DraftKings again was master of the sports wagering domain in its home state of Massachusetts in October, setting all-time monthly highs for revenue and handle, according to figures released by the Massachusetts Gaming Commission.
The mobile juggernaut became the first operator to clear $300 million in monthly handle in the Bay State and topped $30 million in gross revenue for the second time. DraftKings accepted $304.8 million worth of wagers in October, a 5% improvement on its short-lived record of $290.1 million in September.
Unlike the previous month, DraftKings was able to notch a double-digit hold at 11.2%, resulting in $34.3 million in revenue. That easily outdistanced its previous best of $30.6 million in May, when it had an all-time high hold of 13.9%
The state’s overall handle was $571.8 million, second-most in eight months of mobile wagering and within $7.5 million of the all-time best of $579.3 million established in April. Total operator gross revenue was $60.5 million, resulting in a 10.6% win rate and serving as runner-up to the $62.1 million generated in May. It also marked the third time revenue surpassed $60 million.
The state was able to levy taxes on $59.2 million in adjusted gross revenue, leading to an inflow of $11.8 million into its tax coffers.
Massachusetts has collected more than $72 million in state taxes since launch, with all but $9,861 of that amount coming after the Jan. 31 launch.
DraftKings continues to protect home turf
October #SportsBetting numbers 🧵from #Massachusetts via MGC. Han/GGR/WR by mobile book (4/8)@DKSportsbook $304.76M/$34.25M/11.24%YTD: $1.823B/$179.62M/9.85%
All-time Mass. monthly highs handle/GGR
10/x #sportsbettingtwitter #GamblingTwitter
— Chris Altruda (@AlTruda73) November 15, 2023
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It is plainly evident DraftKings made its home state a priority when launching earlier this year, with recent handle figures bearing that out. It has generated $756.8 million handle in the last three months, more than double FanDuel’s $356.9 million in wagers.
Though FanDuel has a higher overall hold than DraftKings — its 11.4% win rate is nearly 1.6 percentage points higher — the sheer volume of DraftKings’ handle has contributed to its gross revenue being 52.8% higher than its eternal rival, a separation of $62.1 million as DraftKings has reaped $179.6 million in gross revenue since taking its first bets in March.
FanDuel crossed the $1 billion handle threshold with a solid October showing, claiming $15.9 million in winnings from $155.6 million handle for a 10.2% hold. It was the sixth time FanDuel posted a double-digit hold in Massachusetts, but October’s win rate was more than one full percentage point lower than its overall 11.4% hold.
BetMGM is the only operator with a 100% record when it comes to double-digit holds, making it 8-for-8 after fashioning a 12.5% hold in October to reap nearly $4.4 million in winnings from $35 million worth of accepted wagers. Its 13.2% overall hold is tops among the eight mobile operators in Massachusetts, and BetMGM has posted an 11% or better hold for six consecutive months.
Caesars was a quiet fourth for handle at $19.1 million, and its hold below 6.1% was the lowest of any mobile book as it cleared nearly $1.2 million in revenue. Fanatics Book tightened the race for fifth with PENN Entertainment and WynnBET as the trio was separated by less than $407,000 handle.
Fanatics had a 53.1% month-over-month increase in handle to $13.6 million and surpassed $1 million in monthly revenue for the first time. The nearly $1.3 million in gross winnings led to a 9.5% hold as October revenue was more than double that of September.
PENN Entertainment, which included Massachusetts among its 17-state launch of ESPN BET on Tuesday, narrowly claimed the No. 5 spot with $13.9 million handle for its Barstool Sportsbook operating for the last full month in October. Barstool had more than $1 million in revenue for the first time since June, finishing just shy of $1.5 million, and its 10.7% hold was second-best all time behind the 11.4% crafted in May.
WynnBET posted more than $1 million in revenue for the first time in May as it notched a 7.9% hold on $13.5 million in wagers. The mobile sportsbook, which is operating only in Massachusetts, New York, and Michigan, has accumulated $7.1 million in winnings from $114.6 million handle.
Microbetting platform Betr had a 7% increase in handle to just shy of $325,000, but its 6.6% hold resulted in gross revenue decline of more than 25% to slightly over $21,000. Betr has had only one month with a hold of 8% or higher and has yet to surpass $600,000 in handle.
Massachusetts has been competing with Maryland, Indiana, and Michigan for top 10 in betting volume nationally in 2023 despite not having mobile wagering in March. Massachusetts has accepted more than $3.65 billion in wagers thus far in 2023, a $147.6 million edge over Maryland, which saw October handle of close to $500 million.
Running 2023 YTD Top 10 #SportsBetting handles by state (thru Oct in CAPS)
1 NEW YORK $15.02B2 New Jersey $7.77B3 Illinois $6.69B4 Nevada $5.68B5 Ohio $5.23B6 Penn. $4.99B7 Arizona $3.91B8 Virginia $3.75B9 Colorado $3.68B10 MASS. $3.65B#GamblingTwitter
— Chris Altruda (@AlTruda73) November 15, 2023
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