become the 13th state to reach a $10 billion handle in the post-PASPA era, hitting the benchmark in essentially 20 months as wagering in the Bay State began on Jan. 31, 2023.
The revenue total from the seven mobile operators and three retail counterparts bettered the previous record of $72.7 million established in January. Operator winnings increased 47.6% from last September as the 11.1% hold attained on gross revenue was up more than 1.1 percentage points.
The former handle record of $658.7 million set in December also fell with wagering was up 32.5% from last year and 51.7% from August's $447.3 million. Massachusetts sportsbooks also eclipsed $5 billion in year-to-date handle with September's action, though the 65% year-to-date increase versus 2023 is not purely like-for-like since mobile betting did not begin until March.
The state re-directed more than $14.6 million of the record $73.5 million in adjusted gross revenue into its tax coffers. The near-$93 million in receipts for the first nine months of 2024 is running $32.7 million ahead of last year's total.
It's DraftKings…Then Everyone Else
Massachusetts checks in with an all-time monthly high for #SportsBetting handle https://t.co/pqUKCBTpWH
— Sports Handle (@sports_handle) October 15, 2024
DraftKings' ability to protect its home turf as a Boston-based sportsbook was clearly evident in September as the online titan posted all-time, monthly state highs for revenue and handle.
It collected $39.6 million in gross revenue thanks to an 11.2% hold on $355.2 million handle. DraftKings had an 11%-plus win rate for the third time this year as year-over-year revenue surged 40.4% higher compared to the 22.4% bump in handle. DraftKings remains the only mobile operator to top $200 million in monthly handle and topped $300 million for the seventh time in 19 months.
FanDuel had its second-best month in the Bay State in revenue at $22.5 million, lagging behind only the $25.6 million reported for January. Its 12.3% hold was more than three percentage points higher than in August, while revenue spiked 58.3% higher. FanDuel also surpassed $150 million in revenue for 2024 and $300 million overall.
BetMGM and Fanatics Sportsbook were able to separate themselves from ESPN BET and Caesars for the next two spots. BetMGM had its best month since launch with $5.6 million in gross revenue, crafting a 12.2% hold from $45.6 million worth of wagers. It was also only the third time BetMGM had a double-digit hold in the last 11 months after doing so each of the first eight.
Fanatics reported a more than four-fold increase in handle from last year to a record $37.9 million, but a 5.1% win rate — lowest of the seven mobile books — left it with $1.9 million in winnings. That was still good for second in its annals behind the $2.3 million posted for July.
ESPN BET was able to snag the No. 4 spot for revenue with $2.2 million thanks to a near-10% win rate on $22.4 million handle. It was a notable improvement on the September numbers by predecessor Barstool Sportsbook last year, with revenue more than double and handle up 72.7%.
Caesars reported modest September numbers as it claimed $1.4 million in revenue from $19.5 million in wagers, good for a 7.4% hold. It was the first time since May that Caesars notched a seven-figure revenue haul as it moved within $140,000 of $20 million in all-time winnings.
The start of football season proved beneficial to Bally Bet as the newest mobile book in the state saw handle nearly double to $4.7 million in its third month of operations. Revenue more than doubled to $476,600 thanks to a 10.2% hold.
A Bumper Retail Haul as well
The state's three retail sportsbooks had their best month of 2024 in terms of revenue, combining for close to $1.6 million. The 14.1% hold on $11.1 million was an all-time high, eclipsing the 13.9% win rate from May 2023 on a near-similar amount of action.
Encore Harbor and Plainridge Park had their top months of 2024 for winnings — Encore Harbor totaled $756,900 with a 13.9% hold on $5.4 million handle, and Plainridge Park rang up $578,000 in winnings with a 13.5% hold on $4.3 million in action.
