Taxable revenue from sports betting in Massachusetts declined 12.7% year-on-year during January, despite an increase in player spending.
For January, taxable revenue amounted to $82.4 million, down from $94.4 million in the same month last year. This was also 16.4% short of December’s record $98.5 million haul, the Massachusetts Gaming Commission reported.
Some $82.1 million of all taxable revenue came from online betting, while the retail sector contributed $302,716. Gross revenue before deductions stood at $84.4 million.
As for handle, players spent $808.9 million wagering on sports, up 6.1% year-on-year but 4.3% short of December. A total of $797.1 million was bet online and $11.8 million at retail sportsbooks.
In terms of hold, the statewide total for January was 10.19%, based on taxable revenue.
DraftKings almost doubles FanDuel’s revenue in Massachusetts
Looking to operators, DraftKings remained the online market leader by some distance. It took $44.8 million in revenue off $418.3 million in bets for a 10.71% hold.
FanDuel was again the closest challenger, but its monthly revenue of $23.2 million was barely half of DraftKings’ total. After processing $199.7 million in bets, however, this resulted in a healthier hold of 11.62%.
Some way behind in third was Fanatics with $5.7 million from $62.5 million for a 9.12% hold. BetMGM followed with $4.5 million from $57.1 million and a 7.88% hold, while theScore Bet completed the top five with $1.8 million off $22.7 million for a hold of 7.93%.
As for the retail sector, Encore Boston Harbor led the trio of casinos with $209,263 in taxable revenue from $5.9 million in bets. This resulted in a monthly hold of 3.57%.
Casino gaming revenue hits $96.6 million
The state regulator also published figures for the land-based casino market. Gross gaming revenue for the month topped $96.6 million, down 1.3% both year-on-year and month-on-month.
Slots revenue amounted to $69.8 million, with table games revenue reaching $26.8 million. Encore Boston Harbor also claimed top spot in this market with $59.7 million in monthly revenue.
In terms of tax, gambling in the state generated $44 million during January. Of this, $16.5 million came from sports betting and $27.6 million from land-based casino activity.
Original article: https://igamingbusiness.com/sports-betting/massachusetts-sports-betting-revenue-dip-january/
