Massachusetts Sports Betting Revenue Slips in March

In a month marked by near-record levels of consumer activity, Massachusetts reported a six-month low in sports betting revenue for March, highlighting a complex interplay between handle, operator performance, and market dynamics.

According to data released by the Massachusetts Gaming Commission, taxable sports betting revenue reached $52.1 million in March—up 12.8% compared to the same period in 2024 but down 20.6% from the $65.6 million generated in February. This figure represents the lowest monthly revenue total since October 2024, when earnings were $48.3 million.

High Handle, Lower Hold

Despite the revenue decline, player spending told a different story. The state recorded a total betting handle of $772.5 million, marking a 20.3% increase from March 2024 and a 23% rise from February this year. This level of activity was the third-highest since legal sports betting launched in Massachusetts in January 2023, trailing only behind December 2024’s all-time high of $788.3 million.

Online betting continued to dominate the market, accounting for $761.8 million of the handle and $51.9 million of the revenue. Retail sportsbooks contributed a modest $265,536 in revenue from $10.6 million in bets. The overall hold rate for the month stood at 6.74%, a key metric in understanding the revenue decline. A lower hold, despite a higher volume of wagers, typically indicates a greater payout ratio to bettors.
DraftKings Maintains Market Dominance

Among operators, DraftKings once again asserted its leadership in the Massachusetts market. The Boston-based company posted $28.4 million in online revenue from a $375.2 million handle, yielding a 7.57% hold—the highest among major operators. FanDuel followed with $13.8 million in revenue and a $208.4 million handle, translating to a 6.62% hold. Other notable performances included BetMGM ($4.1 million in revenue, 5.69% hold), Fanatics ($2.1 million, 4.35% hold), and Caesars ($1.7 million, 6.49% hold).

ESPN Bet and Bally Bet rounded out the online market, with holds of 5.66% and 3.49%, respectively. Notably, Bally Bet’s low hold mirrored that of retail leader Encore Boston Harbor, which also reported a 3.49% hold on $5.6 million in wagers.

Plainridge Park Casino and MGM Springfield contributed less to the retail scene. Plainridge generated $68,317 from a $3.3 million handle (2.05% hold), while MGM Springfield recorded no taxable revenue despite taking $1.6 million in bets.

Casino Revenue Declines Amid Sports Betting Expansion

The monthly report also shed light on the performance of land-based casino gaming. Combined revenue from the state’s three casinos—Encore Boston Harbor, MGM Springfield, and Plainridge Park Casino—amounted to $105.1 million in March, down 5.4% year-on-year.

Slots remained the primary revenue driver at $76.6 million, while table games contributed $28.5 million. Encore Boston Harbor continued to lead the sector with $53 million in revenue, followed by MGM Springfield with $25.5 million and Plainridge Park Casino with $16.5 million.
State Tax Collections Remain Strong

Despite fluctuations in revenue, gambling taxes remained a solid source of income for the Commonwealth. Massachusetts collected a total of $40.7 million in gambling-related taxes for March, including $10.1 million from sports betting and $30.2 million from casino gaming.

 

Massachusetts bettors spent more than ever in March, yet revenue fell—underscoring how operator performance and hold rates, not just player activity, shape the bottom line.

Outlook

The disparity between rising betting activity and declining revenue underscores the volatility inherent in a maturing sports betting market. While consumer engagement remains strong, operator margins can fluctuate significantly based on bettor success and promotional spend.

With Massachusetts now over a year into its legal betting era, these figures suggest that while growth in handle remains robust, maintaining consistent revenue performance may prove challenging amid increased competition and market saturation.