Massachusetts Casino Revenue Up in February, Overall Gambling Revenue Down

Article by : Erik Gibbs Mar 19, 2024

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Following a robust beginning to online sports betting in January, Massachusetts witnessed a slight downturn in revenue across its sportsbooks and casinos during February.

Throughout the month, the state’s trio of casinos, three retail sportsbooks and nine online sportsbooks collectively raked in $153.1 million in taxable revenue. This figure marked a decrease of approximately $11.5 million compared to January’s earnings, primarily attributed to a reduction in both betting days and sports betting revenue.

Despite the decline, February’s daily revenue averaged just $33,000 less than January’s figures, showcasing a relatively minor disparity. Remarkably, Massachusetts’ casino revenue experienced a noteworthy uptick of 7.5% month-on-month.

Despite having fewer business days in February, the state’s three casinos, comprising two traditional casinos and one racino, generated approximately $7 million more in revenue than in January 2024.

Massachusetts casinos notched up their monthly revenue, with yearly figures also on the rise, boasting an approximate $2.5 million increase compared to February 2023. Furthermore, February’s revenue tally ranked as the fifth-highest recorded over the past 13 months.

Conversely, the sports betting sector faced a setback in Massachusetts, witnessing a notable 26% decline in revenue compared to the previous month, equating to nearly $20 million.

Yet, this downturn shouldn’t ring alarm bells. It’s a trend observed across US sportsbook markets, typically experiencing a slump in February due to the conclusion of the NFL season, with only the Super Bowl garnering significant betting action.

In February, DraftKings and FanDuel’s dominance in the online sportsbook arena became glaringly apparent, with the two giants accounting for nearly 80% of the total bets placed and a staggering 86% of the revenue, according to data from the Massachusetts Gaming Commission.

The top performers in terms of casino revenue for the month were as follows: DraftKings raked in $30.8 million, while FanDuel trailed with $14 million, followed by BetMGM with $3.3 million, ESPN Bet with $2.2 million and Fanatics with $1.1 million.

However, a comparison of month-on-month revenue figures reveals a notable decline for both DraftKings and FanDuel, with DraftKings experiencing a $5.3 million drop and FanDuel witnessing a significant $11 million decrease in revenue.