How Much Wagered In Massachusetts During First Month Of Mobile Betting?!
The first month of sports betting included March Madness, of course
The Massachusetts Gaming Commission revealed Tuesday the Commonwealth of Massachusetts took $9.3 million in tax revenue from six sports betting operators licensed to offer bets during the month of March.
Mobile betting launched in the Commonwealth on March 10 prior to the start of "March Madness," the NCAA Division I men's and women's college basketball tournaments. Mobile betting went into effect after in-person betting launched January 31.
The Massachusetts Gaming Commission said more than $568 million in wagers were settled in March. It included the nearly $20 million settled at the state's three casinos and $548 million settled on mobile applications. The Commonwealth had $47 million in taxable gaming revenue lead to $9.3 million in tax collected during the month.
"With mobile sports betting's launch right before March Madness, Massachusetts sportsbooks were able to collect $548 million in wagers from online activity alone," Bet Massachusetts analyst Dru James shared in a statement. "There was a slight drop in retail sports betting handle, about a $5 million decrease from February, but this is most likely due to bettors transitioning their activity to their preferred mobile app. As the market matures, online betting will take up 95% or more of monthly handle, as is the case in other markets where both are available."
"Revenue and state taxes also felt the madness this month. Sportsbooks generated over 2200% more in revenue and state accounts collected nearly 3000% more in taxes in March than February," James stated. "Again, this is in no small part due to the introduction of mobile betting to the Bay State's portfolio."
In regards to what sportsbooks settled the most in wagers, DraftKings Sportsbook claimed the top spot ahead of second-place FanDuel. BetMGM, Barstool Sportsbook, WynnBet and Caesars Sportsbook rounded out the list of six mobile operators.
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