Massachusetts Sportsbooks experienced a lacklustre month in gambling, as indicated by the latest report from the Massachusetts Gaming Commission (MGC). In June, the state’s three commercial casinos generated over $100 million in gross gaming revenue from slot machines and table games. However, the overall results could have been better, leading to a meagre tax revenue of roughly $28.2 million. Additionally, the combined gaming revenue from eight online and three retail sportsbooks amounted to $32.2 million, accompanied by $6.4 million in taxes. Join us as we delve into the details of this underwhelming performance and analyze the factors contributing to the decline in June revenue.
Massachusetts Sportsbooks & Casino Revenue Takes a Dip in June
In June, the Massachusetts sportsbooks and casino industry faced a decline in revenue, as highlighted by the latest figures from the Massachusetts Gaming Commission (MGC). Throughout the month, total taxable gaming revenue amounted to $132.8 million, reflecting a decrease from the $159.9 million generated in May.
Encore Boston maintained its position among the state’s casinos, with $65.5 million in revenue from slot machines and table games. MGM Springfield followed with $22.2 million in revenue, while Plainridge Park contributed $13 million to the overall figures.
Sports Betting Handle Takes a Dive
In a noticeable downturn, the sports betting handle in Massachusetts experienced a significant drop during the month. The industry-leading DraftKings Sportsbook managed to maintain its position at the top, accumulating a substantial sports betting handle of over $159 million, resulting in $15.1 million in revenue.
Throughout June, Massachusetts sports betting recorded a handle of over $332 million, representing a notable decline compared to the $455 million reported in May. The June report from the Massachusetts Gaming Commission (MGC) revealed the top five online operators based on revenue: DraftKings leading with $15 million, followed by FanDuel with $11 million, BetMGM with $4 million, Barstool with $1 million, and Caesars with $655,305.
June also marked the first complete month of operation for the Fanatics Sportsbook, reporting a handle of $1.9 million and revenue of $221,608. Additionally, Betr, a micro-betting platform, entered its second month of operation and generated a handle of $290,649. It’s worth noting that Betr launched on May 10, while Fanatics went live on May 25.
Anticipation for a Resurgence with Football Betting
The downward trend in sports betting since its launch in March comes as no surprise, as the summer months typically experience a slowdown in the industry due to the limited number of sports events available for wagering. However, there is anticipation for a resurgence starting in August as football betting takes center stage.
With college football set to commence in mid-August and the 2023 NFL season kicking off in early September, sports betting in Massachusetts and across the US is expected to experience a significant boost in activity and revenue.