July marked the end of the fifth full month of legal sports betting in the state of Massachusetts featuring the best sports betting apps, and it was the lowest monthly total for sports wagering action in the Bay State to date.
Massachusetts sports betting apps experienced an expected low point for the legal sports wagering industry and betting sites in July. Summer continues to be a drain on the legal sports betting scene and the best sportsbooks nationally. In July, the overall Massachusetts sports betting handle slipped beneath the $300 million mark for the first time since its widespread launch in March, and revenues ticked lower as well.
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How much was bet in Massachusetts in July?
The Massachusetts Gaming Commission is reporting a total retail and mobile $294,924,777 million July handle, which thrust the Bay State legal sports betting scene past the $2 billion mark since its March launch. $2.25 billion has been wagered in Massachusetts over that time, with the best sports betting sites making up $2.15 billion of that impressive total.
The $294.9 million represents an 11.2% month-over-month drop from the wagering activity in June. That's slightly disappointing, but the percentage drop is significantly lower than in other participating legal sports betting states.
Massachusetts sports betting apps accounted for $288.1 million over the overall handle in July.
Revenues down as well
Just like the Massachusetts legal sports betting handle, revenues for the state's sportsbooks fell month-over-month. And like the overall sports betting activity, the fall in profits wasn't nearly as drastic as seen in other legal sports betting jurisdictions.
Gross sports wagering revenues for Massachusetts sportsbooks came in at just over $30.1 million in July, about 8.7% lower than in June.
Adjusted gross revenues were $29.4 million, allowing state and local coffers to collect $5.8 million from state sports betting providers. July took the year-to-date tax revenues to a whopping $45.8 million, which is sixth best in the nation despite the state launching in March and not being able to take advantage of any NFL wagering.
Massachusetts sports betting apps continued to enjoy success against the state's bettors in July. The hold rate was 10.2% last month, just below the average 10.3% over the five months that mobile betting sites have been operable in the state.
Home state DraftKings on top again
The battle for the most successful Massachusetts sports betting app wasn't close in July. It was home-state DraftKings Massachusetts that ran away with the competition, accounting for $144.9 million of the $288.1 million mobile handle. That's more than half of the total mobile bets taken in by Massachusetts sports betting apps. DraftKings reported $14.4 million in revenues of a 10.2% hold.
FanDuel Massachusetts was the second-best sports betting app in the Bay State during July. It produced $86.9 million in bets, nearly $58 million less than DraftKings and $9.9 million in revenues off an 11.7% hold.
Things are about to change in Massachusetts
Despite being one of the newest legal sports betting jurisdictions in the U.S., a shakeup in the Massachusetts market will be taking place imminently and in the near future.
This week it was announced that Fanatics Sportsbook Massachusetts was joining the mobile sportsbook fray in the Bay State. Barstool Sportsbook is also about to rebranded to ESPN Bet, and betr Massachusetts will try once again to make inroads into the market there during its third month of operation.