Despite Increase in Handle in August, Sports Betting Income Falls in Massachusetts
Massachusetts’ sports wagering handle increased by 6.8% month over month in August to $314.9 million, despite a reduction in state income. The amount exceeded $294.9m in July, which was the lowest sum since legal betting in Massachusetts began in April.
Online gambling revenue increased by 6.6% to $307.2 million from July. Additionally, retail betting increased 13.2% to $7.7 million in August.
Raising Handles Doesn’t Stop Sales Decline
Although the handle increased month over month, sports betting revenue didn’t follow suit. At $22.7 million, total sales in August were down 22.8% from $29.4 million in July.
Online gambling contributed $22.6 million of this total, a decrease of 21.5% from July. Retail wagering revenue was only $157,782, a decrease of 72.6%.
DraftKings Imposes Itself as Leader in Massachusetts
With $10.8 million from bets totaling $161.9 million in August, DraftKings continued to dominate. Once more, FanDuel came in second with $7.4 million off a $79.4 million handle, followed by BetMGM with $2.4 million in income from $21.2 million. Both are considered to be among the best betting sites in 2023 for wagering with US dollars.
With $150,773 in sales from $2.8 million, Plainridge Park Casino led the way in the land-based sector. Additionally, MGM Springfield generated $64,934 in profit from a $912,651 handle. Encore Boston Harbor, while having the greatest retail transaction ($4.0m), reported a sports betting loss of $57,925.
In August, Casino Revenue Fell Somewhat
The combined revenue from slots and tables at land-based casinos decreased by 0.7% to $97.9 million; $67.5 million was earned via physical slots, matching July’s total. Revenue from table games was $30.4 million, a 2.6% monthly decline.
Sports wagering and casino income combined fell to $120.6 million in August from $128.1 million the month before, a 5.9% decrease. The state received $27.6 million in tax from land-based casinos and $4.5 million from sports betting.
