The Massachusetts Gaming Commission recently released November’s sports betting numbers revealing Bay State bettors wagered $654.4 million, breaking the previous high set in April.
Record Smashed
The previous Massachusetts betting handle record was set in April 2023 with $579.3 million in accepted wagers. But that record stands no longer, as November’s handle soared 12% above the previous mark, posting an impressive $654.4 million.
The handle also surged 15% above October’s $571.8 million and online wagering towered above retail, $636.7 million coming via mobile wagering while just $17.6 million in bets were placed at Massachusetts’ brick-and-mortar locations.
Therefore, more than 97% of the bets in November were placed online compared to the three retail sportsbooks at the Encore Boston Harbor, MGM Springfield, and Plainridge Park Casino. It follows a pattern we have seen across the nation in those states that have legalized sports betting where the national average shows roughly 90% of the sports bets are of the mobile variety versus retail in those states that offer both.
As for revenue, the Bay State bettors were sharper in November, reducing the hold, or win rate, for the online books from 10.7% in October to 7.87% in November generating $50.1 million in revenues.
Meanwhile, the retail sportsbooks also saw their combined hold plummet with a meager 2.35% in November, down precipitously from October’s 6.3% delivering just $414,509 in combined revenues.
Taxable sports betting revenues in November were $48.9 million, which was generated entirely by the online sportsbooks, save for the $370,000 taxable revenue delivered by the retail locations. The Commonwealth of Massachusetts took its cut of $9.7 million.
DraftKings Remains No. 1 in Mass
Boston-based bookmaker, DraftKings, continues to thrive with its home-state advantage. Unlike many other states in which FanDuel rules the roost, DraftKings proved yet again it is the people’s choice in Massachusetts, generating nearly half of the total handle in November.
Of the $654.4 million handle, DraftKings dominated the market with $320 million, over $138 million more than second-place FanDuel. The November data indicated DraftKings had a hold of 8.5% producing $26.4 million in adjusted gaming revenue for the month.
FanDuel was a distant second with $181.5 million in accepted wagers generating $12.1 million on its hold of nearly 7 percent.
ESPN BET Leads Hold Race
The new entry in the Bay State market rebranded ESPN BET, enjoyed an impressive inaugural month in Massachusetts with a stunning 14.86% hold off of $39.1 million in handle, producing a taxable profit of $5.7 million.
Penn Entertainment, the owner of ESPN BET, recently acquired the rights to the sports media giant’s name courtesy of a $1.5 billion deal payable over 10 years with $500 million worth of common stock as an add-on to the deal.
The Pennsylvania-based gaming entity rebranded from its Barstool Sportsbook, acquiring the media company, Barstool Sports, for over half a billion dollars, of which the last payment was made in February. But shortly thereafter, it would buy the rights to the ESPN name for its rebranded sportsbook.
Due to a clause in the deal with ESPN, Penn was obliged to divest itself of the Barstool brand and promptly sold it (sans the sportsbook) back to its previous owner, Dave Portnoy, for $1 with the stipulation Penn would receive 50% of the profits should Portnoy ever resell the company.
