The official March numbers for sports betting handle and Massachusetts sportsbooks revenue have been released. March was the first month that online sportsbooks were accessible to residents. Locals wagered a total of $548,102,467 on mobile apps for the month. Combined with the $19,988,765.45 from retail operators, Massachusetts sportsbooks saw $568,091,232.87 in total wagers for March 2023.
Great Start For Online Sports Betting In Massachusetts
The influx of online sportsbooks led to a reported $48,289,185.32 in total revenue off of a 10.35% hold. Online operators accounted for 96.8% of the total revenue with $46,783,507.41. The Old Bay State saw $9,339,417.30 in total taxes collected during that window. Online sportsbooks accounted for $9,121,121.34 of that total.
These results are not surprising as March Madness betting was a major contributor to the success of the Massachusetts market. Online operators went live on March 10, just days ahead of the tournament.
Which Online Sportsbooks Dominated The Market
DraftKings emerged as the most popular betting app for the month. Locals wagered $257,634,288.50 in March and the sportsbook saw a 6.26% hold rate for $16,119,770.77 in revenue. After deductions, the state had $15,556,827.40 in taxable gaming revenue with $3,111,365.49 collected off of the 20% rate.
FanDuel came in second in betting handle with $181,085,195.57 in total bets. However, thanks to a larger hold rate of 9.02%, FanDuel saw the most Massachusetts sportsbooks revenue with $16,342,642.48, and contributed $3,200,599.94 to the state after deductions.
Rounding up the top three was BetMGM with $45,271,182.54 in bets and $7,427,641.00 in revenue off of a 16.41% hold rate.
Massachusetts Sportsbook By Handle March 2023
- DraftKings Massachusetts: $257,634,288
- FanDuel Massachusetts: $181,085,195
- BetMGM Massachusetts: $45,271,182
- Barstool Sportsbook Massachusetts: $29,505,722
- WynnBET Massachusetts: $18,207,674
- Caesars Sportsbook Massachusetts: $16,398,404
Retail Dominated By Encore Boston Harbor
On the retail side of things, Encore Boston Harbor was the most active in March. $13,442,908.00 was wagered with $701,807.00 in sports betting revenue off of a 5.2% hold rate. This is far more than the $4,885,811.40 wagered at Plainridge Park Casino and the $ 1,660,046.05 wagered at MGM Springfield.
Retail sportsbooks see a fraction of the total market, however, as online already managed to overtake it as the main option for locals.
