The Bay State witnessed a dip in sports betting earnings in August, despite a surge in wagering activity.
The commonwealth recorded $314.9 million in sports wagers in August, reflecting a 6.8% climb from July, but profits took a hit.
This figure surpasses the $294.9 million recorded in July, which marked the lowest total for Massachusetts since legal betting commenced in April.
Approximately $307.2 million was placed online, representing a 6.6% increase from July. Physical betting also saw an uptick in August, rising by 13.2% to $7.7 million.
The rise in wagering couldn’t stem the decline in revenue.
However, while wagering activity climbed month-on-month, sports betting earnings did not. Total revenue in August reached $22.7 million, marking a 22.8% drop from the $29.4 million generated in July.
Of this sum, $22.6 million stemmed from online betting, reflecting a 21.5% decline from July. Revenue from physical betting amounted to a mere $157,782, plummeting by 72.6%.
DraftKings remains the dominant player in Massachusetts, securing $161.9 million in wagers and $10.8 million in revenue in August.
FanDuel once again claimed the second spot, capturing $79.4 million in wagers and $7.4 million in revenue, followed by BetMGM, which generated $2.4 million in revenue on $21.2 million in wagers.
Examining the land-based market, Plainridge Park Casino led the pack with $2.8 million in wagers and $150,773 in revenue, followed by MGM Springfield, which generated $64,934 in revenue on $912,651 in wagers.
Although Encore Boston Harbor’s retail sales reached a peak of $4 million, its sports wagering venture encountered a loss of $57,925.
In August, the casino’s earnings experienced a minor dip, with the combined revenue from table and slot games at land-based casinos dropping by 0.7% to $97.9 million.
Revenue generated by physical slot machines remained stable at $67.5 million, mirroring July’s figures. Table game revenue, however, saw a decrease of 2.6% from the previous month, settling at $30.4 million.
The total revenue from sports wagering and casino operations in August amounted to $120.6 million, representing a 5.9% decline from the previous month’s $128.1 million. The state collected $4.5 million in taxes from sports betting and $27.6 million from land-based casinos.
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