Massachusetts Sportsbooks Maintain 9 Month Handle Streak

Massachusetts, a state known for its successful sports franchises, continues to see robust growth in its sports betting market. Since its launch in January 2023, the industry has flourished, mirroring the state’s championship-winning teams like the Boston Celtics, who recently clinched their record 18th NBA title. Massachusetts sportsbooks are a constant feature in gambling news due to their successful sports betting market. In fact, Massachusetts sportsbooks have now extended a record- they now have 9 straight months of a sports betting handle hitting above $500 million.

According to the Massachusetts Gaming Commission’s latest report, May 2024 saw a total sports betting handle of $587.3 million across all retail and online platforms. This figure represents a significant 32.4% increase from May 2023’s $454.97 million, indicating strong year-over-year growth. However, it’s worth noting that their was a slight 2.7% decrease from April 2024’s $603.3 million handle. Very small in the scheme of things.

Massachusetts Sportsbooks in May

If you look at your bookie PPH software, you will notice that sometimes, your month-on-month data will decrease. This trend is largely dependent on the sports calendar. During May, there are less events in the US, thus its common to see the handle dip. Even so, the state’s decrease is a very low 2.2% only.

Meanwhile, revenue for Massachusetts sports betting operators reached an impressive $59 million in May, achieved through a 10.05% hold rate. While this marks a 4.9% decline compared to May 2023’s $62.1 million, it shows a healthy 16.6% increase from April 2024’s $50.6 million.

Keep in mind that Massachusetts has a lot of high-caliber sports teams, you have the Boston Celtics, then the Bruins, who dominate the NHL. Then of course, the Red Sox and the Patriots are also very popular teams. And with such a passionate fan base, its not unsurprising at all to see that much action on sports- even if they will be betting on other teams.

Noteworthy Numbers for the Month

The state’s 15% tax rate on sports betting revenue generated $11.5 million in tax contributions for May, bringing the year-to-date total to $55.3 million. Notably, the first five months of 2024 have yielded nearly $22 million more in tax revenue compared to the same period in 2023, highlighting the market’s rapid expansion. This is great news for those of you who want to be a bookie. With the help of the Price Per Player Software, you can easily earn well from sports betting too.

And the potential to earn is quite high. Online sports betting continues to dominate the Massachusetts market, accounting for approximately 98% of all wagers placed in May. While the state’s three retail sportsbooks collected a combined handle of $10.2 million, online platforms saw a staggering $577.1 million in bets. The preference for online platforms continues, so being an online bookie is definitely the right path to take if you want to own a sportsbook.

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