The sports betting market in Massachusetts witnessed a significant upswing as the handle soared to $642.3 million during the bustling month of March. This marked a substantial 20.7% uptick from February’s recorded handle of $542.5 million, although falling shy of the record high of $651.7 million seen in January.
March was indeed a lucrative period for sports betting enthusiasts, despite the fluctuating figures. Taxable gaming revenue was pegged at $46.2 million, which was 13.6% below the revenue amassed in February, totaling $52.5 million. The numbers reveal an interesting scenario: even as betting activity increased, the take-home for bettors improved, slightly diminishing the state’s potential tax haul.
This increase in handle did not reflect proportionally in terms of tax revenue for the state; tax contributions underwent a dip, reaching $9.2 million compared to the $10.5 million contributed in February. However, since the advent of legalized sports betting at the turn of the year, the cumulative tax contributions amassed by Massachusetts amount to a noteworthy $127.8 million.
Leading the charge in this buoyant market was DraftKings, registering a handle of $323.0 million in March—19.7% higher than the figure in February. Its taxable gaming revenue stood at a robust $22.7 million. Trailing at some distance was FanDuel, with a March betting handle of $119.4 million and generating $15.2 million in revenue.
Competitor BetMGM recorded a handle of $45.5 million, while ESPN Bet and Caesars Sportsbook completed the top five, with handles of $34.4 million and $25.2 million, respectively. Another noteworthy entry was Fanatics, having taken $23.7 million in bets throughout March.
When examining the performance of land-based venues that offer sports betting opportunities, Plainridge Park Casino took in $5.6 million in bets over the course of the month. Its counterparts, Encore Boston Harbor and MGM Springfield, reported $5.0 million and $1.6 million in handle, respectively, hinting at the still-preferred digital betting platforms among Massachusetts’ punters.
The state of Massachusetts didn’t just enjoy an uptick in sports betting activity; the casino segment also witnessed a steady month-on-month rise. Gross gaming revenue (GGR) from the state’s three casinos amounted to $111.1 million in March, marking an ascent of 10.4% from February’s $100.6 million figure.
Among the casinos, Encore Boston Harbor towered over its peers with an impressive $70.4 million in combined table game and slot machine GGR. Not far behind, MGM Springfield contributed $25.2 million, while Plainridge Park Casino accounted for $15.4 million in GGR.
The casino operations in Massachusetts have been a significant boost to state tax revenues, with the cumulative contribution nearing $1.7 billion since the opening of the three gaming facilities.
This surge in sports betting activities aligns with the broader trend seen across the country, as several states have ushered in legal sports wagering following the Supreme Court’s decision to overturn the federal ban in 2018. The industry has been a catalyst for generating additional state revenues, creating jobs, and spurring economic activity.
As Massachusetts continues to calibrate its approach to sports betting and casino operations in the aftermath of legalization, the figures from March serve as a testament to the state’s potential to carve out a significant niche in the burgeoning national marketplace. With strong performances from industry leaders and increasing engagement from betting enthusiasts, the future of the state’s gaming sector looks to be on an optimistic track, boding well for the economy and the plethora of stakeholders involved.
