MASSACHUSETTS RESIDENTS placed $568 million in legal sports bets in March, with 77 percent of the money wagered with DraftKings and FanDuel.
March was the first month where the state’s six online licensees and three brick-and-mortar casinos were all taking sports bets, so the numbers provide the first indication of sports betting’s popularity in Massachusetts.
The industry appears to be off to a fast start, although probably inflated somewhat by March Madness betting and bonus bets and promotional offers that saturated the market.
Among states that have legalized sports betting and already reported March numbers, Massachusetts ranked third behind New York ($1.79 billion) and New Jersey ($1.03 billion) and ahead of Indiana ($433 million). Several big-betting states, including Nevada, Illinois, and Ohio, have not reported their March numbers yet.
Lawmakers had predicted the state would bring in $50 million to $60 million annually from sports betting. The state’s tax take for March was $9.3 million, with the sports betting apps paying a 20 percent tax on their revenue and the casinos paying 15 percent.
Sports betting at the three Massachusetts casinos launched on January 31, but didn’t get underway at the online apps until March 10.
DraftKings took in nearly $258 million in bets, or roughly 45 percent of the total, followed by FanDuel at $181 million.
FanDuel, however, had $16 million in taxable gaming revenue, while DraftKings had only $15.6 million. The numbers indicate DraftKings paid out a lot more to its betters than FanDuel. DraftKings declined comment.
The other online sports betting websites reported fewer bets and less taxable gaming revenue. BetMGM was at $45 million in bets and $7.3 million in taxable revenue, followed by Barstool Sports ($29.5 million in bets, $2.9 million in taxable revenue), WynnBet ($18 million/$2 million), and Caesars Sportsbook ($16 million/$1.8 million).
Sports betting at the state’s casinos reported less betting revenue. Encore Boston Harbor reported $13.4 million in wagers and $668,198 in taxable revenue during March. Plainridge Park Casino reported $4.8 million in wagers and $614,482 in taxable revenue. MGM Springfield reported $4.9 million in wagers and $614,482 in taxable revenue.