Massachusetts experienced a drop in gaming revenue during November, which was surprising given that the monthly sports betting handle record was broken. However, Penn Interactive saw a surge in wagers, making it the more interesting aspect of the statistics.
According to the Massachusetts Gaming Commission, casino takings remained flat compared to the previous month. The total taxable gaming revenue for both casino and sports betting was $143.0m, a 7.7% decrease from the $155.8m generated in the previous month. The sports betting accrual win dropped by $10m compared to October, indicating a good month for punters.
In reviewing aggregated sports betting performance, Massachusetts’ eight mobile and online sports wagering licensees and the three in-person licensees generated an accrual win of $50.6m. Nearly $654.4m was wagered by sports bettors during November, an increase of almost 15% from October.
Despite the spike in handle, win was actually down by more than 16% compared to the previous month due to a low hold rate. DraftKings broke the state’s monthly handle record during November as players put down $320.0m, but revenue fell from $34.3m to $27.2m. Similarly, FanDuel’s handle of $181.5m made for its best month yet in Massachusetts, but the hold rate of just 6.9% meant the win was only $12.6m.
The most interesting development was Penn Interactive’s surge in wagers. While October saw only $13.9m in wagers, with a revenue hold of 10.65%, November saw the company handle $39.1m in wagers with a revenue hold of 14.86%. This increase can be attributed to the launch of ESPN Bet, a product of Penn’s partnership with ESPN. The app was downloaded over a million times in its first six days after launch, surpassing expectations.
In terms of casino revenue, the state’s three casinos generated approximately $94.0m in gross gaming revenue during November. Encore Boston Harbour accounted for $61.4m of the state’s casino revenue. While this figure was slightly down from the previous month, the early signs for the casino and sports betting market in Massachusetts appear positive, especially with the growth seen in Penn Interactive’s wagers.