DraftKings set new monthly records for sports betting handle and revenue in Massachusetts during October, while the Bay State’s overall market also grew month-on-month.
Players in Massachusetts spent a total of $571.8m (£461.5m/€527.6m) betting on sports in October, up 11.6% from $512.2m in September. It is also the second-highest monthly total since the state launched legal betting in March, just short of the $579.3m bet in April.
Online sports betting spend in October reached $555.7m, with retail wagers at $16.0m.
Massachusetts just misses out on revenue record
Turning to taxable sports betting revenue, this also increased month-on-month following the rise in handle.
Total market revenue amounted to $59.2m, up 18.9% from $49.8m in September. This was also just 3.0% shy of the $61.0m record set in May.
Online betting generated $58.2m in total revenue, with retail’s contribution in October at $979,329.
DraftKings revenue exceeds $300m in October
Breaking down the market by operator, DraftKings remains the clear leader in the online segment. DraftKings’ revenue was $33.5m from $304.8m in wagers, both of which are monthly records in Massachusetts for a single operator.
Flutter Entertainment-owned FanDuel remained second with revenue of $15.5m and a $155.6m handle. BetMGM followed in third with $4.3m from $35.0m in total wagers.
Looking to the retail market, Encore Boston Harbor led the way with revenue of $461,247 from an $8.3m handle. Incidentally, Encore Boston Harbor in September ranked third out of the three casinos that offer land-based betting.
Plainridge Park Casino again placed second with $354,607 in revenue from $5.8m in bets. MGM Springfield, which led the market in September, slipped to third in October with revenue of $163,475 off a $1.9m handle.
Massachusetts sees improvements in casino gaming
Away from sports betting and there was also growth in the Massachusetts land-based casino sector in October. Table and slots gross gaming revenue amounted to $96.7m, up 7.0% from $90.4m in September.
Retail slots revenue amounted to $64.2m, with table games revenue at $32.5m.
Looking at the Massachusetts gambling market as a whole, revenue in October hit $155.8m, an increase of 11.15 from September.
The state collected $11.8m in sports wagering tax, with $11.6m coming from online betting and $146,899 retail. A further $27.2m in tax came from land-based casino activity during the month.