DraftKings Dominates Massachusetts Sports Betting Market in March

Massachusetts sports betting apps and the state's retail providers had their second-best month ever in terms of overall wagering activity in March.

According to the Massachusetts Gaming March report, the state's best sports betting sites accepted north of $650 million in wagers for the fourth time in the last five months and saw both year-over-year and month-over-month handle increases.

Revenues for Massachusetts' best sports betting apps didn't follow the handle upturns, though. In fact, revenues fell month-over-month and remained relatively flat compared to the year prior.

As has become a tradition in the Massachusetts sports betting market, home-state DraftKings dominated the wagering activity, revenue figures, and the race to be the most popular Massachusetts best sportsbook.

$654.9 million March handle

According to the report, Massachusetts' best live betting sites accepted $654.9 million in wagers in March. It is the second-best monthly handle ever for the scene. Only $658.7 million from December was better.

That number represents a 15.3% year-over-year increase in sports betting activity in Massachusetts, from the $584.5 million reported in March 2023, the first full month that Massachusetts sportsbook promos were offered in the state. It is also a more than $112 million, or 20.7%, month-over-month jump from the $542.4 million wagered in February.

Massachusetts sites with the best sportsbook promos made up $642.3 million of the state's overall March sports betting handle. Retail accounted for about $12.7 million.

Revenues disappoint

Despite the spike in sports betting handle for Massachusetts sports betting sites in March, revenues for providers were slightly disappointing, mostly because of an unflattering 7.3% hold rate, which is the lowest sportsbook win rate reported for the 13-month-old Massachusetts scene.

Gross sports betting revenue for Massachusetts providers came in at $47.8 million in March. That figure represents a 0.9% year-over-year drop from the $48.3 million generated in March 2023 and an 11.2% decline from the nearly $53.9 million from February.

Roughly $9.2 million in taxes was collected from Massachusetts state providers in March, taking the year-to-date total to $33.9 million in contributions toward needy state and local tax coffers.

DraftKings in a class by itself

DraftKings was able to maintain and even stretch its dominance as the most popular Massachusetts sports betting app. In fact, it made up more than half of the state's overall sports betting handle.

DraftKings reported $323 million in accepted wagers in the Bay State in March, nearly $67 million more than in March 2023. The betting behemoth reported $23.5 million in revenue for the month. DraftKings has now taken in more than $3.3 billion in lifetime bets in Massachusetts and just eclipsed $250 million in revenue.

FanDuel was a distant second in the Massachusetts market with just over $190 million in accepted bets in March and $15.7 million in winnings. BetMGM finished third among the six Massachusetts sports betting apps with $45.5 million in March wagers and about $3 million in revenue.

ESPN BET checked in fourth with $34.4 million in wagers last month with $2.6 million in revenue, Caesars was fifth with about a $25.2 million handle, and Fanatics rounded out the providers with $23.7 million in March wagers.