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Stoyan Todorov December 19, 2023 2 min read
Massachusetts Collects Record $654.4M in November
The Massachusetts Gaming Commission has posted the latest results from sports gambling in the state, seeing the state pull in more than $654.4 million in November handle
This is the third largest for the nation in the month at the time of writing with the Bay State overtaking Maryland’s $550.7 million by a considerable margin and landing a long way behind New York which raked in $2.12 billion in total wagers placed, and New Jersey with its $1.62 billion in wagers. The results for Nevada are not out yet.
Massachusetts Breaks Sports Betting Records
Sports gambling has been a huge success in the state, it seems, although the activity only launched at the beginning of the year, after years of debates. The present-day results are well ahead of the previous record set by the state, $579.3 million in April, and well ahead of October’s $571.8 million pulled in total wagers.
In terms of taxes, Massachusetts collected $48.9 million in adjusted gross revenue, and translating into $9.8 million that went directly to the tax man. Since the industry launched in January this year, there has been $81.8 million paid in taxes to the state, strengthening endorsement for the segment and demonstrating that this has indeed been the right call.
What of the brands operating locally? Well, ESPN Bet, the newly-launched betting enterprise by the media company, has been doing fairly well, posting the third-best results in the November overall handle. ESPN Bet has succeeded Barstool Sportsbook as the Penn Entertainment-powered brand saw a strong uptake of sports bettors in its first month of operation and amid a determined marked push.
Local Brands Continue to Vie for Market Share
Results in different states have already demonstrated that initial analyses and expectations of the ESPN Bet name have been grossly underestimated, and ESPN Bet didn’t even complete a full month as it launched in mid-November. Part of ESPN’s success may have to do with the fact that the company has been building a product that resonates better with casual and women bettors.
DraftKings though remains in pole position and commands nearly 50% share of the market with ESPN Bet’s initial spending frenzy on promotional materials a minor disruption for the time being, but one that is bound to catch up with the company itself.
Naturally, the second-best performer in the market was FanDuel with BetMGM elbowed out of the way to fourth position.