DraftKings Leads Massachusetts Sportsbooks To $2 Billion In Wagers
The Massachusetts Gaming Commission has released the sports betting handle and revenue report for July 2023. Massachusetts sportsbooks raked in $294,924,777.29 in bets. July’s wagers pushed Massachusetts sports betting sites and retail locations to $2,234,324,374.23 in lifetime wagers. The state only took seven months to reach this milestone.
Massachusetts July 2023 Revenue Report Break Down
The July report shows that sportsbooks maintained a 10.22% hold rate for $29,409,052.83 in revenue. Taxes garnered by the state was $5,812,041.17 in July. This was a slight 9.65% decrease month over month compared to June’s $6,433,223.04.
Handle is also down month over month by 11.17%. Betting activity and handle have decreased every month since April. With the NFL season on the horizon, however, activity is expected to pick up at Massachusetts sportsbooks.
Online Sportsbooks Dominate Massachusetts
The bulk of the action came from the online betting market in Massachusetts. Of the $294.9 million in wagers, $288,119,407.34 were placed at the best sports betting sites, 97.6% of the total market. Online sportsbooks also accounted for $28,832,914.14 of the total revenue for July.
DraftKings dominated the market with 50.3% of the online handle. $144,866,211.71 was wagered on the DraftKings app. DK was followed by FanDuel with $86,188,846.86 in wagers (30% of the handle) and BetMGM with $22,461,780.66 in wagers (7.8% of the handle). Massachusetts is the home state for DK, but this is still notable as FanDuel is the market leader nationwide.
July 2023 Massachusetts Mobile Handle By Operator
|Sportsbook||Online Handle||Online Handle %|
First Month Of DFS In Massachusetts Shows Strong Start
The Massachusetts Gaming Commission also released the figures for daily fantasy sports. This is the first month of DFS in the Old Bay State. $10,431,511.90 was reported in gross fantasy wagering. Massachusetts collected $188,366.69 in revenue from DFS activity.
Continuing its Massachusetts dominance, DraftKings was also the most popular DFS operator in July with a $5,369,116 handle. PrizePicks saw $2,960,226 to come in second place for July. FanDuel rounded up the top three in DFS activity with $1,056,007.
Massachusetts won’t fully see the fruition of their fantasy market until during the NFL season. Fantasy Football is the most popular form of fantasy gaming and will attract a large number of locals. To see more than $10 million in handle for July gives a glimpse of the potential the market could see in the peak fantasy season.