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DraftKings continued to hold sway in its home state of Massachusetts, accounting for nearly half the $62.1 million in gross sports wagering revenue for May, according to figures released by the Massachusetts Gaming Commission. The online titan has made it a point to flex its muscles where it is headquartered, and that continued as DraftKings also accounted for almost half the $443.6 million online handle generated among the Bay State’s eight online operators. It posted a hold of 3.9% to keep $30.6 million in winnings.
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Sportsbooks kept nearly $62.1 million in gross revenue to fashion a 13.6% hold from a $455 million handle, continuing a banner May for the house nationwide. All 11 states that have published revenue reports have seen operators post win rates of 10.8% or higher for the month. Handle dropped 21.5% compared to April, but gross revenue ticked 2.9% higher as the hold climbed by more than 3.2 percentage points.
The state could tax almost $61 million in adjusted gross revenue, resulting in more than $12.1 million flowing into state coffers. Massachusetts operators have generated $33.2 million in taxes since the launch of online betting in March and nearly $33.6 million since the first bets were placed on Jan. 31.
Two mobile operators, Betr and Fanatics, made their Massachusetts debuts in May. Betr, known primarily as a micro-betting platform, launched on May 10 and had a handle of $593,000. Its 7.9% hold ranked sixth among the eight operators, as it kept just over $47,000 in gross revenue.
Fanatics, which has been rapidly expanding its online wagering operations nationwide and is now in four states, began beta testing in the Bay State on May 25. It accepted over $123,000 in bets, posting a healthy 34% win rate and generating nearly $42,000 in gross revenue.
While DraftKings has received the bulk of the action in the first three months, FanDuel has settled in as a strong No. 2. It narrowly cleared $20 million in gross revenue for May thanks to a robust 14.8% hold on a $135.3 million handle. BetMGM, however, took honors for the best win rate among mobile books with a minimum seven-figure handle at 15.7%, which helped it claim close to $5.5 million in revenue from almost $35 million worth of wagers.
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