Massachusetts bettors set a new record in October, wagering $748.1 million on sports, a 10.2% increase from September and 30.8% higher than the previous year. Despite the record handle, taxable revenue for operators fell to $48.3 million, a decline of 20.3% year-on-year and 35.9% month-on-month. Online betting dominated the market, contributing nearly all revenue, while retail sportsbooks lagged. Meanwhile, the state collected $9.7 million in taxes from sports betting and $27.0 million from casino gaming, highlighting its growing reliance on these sectors for revenue.

Massachusetts Sports Betting Sets New Record

Record-High Handle
Bettors in Massachusetts wagered $748.1 million on sports during October, surpassing the previous record of $678.7 million set in September by 10.2%. This figure also represents a 30.8% increase compared to October 2023.

Breakdown of Betting

Online Betting: Players wagered $735.0 million, accounting for nearly all activity.
Retail Betting: Retail sportsbooks saw a modest $13.1 million in wagers.

Taxable Revenue Declines Despite Higher Handle

Revenue Trends
Total taxable revenue for operators in October reached $48.3 million, a 20.3% decrease from the $60.6 million recorded last year and 35.9% lower than September’s $75.4 million.

Key Metrics

Online Revenue: Dominated the market, with retail contributing just $5,286.
Hold Rate: Statewide hold stood at 6.46%, reflecting operators' earnings as a percentage of the handle.
Tax Contributions
Massachusetts collected $9.7 million in taxes from sports betting, with nearly all of it derived from online activities.

Casino Revenue Sees Slight Year-on-Year Decline

Performance Overview
Gross gaming revenue (GGR) from casinos totaled $94.2 million in October, a 2.6% decline from October 2023 but a 2.3% increase compared to September.

Casino Breakdown

Encore Boston Harbor: Led with $57.9 million in combined slots and table games revenue.
MGM Springfield: Recorded $22.1 million in revenue.
Plainridge Park Casino: Generated $14.3 million in GGR.
Casino Tax Revenue
The state collected $27.0 million in taxes from casino gaming, contributing to total tax income of $36.6 million for October.

DraftKings Leads Massachusetts Betting Market

Top Operator Performance
DraftKings reinforced its dominance in Massachusetts, reporting:

$383.4 million in handle.
$24.5 million in taxable revenue.
A 6.39% hold (percentage of wagers kept as revenue).
Market Share Dynamics

FanDuel: Ranked second with $15.1 million in revenue from $215.5 million in bets (7.01% hold).
BetMGM: Secured third place with $3.5 million in revenue from $49.7 million (7.04% hold).
Other notable operators included:

Fanatics: $2.0 million revenue from $35.2 million handle (5.68% hold).
ESPN Bet: $1.5 million revenue from $25.0 million handle (6.00% hold).
Caesars: $1.2 million revenue from $21.2 million handle (5.66% hold).
Bally Bet: $352,895 revenue from $5.1 million handle (6.93% hold).

Retail Sports Betting Underperforms

MGM Springfield Stands Out
MGM Springfield was the sole retail sportsbook to report positive revenue, generating $5,286 from $1.5 million in bets with a slim 0.34% hold.

Encore Boston Harbor’s Struggles
While Encore Boston Harbor handled $6.9 million in retail bets, it failed to post positive revenue, signaling challenges in the retail sector.