Massachusetts Sees Major Rise In Sports Betting Handle For March

Massachusetts saw a surge in sports betting during the month of March, with the industry experiencing a 20% increase in handle compared to the previous month. As college basketball took centre stage, the Massachusetts Gaming Commission reported a monthly handle of $654.9 million, a significant rise of 20.7% from February and 15.3% from the same period last year. While the profits didn’t match the surge in handle, the state still generated substantial revenue from sports betting.

The popularity of March Madness, both in men’s and women’s college basketball, played a pivotal role in driving the surge in sports betting activity in Massachusetts. The excitement and unpredictability of the tournament attracted a significant number of bettors, resulting in a substantial increase in the monthly handle.

In March, the total handle reached an impressive $654.9 million, surpassing January’s figure of $651.7 million and becoming the highest handle in 2024. This marked the fourth month in Massachusetts with a handle exceeding $650 million, bringing the total amount wagered in the state to nearly $7 billion since the launch of online sports betting in March 2023.

Online sports betting accounted for a staggering 98% of the total handle in Massachusetts during March. Leading the way was DraftKings, which set a new monthly record with a handle of $323 million. FanDuel also enjoyed success, generating the highest hold of 8.2% in the state and earning $15.7 million in revenue from a handle of $190.4 million.

Here is a breakdown of the top sports betting operators and their performance in March:

DraftKings emerged as a dominant force in the Massachusetts market, contributing significantly to the overall handle and revenue. FanDuel’s strong performance and high hold percentage further solidified its position as a key player in the state.

Since the launch of online sports betting in Massachusetts, the industry has experienced remarkable growth, culminating in the second-highest monthly handle in March. The state’s online sportsbooks have become increasingly popular among bettors, providing convenience and accessibility.

DraftKings, in particular, has played a pivotal role in the rise of online sports betting in Massachusetts. The operator’s user-friendly platform and diverse betting options have attracted a large customer base, contributing to the surge in handle and revenue.

While sports betting experienced a significant boost in March, in-person casino gaming also witnessed a surge in revenue. The Massachusetts Gaming Commission reported a gross gaming revenue of $111.1 million, the highest in the last 12 months. This represents a 10.5% month-over-month increase, signalling a strong recovery for the casino industry.

Encore Boston Harbor, one of the prominent casinos in Massachusetts, achieved a new monthly revenue record of $70 million. The casino’s sportsbook also played a significant role, contributing $5.7 million to the total handle of $12.7 million for brick-and-mortar establishments. MGM Springfield and Plainridge Park also reported their highest gaming revenues, adding to the overall success of the casino industry in the state.