The first three weeks of legal online MA sports betting resulted in $563.9 million in handle and $9.1 million in taxes collected.
The Massachusetts Gaming Commission revealed the March data in a Tuesday release. It covers the span from online MA sports betting launch on March 10 through March 31.
DraftKings, headquartered in Boston, posted a 47% market share, besting rival FanDuel (33%) in the early going.
Results by MA sports betting operator
Six sportsbooks launched on March 10.
Listed by handle share percentage:
- DraftKings: $264.4 million (47%)
- FanDuel: $186.7 million (33%)
- BetMGM: $46.9 million (8.3%)
- Barstool: $30.2 million (5.4%)
- WynnBet: $18.8 million (3.3%)
- Caesars: $16.8 million (3%)
They averaged an 8.3% hold, while coming away with $46.8 million in accrual gaming win. FanDuel did have a slight edge over DraftKings in that category, with $16.3 million (35%) compared to $16.1 million (34%) from its rival.
FanDuel has the top spot in several states, though DraftKings has so far been able to hold serve on its home turf.
Barstool, which is also a Massachusetts-born company, had a disappointing showing with just 5.4% of handle share. Yet even more disappointing was Caesars, which finished a surprising last.
Next for MA sports betting market
The number of operators in the state will increase to nine in the coming months. Betr is expected to join the market in April, with Fanatics and Bally Bet coming aboard at some point in May.
Betway will join the MA market in Q1 2024.
MA has a 20% tax rate on online sports betting, and a 15% tax rate on in-person sports betting.
Where does the money go?
As outlined by the MGC, here’s the breakdown of where the taxes go:
- 45% general fund
- 27.5% gaming local aid fund
- 17.5% workforce investment trust fund
- 9% public health trust fund
- 1% youth development and achievement fund
MA sports wagering odds and ends
The state’s in-person sportsbooks combined for $20 million in handle, resulting in about $218,000 in taxes collected. That period covers the full month, as in-person sports betting launched on Jan. 31.
Massachusetts sports wagering data reports are usually released on the 15th of every month. However, due to the weekend and the Patriot’s Day holiday, they were released on Tuesday.
