Jul9
DraftKings Fined $100,000 for Sports Betting Data Inaccuracies in New Jersey
DraftKings Leads Massachusetts Sports Betting Market in May 2024
June 18, 2024 Marija D
The Massachusetts Gaming Commission (MGC) has reported a significant year-over-year increase in the state’s sports betting market for May 2024. According to the MGC, the total sports betting handle for the month reached $587.2 million, up from $454.9 million in May 2023.
Substantial Growth in Sports Betting Handle
Massachusetts is home to six active sportsbooks, and the growth in the market is evident. In May 2024, online operators reported $57 million in taxable gaming revenue with a 10.1% hold. Comparatively, the same period last year saw $60.9 million in online taxable gaming revenue with a 13.6% hold.
The state collected $11.3 million in taxes from online sports wagering in May 2024, slightly down from the $12.1 million collected in May 2023. Massachusetts taxes online sports betting at a rate of 20%, while retail wagering is taxed at 15%.
DraftKings Leads Massachusetts Market
Boston-based DraftKings emerged as the top-grossing operator in Massachusetts for May 2024. The company reported an online handle of $299.5 million and taxable gaming revenue of $28.3 million with a 9.7% hold. In contrast, DraftKings’ figures for May 2023 included a $221 million online handle and $30 million in taxable gaming revenue.
FanDuel recorded the second-highest online handle in the state, with $172.4 million in May 2024, up from $135.3 million the previous year. The Flutter Entertainment-owned brand generated $19.8 million in taxable gaming revenue for May 2024 with an 11.7% hold, compared to $19.7 million in May 2023 with a 14.8% hold.
ESPN Bet, which launched in November 2023, had a promising first May in Massachusetts. The sportsbook reported an online handle of $25.8 million, ranking fifth in the state, and generated $2.4 million in taxable revenue.
Fanatics’ Significant Surge
May 2024 marked a significant uptick for Fanatics Sportsbook following its $225 million acquisition of PointsBet’s U.S. operations. Fanatics reported a $19.8 million online handle and $1.7 million in taxable revenue with an 8.8% hold for May 2024. This is a substantial increase from May 2023, where the sportsbook had a handle of $123,108 and $41,769 in revenue.
Fanatics collected $342,822 in taxes for May 2024 but faced challenges, including a $10,000 fine from the MGC for accepting a wager on an in-state college football game. Massachusetts prohibits wagering on in-state colleges unless they are part of a tournament with four or more teams. An investigation found that Fanatics accepted a $50 futures bet on the Dec. 5 Fenway Bowl between Boston College and Southern Methodist University.
Other Operators in Massachusetts
Massachusetts also hosts other major sportsbooks, including Caesars Sportsbook and BetMGM. However, the state has seen some operators exit the market, such as WynnBet and the micro-betting app Betr.
The sports betting landscape in Massachusetts continues to evolve, with substantial growth in handles and revenues across several operators. The state’s regulatory framework aims to ensure a fair and transparent market, contributing to the industry’s steady expansion.
Source:
“DraftKings remains top Massachusetts sportsbook in May”. SBC Americas, June 17, 2024.
Leave a Reply
Related News
One comment on this page:
Latest Casino News
Related News
The growth trends across different sectors of the gaming industry in New Jersey are impressive. It’s clear that players are engaging more with various gaming options, leading to positive outcomes for the industry as a whole.