Massachusetts Sports Betting Handle Tops $587M In May

The Massachusetts sports betting handle climbed exponentially year-over-year in May, and combined operator revenues increased month-over-month. However, overall wagering activity dropped from April’s haul, along with revenues compared to the same month in 2023.

Massachusetts sports betting handle posted a year-over-year increase of 32.4% from $457.1 million in May 2023

Sports bettors in the Bay State wagered $587.3 million with Massachusetts sports betting apps and retail providers in May. It is a year-over-year handle increase of about 32.4% from $457.1 million in May 2023.

Though, it’s still a month-over-month 2.7% decline from the $603.3 million in sports wagering activity from April. Sports betting apps contributed roughly 98% of all wagers placed in the state last month.

If May’s sports betting handle is factored in, Massachusetts’ lifetime total eclipsed $8 billion. Of that amount, $7.79 billion came from the state’s online providers.

Additionally, $59 million in gross sports wagering revenue was reported by Massachusetts sports betting providers in May. That’s a 4.9% year-over-year decrease from almost $62.1 million in May 2023.

But at least it was a 16.6% month-over-month climb from $50.6 million in April.

DraftKings led all other sportsbooks, represented over 50% of the mobile market share in the state

Massachusetts’ most profitable sportsbooks had a 10.1% hold in May as well. That’s down from a record 13.6% hold in May 2023, but it is an improvement compared to the 8.4% win rate from April.

Founded in Boston in 2012, DraftKings was the top-performing Massachusetts sports betting site, accounting for more than half of the mobile market share in the state. The sportsbook accepted $299.5 million in bets in May. Based on a 9.7% hold, operators also reported $28.3 million in revenue for the month.

FanDuel finished a distant second in May with a $172.4 million handle and $20.3 million in revenue from an 11.7% hold. BetMGM Massachusetts rounded out the top three with $39.3 million in bets and $3.1 million in revenues.

Approximately $11.5 million in taxes was generated for local tax coffers. This stemmed from a 15% tax rate and $57 million in adjusted gross revenue was reported.

Of course, May’s performance brings the year-to-date total to $55.3 million. That’s about $21.7 million better than the first five months of 2023.