Overall betting handle for the month hit $587.3m (£462.7m/€547.6m), 32.4% higher than May last year, but 2.7% behind the $603.3m wagered in Massachusetts in April this year.
Online handle across the six sites active in the state accounted for 98% of all bets placed.
In terms of revenue, this amounted to $57.0m in taxable betting revenue for May. The monthly total is 4.0% lower than $59.4m last year. However, it is a 16.1% increase on the $49.1m posted in April this year.
Online betting accounted for $56.9m of all taxable revenue during May. In contrast, just $105,629 came from the retail betting sector.
Overall revenue hold across all operators hit 10% in May.
A Deutsche Bank analyst note on the month’s figures noted the calendar in May was favourable for betting and gaming, with nine weekend days in May of 2024 versus eight weekend days in May 2023.
DraftKings continues to lead in Massachusetts
DraftKings kept hold of top online spot in the state in May, posting $28.3m in revenue off $299.5m in wagers.
Flutter Entertainment-owned FanDuel again took second with revenue of $19.9m from a $172.4m handle. BetMGM was next with $3.0m from $39.3m in bets wagered.
ESPN Bet posted $2.5m in revenue from a $25.9m handle. Fanatics took in $1.7m from $19.8m in bets. Caesars rounded off the online market with $1.5m from $20.1m.
As for the retail segment, Encore Boston Harbor led the way with $540,882 in revenue from $5.5m in bets. Plainridge Park Casino also posted $133,573 in revenue off a $3.6m handle.
However, MGM Springfield reported a $568,834 loss from $1.1m in total wagers in May.
Casino revenue tops $98.0m in May
Land-based casino revenue in May hit $98.0m. This is 2.6% behind last year’s $100.6m haul but marginally ahead of $97.5m in April this year.
Slots accounted for $68.7m of all casino revenue during the month, with table games at $29.3m.
Encore Boston Harbor claimed top spot with $61.2m in total revenue. MGM Springfield was next on $22.4m, then Plainridge Park Casino at $14.4m.
MA gaming taxes to stay put
In terms of tax, Massachusetts collected $11.5m from sports betting and $28.0m land-based casino gaming in May.
On 23 May Massachusetts lawmakers rejected a proposal to increase the tax rate from 20% to 51%.
The proposal in the Bay State came from Senator John Keenan and would have been wrapped into the state budget. During debate Keenan leaned into problem gambling and the idea that operators should pay to treat those who develop an addiction.
But Massachusetts already has some of the most stringent responsible gaming regulations in the country and has the most well-funded problem gambling programme in the US.
Original article: https://igamingbusiness.com/sports-betting/massachusetts-sports-betting-handle-declines-in-may/
