- Bookie Pay Per Head Solution
- Toll Free 1-866-500-4847
Massachusetts Sports Betting Handle Set New Record in October
Last updated on November 22nd, 2024 at 09:03 am
According to the best bookie pay per head software, the Massachusetts sports betting handle reached $748.1 million in October. This is a new record for the state and surpassed the previous record of $678.7 million achieved in September.
October’s sports betting handle increased by 30.8 percent year-on-year. According to the Massachusetts Gaming Commission, last year’s handle for the month was $571.8 million. Also, players placed bets amounting to $735 million using online platforms and $13.1 million at retail sports betting facilities.
Operators earned a total of $48.3 million in taxable revenue during October. This is 35.9% lower than September’s record-breaking $75.4 million haul and 20.3% lower than $60.6 million last year. Most of October’s earnings came from online betting, while retail only contributed $5,286. The statewide hold rate for the month was 6.46 percent. Almost all of the $9.7 million that Massachusetts received from sports betting came from internet wagers.
Massachusetts Sports Betting Handle in October
Regarding operators, DraftKings is still far and away the best in its home state’s online betting sector. With $383.4 million in bets in October, it collected $24.5 million in taxable income, yielding a hold of 6.39%. With $15.1 million out of $215.5 million, or 7.01% of the market, Flutter’s FanDuel came in a distant second. BetMGM held a 7.04% stake after taking $3.5 million from $49.7 million.
Fanatics, in another part of the market, made $2.0 million off $35.2 million, or 5.68 percent. ESPN Bet came in second with $1.5 million, down from $25.0 million—a hold of 6.00%. Caesars’ monthly income was $1.2 million, representing a hold percentage of 5.66% on a handle of $21.2 million. Bally Bet completed the online market with $352,895 from $5.1 million, or a 6.93% hold.
According to pay per head bookie solution experts, only MGM Springfield could post a profit in the retail sector. With a hold of only 0.34%, this increased from $1.5 million to $5,286 for the month. Encore Boston Harbor had the highest retail bets at $6.9 million, but unfortunately, they could not generate any money.
Casino Revenue Down in October
Additionally, the state regulator made public data on the land-based casino industry. Gross gaming income there was $94.2 million in October, down 2.6% year over year but 2.3% higher than in September. Slot machines brought in more than $66.3 million in gross revenue for the month, while table games brought in $27.9 million.
With $57.9 million from slot machines and table games, Encore Boston Harbor was the clear winner. After Plainridge Park Casino ($14.3 million), MGM Springfield ($22.1 million) was in second place. With $27.0 million in casino gaming tax in October, the total monthly tax income came to $36.6 million.
October also saw the official appointment of Jordan Maynard to the post of permanent head of the Massachusetts Gaming Commission. He had previously served in an interim capacity. Since Cathy Judd-Stein retired from public service in March, he has been the temporary chair. Governor Maura Healy appointed a fifth commissioner, Paul Brodeur, to the MGC.
In 2023, Maynard was a member of the MGC that established regulations and began offering online and in-person sports betting. He was initially named to the MGC in August 2022, the same month the state’s legislative body decriminalized gambling. The commission is responsible for companies that want to learn how to be a bookie in the state.
Maynard continues to prioritize consumer safeguards, much like his predecessor. Specifically, he spearheads a new Youth Sports Betting Safety Initiative in collaboration with other state agencies, including the attorney general’s office and the Massachusetts Council on Gaming and Health. Those involved in the initiative are now developing a curriculum to inform those under the age of 21 about the risks associated with gambling.
