MA Sports Betting Sees YoY Growth Despite Retail Dip
Massachusetts has posted its sports betting results for June 2024, showing an overall improvement in handle and revenue despite a decline in its retail market.
Massachusetts online betting generated $41.0m in revenue, but retail losses offset the overall revenue to $40.5m in June. (Source: Pixabay)
LISTEN TO THIS ARTICLE:The state's total player wagers for the month amounted to $509.4 million, an increase of 57.5% compared to last year. However, this figure was 13% short of the $587.3 million bet in May 2023. It also marks the lowest monthly total since August 2023, when $314.9 million was wagered.
Mobile or online betting accounted for $500.7 million of the total player spending, while retail wagering contributed $8.6 million.
Massachusetts sports betting operators generated a combined $40.5 million in revenue in June, a 25.8% increase from the $32.2 million reported last year. However, this figure represents a 29.0% decline from the $57.0 million achieved in May. It also had the lowest monthly revenue since August 2023, when operators posted earnings of $22.7 million.
Online sports betting accounted for all of June's revenue, at $41.0 million. However, the retail sector's loss of $588,965 in the month offset this gain and further decreased the overall revenue total.
The state received $8.2 million in sports betting tax revenue in the month.
DraftKings Continues Lead
Regarding specific operators' revenue, DraftKings maintained its top spot in the Massachusetts sports betting market, with $19.3 million in revenue from $263.7 million in wagers.
FanDuel trailed behind with $16.5 million in revenue from $141.4 million in bets. BetMGM was in third place, with $2.3 million in revenue from $34.0 million in bets.
Fanatics got $1.7 million in revenue from $20.2 million in wagers. ESPN Bet followed with $1.2 million in revenue from $21.8 million in bets. Caesars, however, experienced a setback, reporting a loss of $16,588 from $19.6 million in bets.
More Finance News
In the retail sector, Encore Boston Harbor was the only profitable venue among the state's licensed operators, with $146,565 in revenue from a $4.7 million handle. Plainridge Park Casino incurred a loss of $186,969 from a $3.0 million handle. Meanwhile, MGM Springfield suffered a significant loss of $548,561 from a $1.0 million handle.
Bally Bets Joins Market
At the beginning of the month, Massachusetts welcomed Bally Bets into its sports betting market. Bally Bet became the last operator to go live in the market after receiving its temporary license 18 months ago.
Bally Bet's arrival brings the number of sports betting operators in the Bay State to seven.
RELATED TOPICS: Finance
Latest News
Most Read
Must Read
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for MA Sports Betting Sees YoY Growth Despite Retail Dip