The spectrum of sportsbook activities in Massachusetts increased significantly in March. The total handle, the sum of amounts wagered, surpassed the $642.3 million mark. This is a 20.7% rise compared to February, which had a handle of $542.5 million. However, this figure seems slightly lower than the highest peak in January, which was $651.7 million.
The state’s revenues fell slightly as gaming taxable revenue for March dropped to $46.2 million, a decrease of 13.6% from last month’s figure of $52.5 million. Sports betting has increased betting activity, but tax revenue decreased to $9.2 million compared to $10.5 million in February. However, despite this decrease, Massachusetts has already generated an estimated $127.8 million in tax revenue since legal sports betting began in early 2023.
DraftKings remained supreme in the state by recording a significant handle of $323.0 million, up 19.7% from the previous month’s $269.8 million and generating $22.7 million in taxable gaming revenue. FanDuel took second place with bets amounting to $119.4 million and revenue of $15.2 million.
BetMGM, ESPN Bet, and Caesars Sportsbook, among other operators, also had good handles with $45.5 million, $34.4 million, and $25.2 million, respectively, while Fanatics reported a bet of$23.7 million during the month.
In the casino sector, there was good news as all of the state’s three casinos recorded a revenue upsurge. The collective gross gaming revenue (GGR) of the six Macau gaming concessionaires in March reached $111.1 million, representing a significant surge of 10.4% from the February earnings of $100.6 million.
According to the casino news, Encore Boston Harbor was the top performer, managing to generate $70.4 million both from table games and slot machines, followed by MGM Springfield in the second position with $25.2 million and lastly, Plainridge Park Casino in the third position with a total GGR 15.4 million for March.
The latest showcase of sports betting in Massachusetts illustrates a high level of interest among its residents in this activity, which opens a perspective of a lucrative market. Yet, the fluctuating monthly revenues remind me of the instability and evenness of the business. However, the state’s ability to secure substantial amounts of tax revenues from sports betting and casino facilities proves the positive impact these forms of gambling have on the local economy.
