Massachusetts sets new sports betting record with $748M October handle

Massachusetts bettors wagered a record $748.1 million on sports in October, marking the highest monthly handle since the state launched legal sports wagering.

According to new data from the Massachusetts Gaming Commission, the figure surpassed September’s previous record of $678.7 million by 10.2% and came in 30.8% higher than October 2023.

The bulk of activity came from online sportsbooks, which accounted for $735 million, while retail locations handled $13.1 million.

Despite the surge in wagering, taxable sports betting revenue fell year-on-year. Operators reported $48.3 million in taxable revenue for October, 20.3% less than the $60.6 million generated a year earlier and down 35.9% from September’s record $75.4 million.

Nearly all revenue came from online sportsbooks, with retail venues contributing just $5,286. The statewide hold rate for the month was 6.46%. Massachusetts collected $9.7 million in taxes from sports betting.

DraftKings continued its commanding lead in Massachusetts. The Boston-based operator posted $24.5 million in taxable revenue from $383.4 million in bets, maintaining a 6.39% hold.

FanDuel remained a distant second, generating $15.1 million from a $215.5 million handle (7.01% hold). BetMGM followed with $3.5 million in revenue on $49.7 million wagered.

Other operators included Fanatics, which generated $2.0 million in revenue from a $35.2 million handle, representing a 5.68% hold; ESPN Bet, with $1.5 million on $25.0 million wagered, holding at 6.00%; Caesars, earning $1.2 million from $21.2 million in bets, a 5.66% hold; and Bally Bet, which posted $352,895 in revenue on $5.1 million wagered, reflecting a 6.93% hold.

In the retail sector, MGM Springfield was the sole operator to finish in the black, reporting $5,286 in revenue from $1.5 million in wagers. Encore Boston Harbor, despite recording the most retail handle at $6.9 million, reported negative revenue.

The Gaming Commission also released October casino results. Statewide gross gaming revenue (GGR) totaled $94.2 million, a 2.6% decline from last year but a 2.3% improvement over September. Slots generated $66.3 million, while table games contributed $27.9 million.

Encore Boston Harbor led with $57.9 million in GGR, followed by MGM Springfield at $22.1 million and Plainridge Park Casino at $14.3 million.

Casinos paid $27.0 million in taxes for the month, bringing October’s combined gaming tax total to $36.6 million.