Massachusetts sets new sports betting records, with DraftKings dominating the online market

October marked a historic month for sports betting in Massachusetts as the commonwealth witnessed an unprecedented surge in wagering activity. Operators raked in $571.7 million, resulting in a substantial boost of $11.7 million in tax revenue.

The figure represents the most significant sum ever wagered on sports within the state. Online sportsbooks have been the primary drivers behind this surge, accounting for the lion’s share of the betting action.

DraftKings solidified its top position, boasting a staggering $304.7 million in total handle, nearly doubling the figures reported by its closest competitor, FanDuel, which recorded $155.5 million in the same period. Following DraftKings and FanDuel in October was BetMGM at $35 million.

Since the inception of online sports betting in March, the commonwealth has witnessed over $70 million in tax revenue. $3.5 billion has been wagered on sports in Massachusetts, with sports betting operators accumulating over $355 million in taxable revenue in the eight months since mobile sports betting became legal.

Home-based DraftKings has been instrumental in propelling Massachusetts’ sports betting landscape, notching up $1.8 billion in total handle since the commencement of online sports betting, capturing 52% of the market share.

The shift toward online betting has been palpable, with $555.7 million, equivalent to 97.2%, being wagered online, while a mere $16 million found its way through retail sportsbooks, predominantly in casinos.

DraftKings and FanDuel also stood out with a hold percentage of over 10%. However, BetMGM, positioned at the third spot, reported the highest hold for October at 12.46%.

Massachusetts also experienced a collective increase in revenue across land-based casinos during the month, with a 7.0% uptick in table and slot gross gaming revenue, amounting to $96.7 million.