The Commonwealth of Massachusetts has witnessed an extraordinary increase in sports betting revenue this past January, marking a 17% surge from the highest earning month recorded prior, back in May of 2023. Despite the handle falling just shy – by 1.1% – of the monumental $658.7 million peak reached in December, the industry remained robust with a formidable $651.7 million turnover, establishing an exceptionally strong start to the year.
The month of January clocked in tax revenues amounting to $5.8 million for Massachusetts. This figure, although representing a modest decline of 9.4% from December’s numbers, still signifies substantial contributions to the state’s fiscal ledger.
Since the initiation of sports betting operations on the final day of January 2023, Massachusetts has demonstrated considerable progress. The virtual realm of betting continues to thrive, with online wagers accounting for a breathtaking 99.4% of January’s total betting handle – a clear indicator of a shift toward digital platforms in the gambling industry.
Switching focus to the casino sector, Massachusetts generated a Gross Gaming Revenue (GGR) of $93.5 million in January. While this performance fell 10.1% short of December’s $103 million benchmark, it nonetheless highlights consistent patronage of gaming establishments within the state. The leading establishment, Encore Boston Harbor, notched an impressive $60.9 million in table games and slot machine GGR, maintaining its position at the pinnacle of the regional market.
In the sports betting leaderboard, DraftKings held fast to its top spot, rounding up a handle of $315.9 million. Despite being $4.5 million less than the December tally of $311.4 million, DraftKings remains a dominant force in Massachusetts’ sports betting scene. Not far behind, FanDuel experienced a 3.6% leap in its handle month-on-month, standing at $194 million in January. The gap, however, between FanDuel and its rival DraftKings stretched to an expansive $121.9 million in terms of total January wagers.
A relative newcomer on the scene, ESPN Bet – which debuted across 17 US states in November – is steadily carving out a significant presence in Massachusetts, ranking third in the state for January with a handle reaching $45.4 million. Chasing the frontrunners, BetMGM and Caesars Sportsbook held the fourth and fifth positions, bringing in $36.8 million and $22.5 million, respectively.
On the other side of the coin, WynnBet, operated by Wynn Interactive division of Wynn Resorts, has shut down its online gambling services in Massachusetts earlier this week. This move is part of a broader strategy by Wynn Resorts, announced last August, to reduce the footprint of the brand across the United States. Other exits include states such as Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia, and West Virginia. Despite this retreat from the virtual space, Wynn Resorts is poised to maintain a significant offline presence through their retail sports betting facilities, particularly within the renowned walls of their Encore Boston Harbor casino where bettors can still engage in on-site wagering.
The grand scale-back of WynnBet across numerous states leaves its operations active in just three locations: Nevada, New York, and Michigan, with the latter two currently under review. Whether these moves will affect the brand’s long-term stance in the competitive American betting market remains to be seen, as the industry continues to evolve amidst shifting consumer preferences and regulatory landscapes.
