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After a strong start to online sports betting in January, Massachusetts sportsbooks (and casinos) saw revenue drop in February.
The state’s three casinos, three retail sportsbooks, and nine online sportsbooks generated $153.1 million in taxable revenue this past month. February’s revenue dipped around $11.5 million from January, a decline largely due to fewer betting days and a considerable decline in sports betting revenue.
February’s per-day revenue total was just $33,000 lower than January’s daily totals.
Massachusetts casino revenue was up 7.5% month-on-month
Despite having fewer business days in February, Massachusetts’ three casinos (two traditional casinos and one racino) generated around $7 million more in revenue than in January 2024, good enough for a 7.5% increase:
| Encore Boston Harbor | MGM Springfield | Plainridge Park | Total | Month-on-Month Change | |
|---|---|---|---|---|---|
| February 2024 | $64,405,266.61 | $22,977,235.45 | $13,186,169.52 | $100,568,671.58 | 7.51% |
| January 2024 | $60,949,231.05 | $20,707,304.91 | $11,884,081.94 | $93,540,617.90 | -9.22% |
| December 2023 | $65,826,442.79 | $23,610,279.58 | $13,598,675.31 | $103,035,397.68 | 9.58% |
| November 2023 | $61,431,284.04 | $20,998,830.74 | $11,600,410.06 | $94,030,524.84 | -2.73% |
| October 2023 | $62,366,934.78 | $21,534,948.52 | $12,768,619.84 | $96,670,503.14 | 6.95% |
| September 2023 | $59,820,850.47 | $17,443,073.79 | $13,125,723.80 | $90,389,648.06 | -7.70% |
| August 2023 | $61,320,321.54 | $23,525,299.32 | $13,079,840.00 | $97,925,460.86 | -0.73% |
| July 2023 | $61,276,166.88 | $23,514,534.87 | $13,851,914.27 | $98,642,616.02 | -1.94% |
| June 2023 | $65,495,804.62 | $22,211,802.81 | $12,890,231.78 | $100,597,839.21 | 1.92% |
| May 2023 | $62,541,793.67 | $23,346,544.27 | $12,812,924.90 | $98,701,262.84 | -2.43% |
| April 2023 | $63,984,183.14 | $23,735,696.18 | $13,444,345.44 | $101,164,224.76 | -3.24% |
| March 2023 | $66,211,969.89 | $24,079,637.77 | $14,256,239.09 | $104,547,846.75 | 6.68% |
| February 2023 | $62,705,178.76 | $23,257,490.95 | $12,040,729.95 | $98,003,399.66 | 1.16% |
| January 2023 | $61,856,924.44 | $22,853,749.75 | $12,166,668.78 | $96,877,342.97 | N/A |
Not only was monthly revenue up for Massachusetts casinos, but yearly numbers increased, too. Revenue grew around $2.5 million compared to February 2023
Additionally, February’s revenue total was the fifth-highest over the past 13 months.
February sports betting tumbles 26% in Massachusetts
While casinos in Massachusetts had a great month, sportsbooks did not. Revenue dropped nearly $20 million month-on-month, or 26.1%.
However, the decline isn’t as alarming as it seems. US sportsbook markets tend to struggle in February because the NFL season, which causes significant betting action, only plays one game: the Super Bowl.
| Retail Revenue | Online Revenue | Total Revenue | Month-on-Month Change | |
|---|---|---|---|---|
| February 2024 | $723,224.79 | $51,826,928.19 | $52,550,152.98 | -26.12% |
| January 2024 | $1,207,713.44 | $69,923,081.42 | $71,130,794.86 | 17.47% |
| December 2023 | $1,293,409.91 | $59,256,745.32 | $60,550,155.23 | 24.65% |
| November 2023 | $370,189.49 | $48,576,131.14 | $48,576,131.14 | -16.50% |
| October 2023 | $979,328.98 | $58,198,360.51 | $58,177,689.49 | 21.58% |
| September 2023 | $783,017.39 | $49,026,912.17 | $49,809,929.56 | 119.34% |
| August 2023 | $157,782.30 | $22,551,157.96 | $22,708,940.26 | -22.78% |
| July 2023 | $576,138.69 | $28,832,914.14 | $29,409,052.83 | -8.68% |
| June 2023 | $153,922.55 | $32,050,672.53 | $32,204,595.08 | -47.18% |
| May 2023 | $1,559,828.35 | $59,410,840.40 | $60,970,668.75 | 3.49% |
| April 2023 | $364,481.54 | $58,548,295.26 | $58,912,776.80 | 25.10% |
| March 2023 | $1,455,304.43 | $45,637,352.16 | $47,092,656.59 | 3,204.05% |
| February 2023 | $1,425,300.97 | Wasn't legal | $1,425,300.97 | N/A |
DraftKings and FanDuel lead the way once more
According to February gaming data from the Massachusetts Gaming Commission, DraftKings and FanDuel accounted for roughly 80% of all handle (total amount bet) and 86% of revenue among online sportsbooks. Here’s how the top 5 casinos by revenue performed last month:
- DraftKings: $30.8 million
- FanDuel: $14 million
- BetMGM: $3.3 million
- ESPN Bet: $2.2 million
- Fanatics: $1.1 million
Month-on-month, DraftKings‘ revenue was down around $5.3 million, while FanDuel‘s plummeted more than $11 million.
