Win Rate Helps Massachusetts Sportsbooks in July
The annual summer sports betting slowdown for our best sports betting apps reared its ugly head in Massachusetts in July, but thanks to a solid win rate, month-over-month revenues did not take as big a hit as one would have expected.
The monthly Massachusetts sports betting handle slipped under $500 million in July for the first time since last August. Despite a healthy month-over-month drop in overall sports betting activity in the Bay State, year-over-year gains were evident, pointing to a maturing market.
Unsurprisingly, home-state DraftKings dominated the betting activity in July, nearly doubling the handle of any other state sportsbook.
July handle
Massachusetts sports betting apps and retail sites accepted $411.8 million in wagers in July, the worst monthly total since $314.9 million last August. It represents a 19.2% month-over-month decrease from the $509.4 million in June.
However, overall sports betting increased 40.1% yearly from nearly $331.9 million last July.
Gross sports betting revenues
Seven Massachusetts sports betting apps and three retail providers combined for $42.2 million in gross gaming revenues in July, a 40% year-over-year jump from $30.1 million in July last year.
A 10.3% win rate mitigated some of the month-over-month declines in July. June revenues were about the same despite a larger handle, mainly because the June hold rate was 8.4%.
Tax contributions for July were $8.2 million from $41.2 million in adjusted gross revenues for state operators. It takes the year-to-date tax payments to needy state and local coffers to $71.7 million.
DraftKings dominates again
Boston-based DraftKings Sportsbook predictably dominated the Massachusetts sports betting market in July. It accounted for $405.2 million (49.9%) of the total $411.8 million in accepted wagers. DraftKings extended its streak of $200 million monthly handles in Massachusetts to nine. Check out the behemoth offerings with our DraftKings promo code.
It collected a state-high $20.8 million in winnings off of a 10.3% hold.
FanDuel was a distant second in the battle to be the best Massachusetts sports betting app. It reported a $119.9 million July handle in the Bay State and collected $13.2 million in revenues off an 11% hold. Fanduel Massachusetts surpassed $2.5 billion in accepted wagers and $275 million in lifetime revenues.
BetMGM was next in the Massachusetts sports betting market. It rode a 10.3% win rate to $4.8 million in monthly revenues, a 17.3% month-over-month improvement.
Fanatics Sportsbook rounded out the top four with $21 million worth of bets and $2.3 million in revenue. July represented an all-time monthly revenue high for Fanatics Sportsbook Massachusetts, besting its $1.8 million in May.
ESPN BET and Caesars both reported year-over-year improvements to revenues in the Massachusetts sports betting market. But ESPN BET’s monthly handle was under $20 million for the first time since Nov. while generating $1.5 million in revenue, and Caesars accepted just $13.2 million in July bets.
Bally Bet, the newest Massachusetts sports betting site, went live July 2 and reported just a $2.4 million July handle and $121,300 in winnings off of a 5% hold.
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