Massachusetts Sports Betting Hits $587 Million For May

Massachusetts sports bettors wagered $587.3 million in May this year, representing a 32.4% increase from the $457.1 million recorded in the same month the previous year.

However in April 2023, the sports betting handle in Massachusetts reached $603.3 million, a figure that was slightly higher than the $587.3 million recorded in May 2024. This 2.7% month-over-month decline suggests that the industry may be experiencing some fluctuations, as is typical in any rapidly evolving market.

The Massachusetts sports betting industry is dominated by a handful of leading operators, each vying for a larger share of the market. Among these, DraftKings emerged as the clear market leader, accounting for more than 50% of the state’s mobile market share.

Founded in Boston in 2012, DraftKings has cemented its position as the top-performing Massachusetts sports betting site. In May 2023, the sportsbook accepted a staggering $299.5 million in bets, translating to a 9.7% hold and $28.3 million in revenue.

While DraftKings dominated the market, other prominent operators like FanDuel and BetMGM also made their presence felt. FanDuel finished a distant second in May with a $172.4 million handle and $20.3 million in revenue, thanks to an 11.7% hold. BetMGM Massachusetts rounded out the top three with $39.3 million in bets and $3.1 million in revenues.

The Massachusetts sportsbooks reported a 10.1% hold, a figure that, while down from the record 13.6% hold in the same month the previous year, still represents a significant improvement compared to the 8.4% win rate recorded in April.

The performance of the Massachusetts sports betting industry has also translated into substantial tax revenue for the state. In May 2023, the industry generated approximately $11.5 million in taxes, stemming from a 15% tax rate and $57 million in adjusted gross revenue.

The strong performance in May 2023 has further bolstered the year-to-date figures for the Massachusetts sports betting industry. As of the end of the first five months of the year, the total year-to-date revenue stood at $55.3 million, a figure that is approximately $21.7 million better than the same period in the previous year.