March Betting Revenue Slips in Massachusetts Despite Player Spending Surge

Massachusetts betting revenue hit a six-month low in March despite sizable gains in handle.

Data released last week by the Massachusetts Gaming Commission showed taxable betting revenue reached $52.1 million, a 12.8% year-over-year increase. However, this was also 20.6% behind February and marked the lowest revenue return for any month since October 2024’s figure of $48.3 million.

Online betting accounted for a significant portion of that total at $51.9 million, while the remaining $265,536 came from the state’s three retail betting locations.

Impact of March Madness Favorites on Massachusetts Revenue

Despite that dip, player spending was up significantly. The $772.5 million handle bested March 2024 by 20.3% and outperformed last month by 23%.

It was also the third-highest monthly total since legal betting launched in the Bay State in January 2023. The state record for player spending is $788.3 million, set in December 2024.

This comes after the favorites dominated March Madness, one of the most bet-on sporting events annually. In the men’s tournament, for instance, all four No. 1 seeds advanced to the Final Four for the first time since 2008 and only the second time ever.

DraftKings collected $28.4 million from a $375.1 million handle (7.57% hold) last month. This topped all online operators in Massachusetts and represented a significant increase over March 2024, when DraftKings generated $22.6 million from $323.1 million in wagers.

With $13.8 million in revenue from a $208.3 million handle, FanDuel was DraftKings’ closest competitor, resulting in a 6.62% hold. 

Next was BetMGM, which took in $4.1 million of revenue from $72.1 million in wagers for a 5.69% hold.

Rounding out the list were Fanatics ($2.1 million revenue, $48.3 million handle), Caesars ($1.7 million, $26.2 million), ESPN Bet ($1.5 million, $26.5 million), and Bally Bet ($179,586, $5.1 million).

As for retail betting, Encore Boston Harbor led the way with $197,219 in revenue from $5.6 million in bets, equaling a 3.49% hold. Plainridge Park generated $68,316 off a $3.3 million handle for a 2.05% hold. MGM Springfield, meanwhile, did not report any revenue figures from its $1.6 million handle.

Regulatory Scrutiny Intensifies Around Prediction Markets

Massachusetts is one of several states probing prediction market Robinhood, which partnered with Kalshi earlier this year to offer sports-event contracts.

On March 20, Massachusetts Secretary of State Bill Galvin issued a subpoena over the company’s decision to launch a prediction-style hub, similar to sports betting, for the NCAA men’s and women’s basketball tournaments.  

In an interview with Reuters, Galvin said he was concerned that Robinhood was “linking a gambling event on a popular sports event that’s especially popular to young people to a brokerage account.”

He added: “This is just another gimmick from a company that’s very good at gimmicks to lure investors away from sound investing.”

Prediction markets allow customers in all 50 states to buy and sell contracts on specific outcomes of real-world events such as the Super Bowl. This has ignited concerns from regulators, who liken sites such as Robinhood to sports betting.

Six states—Illinois, Maryland, Montana, Nevada, New Jersey, and Ohio—have filed cease-and-desist orders against them, and Kalshi recently scored legal victories over New Jersey and Nevada regulators. 

The post March Betting Revenue Slips in Massachusetts Despite Player Spending Surge appeared first on CasinoBeats.

 Massachusetts betting revenue hit a six-month low in March despite sizable gains in handle. Data released last week by the Massachusetts Gaming Commission showed taxable betting revenue reached $52.1 million, a 12.8% year-over-year increase. However, this was also 20.6% behind February and marked the lowest revenue return for any month since October 2024’s figure of
The post March Betting Revenue Slips in Massachusetts Despite Player Spending Surge appeared first on CasinoBeats.