The home-state team’s loss in Super Bowl LX predictably produced a big win for sports betting operators in Massachusetts.
Key Takeaways
- The Patriots’ loss led to a 12.5% hold for Bay State operators.
- DraftKings produced the most profit behind a 13.75% win rate.
- FanDuel and BetMGM were the only other two online sportsbooks to reach double digits.
The New England Patriots failed to cover as underdogs in a 29-13 Seattle Seahawks victory last month, leading to the biggest February gross revenue haul ever in the Bay State and an impressive 12.5% hold on a $619.9-million handle.
The Massachusetts Gaming Commission recently reported that online and retail sportsbooks produced $77.6 million in gross revenue, a 15.6% year-over-year profit increase. Massachusetts revenue for the month containing the Super Bowl was also up nearly $24 million from the Bay State’s first Big Game with online sports betting in 2024.
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Wagering decrease
February’s hold ranks among the top five highest-ever produced in Massachusetts, and the latest win rate was up from the previous February’s 10.7% hold. It could’ve been an even bigger month for operators behind that kind of win rate, but the handle was down 1.3% compared to last February despite the Patriots’ inclusion in the Big Game.
Online wagering of $611.1 million was down 1.2% year over year, while retail sports betting at the Bay State’s three land-based casinos dipped from $9.6 million last year to $8.8 million in the latest February. Plainridge Park produced a 15.4% hold, while MGM Springfield reached 13%. Encore Boston Harbor, behind a trio-best $4.3 million, won back 7.1%.
Big boys eat
| Online Operator | February Handle | Gross Revenue |
|---|---|---|
| DraftKings | $314.6 million | $43.2 million |
| FanDuel | $146.8 million | $19.7 million |
| Fanatics Sportsbook | $55.6 million | $4.6 million |
| BetMGM | $47.8 million | $5.2 million |
| Caesars | $23.6 million | $1.9 million |
| theScore Bet | $18.3 million | $1.7 million |
DraftKings continued to dominate Massachusetts online sports betting, generating $314.6 million in wagers, more than double FanDuel’s $146.8 million.
While DraftKings’ handle was down over $100 million compared to January, its gross revenue of $43.2 million was just $2.6 million off the previous month’s haul thanks to a massive 13.75% hold from the Patriots' defeat.
FanDuel won back 13.4% to claim nearly $20 million in profits. Fanatics generated the third-highest handle with $55.6 million, but BetMGM produced a better hold, reaching 10.8% on a $47.8-million handle.
No other online operator recorded a double-digit win rate. Caesars won back 8.1%, while theScore Bet peaked at 9.3%. Bally Bet matched Fanatics’ 8.2% hold on a $4.2-million handle.
