Mass. sports betting industry totaled $568 million in March
After only a few weeks of online sports wagering, it’s clear that Mass. bettors were quick to embrace the newly created system.
According to the Mass. Gaming Commission’s monthly revenue report, the figure for total in-state sports bets made in March topped out at $568,091,233.
Of that, $548,102,467 came from online betting (which was launched on March 10). In-person (retail) betting began earlier this year on Jan. 31.
The report sheds light on not only the scope of sports betting, but where customers are going.
As was expected, online betting topped the in-person equivalent by a wide margin, accounting for more than 96% of the state’s total. In-person betting, conducted at the state’s three casinos, totaled $19,988,765.
Locally based DraftKings scored by far the largest portion of the online Mass. sports betting market, accounting for 47% ($257,634,289) of mobile bets. FanDuel was second, securing a 33% share ($181,085,196). Of the other four online sportsbooks licensed to operate in Massachusetts, BetMGM ($46.9 million) came out in front (8.3%).
The report also showed the first figures on how much money the state will see from tax revenue. According to the report, Massachusetts collected $9,339,417 in taxes.
Mobile sports betting carries a 20% tax rate for operators compared with 15% rate for in-person betting.
Looking beyond March, the follow-up reports will provide insight into how sustainable the initial figures might be. The newly created industry was rolled out amid a widespread and polarizing
Combined with the men’s and women’s NCAA basketball tournaments (annually one of the most popular sporting events to bet on), March could prove to be an outlier in terms of scale. As the sports betting market continues and the initial wave of advertising and promotions taper off, the April report (set to be published on May 15) could show interesting results.
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