Massachusetts sports bettors set a remarkable record by placing $748.1 million in wagers in October, establishing the highest monthly betting total since the legalization of sports betting in the state.
Data from the Massachusetts Gaming Commission reveals that this amount exceeded the previous record of $678.7 million in September by 10.2% and represented a significant 30.8% increase compared to October 2022.
The majority of this activity originated from online sportsbooks, which accounted for $735 million, while retail sportsbooks accounted for $13.1 million.
Despite the uptick in betting volume, taxable sports betting revenue declined year-on-year. Operators reported $48.3 million in taxable revenue for October, which is a 20.3% decrease from the $60.6 million recorded during the same month last year and down 35.9% from the record $75.4 million in September.
Nearly all taxable revenue came from online platforms, with retail locations contributing a mere $5,286. The overall hold rate statewide for the month was 6.46%. Massachusetts also collected $9.7 million in taxes from sports betting activities.
DraftKings maintained its dominant position in Massachusetts. The Boston-based company reported taxable revenue of $24.5 million from $383.4 million in wagers, holding a steady 6.39%.
FanDuel kept its second place, generating $15.1 million from a handle of $215.5 million (7.01% hold). BetMGM followed with $3.5 million in revenue on $49.7 million wagered.
Other operators included: Fanatics, which made $2.0 million in revenue from $35.2 million handled (5.68% hold); ESPN Bet, earning $1.5 million from $25.0 million wagered (6.00% hold); Caesars, generating $1.2 million from $21.2 million (5.66% hold); and Bally Bet, which reported $352,895 in revenue with $5.1 million wagered, reflecting a 6.93% hold.
In the retail segment, MGM Springfield was the only operator to report a profit, with $5,286 earned from $1.5 million in bets. Encore Boston Harbor, despite the highest retail handle of $6.9 million, reported losses.
The Gaming Commission also shared the results from October’s casino performance. The statewide gross gaming revenue (GGR) hit $94.2 million, reflecting a 2.6% decline year-on-year but showing a 2.3% improvement over the results from September. Slots accounted for $66.3 million, while table games contributed $27.9 million.
Encore Boston Harbor led the revenue race with $57.9 million in GGR, followed by MGM Springfield with $22.1 million and Plainridge Park Casino at $14.3 million.
Overall, casinos the state paid $27.0 million in taxes for the month, culminating in a total gaming tax collection of $36.6 million for October.