Massachusetts gambling revenues plummet by 7.1% compared to the same period last year, in February's results.

Massachusetts Casino Gaming and Sports Betting in February 2024

Gambling Revenue Trends Charlotte Capewell, Contributing Writer

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The Beanpot of casino gaming and sports betting in Massachusetts churned out $93.4 million in revenue last month, dipping by 7.1% compared to the previous year's February earnings of $100.6 million, as reported by the Massachusetts Gaming Commission.

Leading the pack was Encore Boston Harbor with a haul of $59.3 million, down from its 2023 performance of $64.4 million. MGM Springfield piped down to $20.9 million from $22.9 million, while Plainridge Park Casino showed a slight increase from $13.1 million to $13.2 million.

The Massachusetts Gaming Commission declared that sportsbook wagers skyrocketed to $628.2 million, surging by a whopping 16.6% from the previous year's $538.7 million. Taxable revenue also saw an impressive 24.3% increase, climbing from $52.7 million to $65.6 million.

Online sportsbooks particularly had a profound effect on February's betting landscape. Six licensed online operators are present in the state: BetMGM, Caesars Sportsbook, DraftKings, ESPNBet, Fanatics, and FanDuel. Online wagers totaled a staggering $618.6 million for the month—soaring from $526.5 million year-over-year. Taxable revenue likewise increased from $52 million to $65.3 million year-over-year.

Insight:The Massachusetts sports betting market strikingly expanded in total betting handle for February 2024, chiefly driven by mobile sportsbooks, which accounted for a whopping 98.5% of the total handle ($618.6 million). Operators tallied robust $51.8 million in taxable revenue, marking a 9.8% hold rate. DraftKings continued to lead, followed by FanDuel and BetMGM.

Hold rates, however, can be unpredictable, influenced by event outcomes such as March Madness upsets or underdog wins. In fact, online revenue briefly dipped in March 2024 despite a 23% rise in handle, demonstrating the market's volatile nature. Nevertheless, February's gaming earnings likely translated to around $10 million to $13 million in state taxes.

In the Massachusetts casino-and-gambling industry, BetMGM is one of the six licensed operators for online sportsbooks, contributing to the soaring online wagers of $618.6 million in February 2024.
The sportsbook revenue in Massachusetts increased significantly, with taxable revenue climbing from $52.7 million to $65.6 million, demonstrating a 24.3% growth compared to the previous year.
The total gambling revenue in Massachusetts, including casino games and sports betting, dropped by 7.1% compared to the previous year, amounting to $93.4 million in February 2024.
Encore Boston Harbor, despite a decrease in revenue from $64.4 million in 2023 to $59.3 million in February 2024, remains the leading casino in the Massachusetts market.

Gambling earnings in Massachusetts plummeted to $93.4 million last month, a 7.1% decrease from February 2024's record-breaking $100.6 million, as stated by the Massachusetts Gaming Committee. Encore Boston Harbor bore the brunt of this decline, reporting earnings of $59.3 million, a significant drop from the $64.4 million it pulled in during the same period last year. MGM Springfield also experienced a dip, with earnings amounting to $34.1 million compared to the prior year's $36.2 million.

Massachusetts gambling revenues plummet by 7.1% compared to the same period last year, in February's results.