MA Sportsbooks Beat July Betting Lull with Improved Hold
Expertise: iGaming, Online casinos
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In the month, the state online operators collectively accepted $405.3 million in bets during July, a 37.6% increase from the $294.9 million wagered in July 2023. However, this figure represents a decline from June’s handle of $509.3 million.
These sportsbooks, comprising seven mobile and three retail operators, achieved an average collective hold of 10.3%, resulting in taxable gaming revenue of $41.2 million. While online betting accounted for $40.7 million, retail locations generated $521,817.
In July, Massachusetts collected $8.1 million in taxes from online sports betting operators based on a 20% tax rate and $50,227.56 from retail sportsbooks taxed at a 15% tax rate for a combined tax revenue of $8.2 million.
DraftKings Secures Highest Revenue
DraftKings maintained its position as the leading sports betting operator in the state in July with $202 million in bets and an adjusted gross revenue (AGR) of $20.9 million, boosted by a 10.3% hold. FanDuel followed in second place with a handle of $119.9 million, the highest hold of 10.97% and an AGR of $12.9 million.
BetMGM came a distant third with $27.5 million in total bets and an AGR of $2.8 million from a hold of 10.27%. Fanatics achieved the top four, boasting $20.95 million in handle and a revenue of $2.23 million, helped by a 10.90% hold.
Other operators like Caesars Sportsbook and ESPN Bet trailed behind, with holds of 7.29% and 8.05%, respectively, and under $20 million in total bets. Both recorded AGR of no more than $1.5 million.
However, Bally Bet reported the lowest hold among all digital operators. The operator, which entered the state on 2 July, received $2.4 million in total bets and earned $121,299 based on a slight hold of 5%.
In the retail sector, Plainridge Park boasted a 15.53% hold in July, allowing it to retain $362,106 in AGR off a $2.4 million handle. Encore Boston Harbor had the highest handle in the market at $3.5 million. However, it could not translate to a corresponding revenue as the location posted the lowest hold amongst retail and mobile sportsbooks at 3.6%.
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