DraftKings out to early lead in Massachusetts online sports betting race
Boston-based operator accounts for nearly 50% of $548.1m in state’s total mobile handle from March 10 -31
If the first official accounting of Massachusetts’ online sports betting market is any indicator, DraftKings has a sizable advantage over the competition on its home turf.
The Massachusetts Gaming Commission (MGC) released its inaugural wagering report on April 18, which showed the Boston-based DraftKings in pole position after generating $257.6m in online handle – or just under 47% of the entire market – from March 10 -31.
FanDuel, the US market leader and primary rival of DraftKings, ranked second with $181.1m in handle. BetMGM rounded out the top three with $45.3m, while Barstool Sportsbook – which also traces its roots to Massachusetts – handled $29.5m in mobile bets.
While DraftKings led the field in terms of handle, FanDuel nonetheless accounted for the most revenue, generating $16.3m in gross gaming revenue (GGR) to DraftKings’ $16.1m.
In other words, bettors had more success against DraftKings (6.3% hold) than FanDuel, whose 9% hold was more in line with the aggregate 10.7% for Massachusetts’ six online operators.
Overall GGR came to $46.8m, which resulted in $9.1m in tax revenue back to the state. The two other operators currently live, Caesars and WynnBET, accounted for $16.4m and $18.2m, respectively, in online handle.
It remains to be seen whether DraftKings’ early lead is simply a result of heavier bonusing than FanDuel or whether the hometown effect will have any true staying power. The MGC doesn’t release promotional spend but DraftKings has been notably more aggressive than FanDuel out of the gate.
Online sports betting officially went live in the Bay State on March 10, meaning April will represent the first full month of wagering activity.