Massachusetts was able to record year-on-year gain in handle and taxable income, but player spending on sports betting plummeted to its lowest monthly total since July last year during February.
February wagers at Massachusetts sportsbooks totalled $628.2 million (£484.5 million/€578.5 million). Although this was 17.6% lower than January's betting handle in Massachusetts, it was 15.8% higher than previous year.
Massachusetts Gaming Commission data showed that online handling exceeded $618.6 million in February, as announced yesterday (20 March). The total amount wagered at retail sportsbooks was $9.6 million.
About $65.6 million came in from taxable gaming. Although it was down 30.5% from January's record harvest of $94.4 million, it still surpassed the previous February by 24.7%.
To break it down even more, the total income earned by internet betting was $65.4 million. The sum total for the month in Massachusetts was $205,391, with the retail sector bearing the brunt of it.
For the month of February, the statewide hold rate was 10.44%.
In Massachusetts, DraftKings is unstoppable.
As far as individual operators in the state are concerned, DraftKings is still far and by the best online option. With a $317 million handle, it generated $36 million in revenue, yielding an 11.36% hold.
Returning to its position as the closest contender, FanDuel held 11.48% of the $167.2 million in handle, with $19.2 million. With $4.7 million out of $54.6 million, or 8.61% hold, BetMGM rounded out the top three.
With a $33 million handle, Fanatics were able to earn $3 million, a monthly hold rate of 9.09%. With $1.5 million from $22 million, or 6% of the total, ESPN Bet was the only other online provider to record revenue above $1 million.
February was the only month in which neither Caesars nor Bally Bet broke the $1 million barrier.
When looking at the retail market, MGM Springfield came out on top with $112,272 out of $1.3 million, which left an 8.56 percent hold. With a hold percentage of 2.82%, Plainridge Park Casino reported $93,119 from $3.3 million. Still, February was a revenue-free month for Encore Boston.
Declining earnings from land-based casinos
The commission also includes information regarding land-based casinos in Massachusetts in its monthly report. Compared to January, February's reported sales of $93.4 million was down 4.6% and 7.16 percent year-on-year.
Slot machines contributed $63 million, while table games contributed $30.4 million.
With $59.3 million in total gaming revenue, Encore Boston Harbour is still the market leader. After Plainridge Park Casino (which brought in $13.2 million), MGM Springfield came in second with $20.9 million.
In February, the state of Massachusetts collected $39.6 million in gaming taxes. Sports betting contributed $13.1 million, while land-based casino gaming contributed $26.5 million.
