If DraftKings keeps its lead, Massachusetts may outperform last year.
The total amount wagered in May was $587.3m (£462.7m/€547.6m), up 32.4% from the previous year. However, it was 2.7% less than the $603.3m wagered in Massachusetts in April of this year.
A whopping 98% of all wagers were placed online, spanning the six sites operating in the state.
For the month of May, this translated into $57.0 million in taxable betting income. Lower than previous year's total of $59.4m, the monthly total is down 4.0%. This is up 16.1% from $49.1m reported in April of this year, though.
In May, $56.9 million of the total tax revenue came from online betting. On the other hand, the retail betting sector contributed a meagre $105,629 just.
May saw a 10% increase in overall revenue hold for all operators.
May 2024 has nine weekend days compared to eight in 2023, making it a more favourable calendar for betting and gaming, according to a note from a Deutsche Bank analyst on the month's numbers.
In Massachusetts, DraftKings maintains its lead.
In May, DraftKings continued to lead all state online sportsbooks with $28.3 million in revenue, generated from $299.5 million in wagers.
Again coming in second place, FanDuel—owned by Flutter Entertainment—raked in $19.9 million off a $172.4 million handle. Following with $3.0m out of $39.3m in bets, BetMGM came in second.
With a $25.9 million handle, ESPN Bet made $2.5 million. Spectators wagered $19.8 million, and the show earned $1.7 million. After spending $20.1 million, Caesars completed the internet market with $1.5 million.
Encore Boston Harbour topped the retail section with $540,882 in revenue from $5.5 million in bets. Apart from that, Plainridge Park Casino made $133,573 from a $3.6 million handle.
But out of a total of $1.1 million wagered in May, MGM Springfield lost $568,834.
May saw casino revenue surpass $98.0 million.
May saw land-based casinos bring in $98.0 million. This is up slightly from $97.5m in April of this year, but 2.6% lower than last year's total of $100.6m.
The majority of the casino's income ($68.7m) came from slot machines, while table games brought in $29.3m.
Encore Boston Harbour brought in $61.2 million, making it the top earner. Plainridge Park Casino came in at $14.4 million, followed by MGM Springfield at $22.4 million.
MA gambling taxes to remain unchanged
In May, sports betting brought in $11.5 million for the state, while land-based casino gaming brought in $28.0 million.
A plan to raise the tax rate from 20% to 51% was shot down by Massachusetts lawmakers on May 23.
Senator John Keenan was the Bay State lawmaker who proposed the idea, and it was going to be a part of the state budget. While arguing, Keenan put a lot of weight on the issue of compulsive gambling and the suggestion that operators should foot the bill for addiction treatment.
Still, the Bay State is home to the nation's best-funded problem gambling program and some of the nation's strictest laws regarding responsible gaming.
