In July, Massachusetts sportsbooks were able to combine for a 10.3% hold

On Thursday, the Massachusetts Gaming Commission reported that sportsbooks in July combined for a 10.3% hold. Their betting handle soared nearly 40% to $411.8 million. Massachusetts has three retail and seven mobile operators who collectively claimed $42.2 million in sports betting revenue. Their win rate in July was almost two full percentage points higher than in June. That meant their gross revenue was practically flat month over month. Additionally, Massachusetts was able to tax $41.2 million in adjusted gross revenue. That put $8.2 million into the hands of the Massachusetts government. Their $71.7 million wagered in the first seven months of 2024 is $25.9 million more than the first seven months of 2023.

What sportsbooks in Massachusetts were the most profitable in July?

Fanatics Sportsbook, DraftKings, FanDuel, and BetMGM all had win rates ranging from 10.3% to 11% in July. For the 11th straight month, DraftKings had a streak of $200 million in monthly handles. They collected $20.8 million in gross winnings from a 10.3% hold. This was the first time since January that DraftKings had s double-digit hold. At that time, they accepted $405.2 million worth of mobile bets for a 49.9% share. FanDuel narrowly ended their three-month streak of having an 11% hold. They reported $13.2 million in revenue from $119.9 million in handle. DraftKings is the #1 sportsbook in Massachusetts but FanDuel is the undisputed #2. FanDuel had a hot $2.5 billion in an all-time handle and $275 million in overall revenue.

For BetMGM, their 10.3% hold in July was more than three percentage points higher than the number in June. That led to $2.8 million in revenue for BetMGM. This was their first month with a double-digit hold since January, much like DraftKings. In eight of the first nine months, BetMGM was available in Massachusetts, they had a double-digit hold. However, July’s double-digit hold was only the second time they had done that in the last nine months. BetMGM has seen its hold percentage drop over the last year. Fanatics Sportsbook was able to have their first double-digit hold since last August. They had an outstanding 10.9% win rate while accepting $21 million worth of bets. Their $2.3 million in revenue was an all-time monthly high. Fanatics’ previous best month was $1.8 million in May.