USA Top 10 best casinos in Virginia

USA Top 10 crypto casinos in Virginia

  • Casino News

Massachusetts sports betting boom despite setbacks in June

Massachusetts' sports betting market saw significant growth in June with a 57.5% increase in total handle year-on-year, driven by strong online performance. Despite losses in the retail sector, new entrants like Bally Bet and leading operators such as DraftKings and FanDuel highlight a dynamic betting landscape.
facebook twitter twitter
Massachusetts Flag

Branimir Ivanov | Senior News Contributor

Updated: Jul 19, 2024

Mass Sports Betting is back

In June, Massachusetts witnessed a notable rise in sports betting activity, with significant gains in both the betting handle and taxable gaming revenue. This positive trend emerged despite a downturn in the retail betting sector.

 

Significant Growth in Sports Betting

Massachusetts' sports betting handle soared to $509.4 million in June, reflecting a 57.5% year-on-year increase from $323.5 million. However, this total marked a 13.3% decrease from May's $587.3 million and was the lowest since the $314.9 million recorded in August 2023.

Online betting was the primary driver, with $500.7 million spent, while retail betting lagged with only $8.6 million. Combined revenue from online and retail betting reached $40.5 million, up 25.8% from last June's $32.2 million but down 29.0% from May's $57.0 million. This month’s revenue was the lowest since August 2023, which saw $22.7 million.

Online sports betting brought in $41.0 million in revenue for June. However, this figure was slightly diminished by a $588,965 loss in the retail sector. The overall hold percentage across the market was 8.30%, with online betting at 8.44% and retail at a mere 0.01%.

Tax revenues from sports betting amounted to $8.2 million, mostly derived from the online sector.

DraftKings continued to lead the market, earning $19.3 million in revenue from $263.7 million in bets, resulting in a 7.58% hold. FanDuel followed with $16.5 million in revenue from a $141.4 million handle and an 11.9% hold. BetMGM placed third, generating $2.3 million from $34.0 million in bets, with a 7.09% hold. Fanatics reported $1.7 million in revenue from $20.2 million in bets, and ESPN Bet earned $1.2 million from $21.8 million in wagers. Caesars, however, faced a loss, reporting a $16,588 deficit from $19.6 million in bets, with a 0.15% hold.

 

“Massachusetts' sports betting handle soared to $509.4 million in June, reflecting a 57.5% year-on-year increase, driven primarily by robust online betting performance.”

 

Challenges

In the retail betting arena, Encore Boston Harbor was the sole operator to report positive revenue, earning $146,565 from a $4.7 million handle, achieving a 3.40% hold. Plainridge Park Casino experienced a $186,969 loss from $3.0 million in bets, with a negative 6.09% hold, and MGM Springfield saw a $548,561 loss from a $1.0 million handle, resulting in a negative 2.21% hold.

The Massachusetts online betting landscape expanded with the addition of Bally Bet earlier this month. Holding a temporary license for the past 18 months, Bally Bet became the seventh operator in the state following the exit of Betr and WynnBet. Bally Bet's performance will be featured in the next set of monthly results.

While sports betting thrived, the Massachusetts casino market faced a decline. Gross gaming revenue from slots and table games dropped 4.5% year-on-year to $96.1 million, down from May's $98.0 million. Slots accounted for $66.2 million, and table games contributed $29.9 million. Casino gaming taxes for June amounted to $27.3 million.

Encore Boston Harbor led with $60.4 million in total revenue, followed by MGM Springfield with $31.9 million, and Plainridge Park Casino with $13.8 million. Overall, Massachusetts’ total gaming revenue in June was $136.5 million, generating $35.6 million in taxes for the state.

 

Conclusion

Massachusetts' sports betting sector is experiencing substantial growth, driven primarily by online betting. The introduction of Bally Bet could further invigorate the market, even as the retail sector and casino market face challenges that need addressing to sustain overall gaming revenue growth.

The Hottest Usa casinos of 2024

USA Icon
US Players Accepted
Avantgarde Casino logo

Avantgarde Casino Review

USARated 100.00/100%

welcome bonus

400% Weekly Promotion

35x wagering (Deposit & Bonus)

Play
Number of games
20+
Payment methods
14
Game providers
5
Min deposit
25
US Players
Accepted
American Eagle
All-American Casino
SlotsandCasino Casino logo

SlotsandCasino Casino Review

USARated 99.98/100%

welcome bonus

300%/$1,500 + 100 Free Spins

30x wagering (Deposit & Bonus)

Play
Number of games
11+
Payment methods
6
Game providers
10
Min deposit
25
US Players
Accepted
burger
American Favorite
Cafe Casino logo

Cafe Casino Review

USARated 98.12/100%

welcome bonus

250%/$1,500

40x wagering (Deposit Only)

Play
Number of games
150+
Payment methods
8
Game providers
3
Min deposit
20
US Players
Accepted
Popularity Icon
Trending in the USA
DuckyLuck Casino logo

DuckyLuck Casino Review

USARated 99.97/100%

welcome bonus

500%/$2,500+ 150 Free Spins

30x wagering (Deposit & Bonus)

Play
Number of games
11+
Payment methods
6
Game providers
10
Min deposit
25
US Players
Accepted
trending topic
Hot in USA
Bovada Casino logo

Bovada Casino Review

USARated 99.12/100%

welcome bonus

100%/$1,000

25x wagering (Deposit Only)

Play
Number of games
10+
Payment methods
4
Game providers
3
Min deposit
20
US Players
Accepted
growth
Growing in USA
Ignition Casino logo

Ignition Casino Review

USARated 98.11/100%

welcome bonus

300%/$3,000

25x wagering (Deposit Only)

Play
Number of games
10+
Payment methods
5
Game providers
4
Min deposit
20
US Players
Accepted
USA Icon
US Players Accepted
Slots LV Casino logo

Slots LV Casino Review

USARated 98.13/100%

welcome bonus

200%/$3,000 + 30 Free Spins

35x wagering (Deposit & Bonus)

Play
Number of games
150+
Payment methods
4
Game providers
73
Min deposit
20
US Players
Accepted
gold medal
#1 Crypto 2024
BC.Game Casino logo

BC.Game Casino Review

USARated 99.46/100%

welcome bonus

360%/$220,000

60x wagering (Deposit & Bonus)

Play
Number of games
610+
Payment methods
5
Game providers
64
Min deposit
0.01
US Players
Accepted
Bitcoin Logo
Top Crypto Casino
7Bit Casino logo

7Bit Casino Review

USARated 99.39/100%

welcome bonus

325%/5 BTC + 250 Free Spins

40x wagering (Deposit Only)

Play
Number of games
75+
Payment methods
17
Game providers
20
Min deposit
10
US Players
Accepted
USA Icon
U.S. Choice Champion
JazzSports Casino logo

JazzSports Casino Review

USARated 97.96/100%

welcome bonus

200%/$2,000

40x wagering (Deposit & Bonus)

Play
Number of games
83+
Payment methods
7
Game providers
36
Min deposit
10
US Players
Accepted
10/ 10 (100%)

Related News

The Dog House – Muttley Crew

Canines Take to the Seas In The Dog House Muttley Crew

Mighty Symbols: Jokers

Mighty Symbols: Jokers Brings New Bonus Features

Lady of Fortune Remastered

Lady of Fortune Remastered Comes With Enhanced Features

hide-html