Massachusetts Retail Sportsbooks See $25 Million Handle In February

Written By Giovanni Shorter on March 16, 2023
Massachusetts Sportsbook Revenue

February was the last month that Massachusetts locals could only wager at retail operations as mobile apps went live on March 10. Bettors were still active in February, as Massachusetts sportsbooks reported $25,726,634.76 was wagered. This was also the first full month that retail sportsbooks were live in MA. This total gives a glimpse of how large the local Massachusetts sports betting market will be.

Massachusetts Betting Success

The sports wagering report also showed $2,010,223.54 in taxable gaming revenue. This comes from an 8.06% hold rate. Massachusetts taxes retail sportsbooks 15%, so the state saw $301,533.52 in taxes.

Encore Harbor was the dominating sportsbook locale during the first full month of action in MA. The WynnBET retail operator saw $16,900,614.83 in betting handle in February. Encore only saw a 5.3% hold rate for $900,783.78 in taxable revenue.

Plainridge Park saw $7,059,459.93 wagered in February and took in more revenue than Encore Harbor with $905,331.26 off of a 12.82% hold rate. MGM Springfield reported $1,766,560.00 in wagers and $266,556.60 in revenue off of a 15.09% hold rate.

The retail market has already shown itself to be viable. However, the glimpse into mobile betting is what lawmakers are really excited about.

What Mobile Betting Will Look Like In Massachusetts

Just during the opening weekend of mobile betting apps in MA, GeoComply reported 8.1 million geolocation transactions. During that stretch, Massachusetts mobile sportsbooks were top five in the nation in terms of activity.

The mobile market saw more action than multiple states with similar population densities during their launch window. MA saw more transactions than in Virginia, Arizona, Indiana, and Maryland. The combination of the launch weekend and the strong numbers from retail sportsbooks show how strong MA’s market can be.

The Massachusetts Gaming Commission (MGC) has estimated approximately $60 million in tax revenue will come from the betting market annually. This target is realistic considering the early successes of the market already. More than $300,000 were garnered in tax revenue from retail betting alone. Hold into account that most action going forward will be from mobile apps, this goal is achievable.

The Massachusetts betting market is on pace to being a juggernaut in the U.S. We will have to wait and see what the total betting handle and revenue will look like during the first full month of mobile betting.

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Massachusetts retail sportsbooks took in $25.7 million in action in February. This is the last month without mobile sports betting.
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Giovanni Shorter

Giovanni Shorter is a sports enthusiast and writer with a passion for the legal and industry side of the sports betting market. Giovanni got his education from Florida State University where he honed his writing style writing narratives and short stories. He has spent his professional career covering sports and entertainment through articles and blogs and continues to look at the industry from multiple angles.

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