Massachusetts has once again demonstrated its robust sports betting market, setting a new monthly handle record that underscores the state's growing appetite for sports wagering. In December, the Bay State saw consumers place an impressive $788.3 million in total bets, marking the fourth consecutive month of record-breaking performance1.
Market Performance Highlights
The December handle represents a significant milestone for Massachusetts, surpassing the previous month's record of $777.8 million by 1.4% and showing a substantial 19.7% year-over-year growth compared to December 2023. The breakdown of betting activity reveals a stark digital dominance, with online betting accounting for $776.8 million of the total handle, while retail sportsbooks contributed just $11.5 million.
DraftKings Maintains Market Leadership
The competitive landscape continues to be dominated by DraftKings, which solidified its position as the market leader. The platform generated:
- $29.6 million in revenue
- $364.6 million in total wagers
- An impressive 8.12% hold rate
Emerging Competitors
Other notable performers included:
- FanDuel: $18.8 million revenue from $241.5 million handle
- BetMGM: $4.0 million revenue from $65.1 million handle
- Fanatics Sportsbook: Showing growth with $2.5 million revenue
- ESPN Bet: $1.1 million revenue from $29.8 million handle
Revenue Challenges
Despite the record-breaking handle, the industry faced revenue headwinds. Total taxable gaming revenue declined 5.1% year-on-year to $57.5 million, a 28.6% drop from November's $80.5 million peak. This decline was attributed to customer-friendly sports results that impacted the entire industry.
Betting Performance Metrics
- Overall Hold Rate: 7.29%
- Online Hold Rate: 7.39%
- Retail Hold Rate: Minimal at 0.56%
Retail vs. Online Dynamics
The data paints a clear picture of the market's digital transformation. Online betting generated $57.4 million in revenue, while retail wagering contributed a mere $64,037. Plainridge Park Casino was the only retail location to post positive revenue, earning $64,037 from a $4.3 million handle.
Casino Revenue Insights
Beyond sports betting, Massachusetts' casino sector showed resilience:
- Total Gross Gaming Revenue: $102.2 million
- Slots Revenue: $70.1 million
- Table Games Revenue: $32.1 million
Top Performing Casinos
- Encore Boston Harbor: $64.9 million
- MGM Springfield: $22.7 million
- Plainridge Park Casino: $14.6 million1
Tax Implications
The betting activity translated into significant tax revenue for the state:
- Sports Betting Taxes: $11.5 million
- Casino Gaming Taxes: $29.0 million
Future Outlook
The consistent growth and digital-first approach suggest Massachusetts will remain a key market to watch in the evolving sports betting landscape. With operators like DraftKings maintaining strong leadership and emerging platforms like Fanatics Sportsbook showing promising growth, the state continues to be a bellwether for the national sports betting market.
The December performance reinforces Massachusetts' position as a mature and dynamic sports betting market, capable of sustaining record-breaking handles while navigating the complex dynamics of operator competition and consumer engagement.
Garrett Kerman
Garrett Kerman is an American sports writer specializing in MMA, boxing, and betting news. He has established himself as a prominent voice in combat sports journalism, providing expert analysis and breaking news. Kerman has covered major events and conducted interviews with notable figures in the industry, showcasing his extensive knowledge and passion for the sport. His insights are widely sought after by fans and bettors alike.
