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In April, DraftKings once again emerged as the leader in the Massachusetts sports betting market, surpassing FanDuel. This achievement was particularly notable as it coincided with the state’s first complete month of online sports betting.
The Massachusetts Gaming Commission released the April sportsbook handle and revenue totals on Monday, revealing the following information.
In April, DraftKings dominated the market by capturing the highest handle of $283.8 million, accounting for 52% of the total market share. FanDuel, on the other hand, secured $172.6 million in handle, representing 31.6% of the market. Combined, the six active online sportsbooks in Massachusetts reported a total handle of $546.2 million and generated $58.5 million in revenue. As a result, the state collected $11.7 million in taxes.
DraftKings’ positive outcome in its home state provides a foundation to pursue the national frontrunner, FanDuel, in the broader context.
Revenue for each Massachusetts app
The report from the MGC provided a breakdown of both the handle and revenue based on licensee, including details on the revenue hold percentage and the taxes paid to Massachusetts.
Once more, DraftKings Massachusetts remained in the lead for the highest handle, while FanDuel Massachusetts followed closely behind in second place.
The following list presents the six MA sports betting apps ranked by handle, indicating how they fared.
| Sportsbook | April Handle | Market Share |
|---|---|---|
| DraftKings | $283.8 million | 52% |
| FanDuel | $172.6 million | 31% |
| BetMGM | $42.9 million | 7% |
| Barstool Sportsbook | $24.6 million | 4% |
| WynnBET | $22.8 million | 4% |
| Caesars Sportsbook | $19.4 million | 3% |
| Total | $546.2 million |
And now by revenue:
| Sportsbook | April Revenue | Revenue Hold % |
|---|---|---|
| DraftKings | $28.3 million | 10.20% |
| FanDuel | $21.7 million | 12.8% |
| BetMGM | $4.6 million | 10.98% |
| Barstool Sportsbook | $1.9 million | 7.98% |
| Caesars Sportsbook | $1.6 million | 8.66% |
| WynnBET | $405,977 | 2.03% |
| Total | $58.5 million |
DraftKings leading the way
DraftKings emerged as the top sportsbook in Massachusetts during March, the inaugural month of online sports betting, surpassing FanDuel.
In April, DraftKings continued its success by surpassing its total handle of $257.6 million from March, reaching over $283 million. This growth was anticipated considering the significant increase in sports betting activity throughout April, with almost two additional weeks of opportunities compared to March. As a result, this achievement is significant for the Boston-based company.
However, what is even more important is the notable growth observed in DraftKings’ revenue share. In the month of March, FanDuel actually generated higher revenue than DraftKings, amounting to $16 million versus $15.6 million. Nevertheless, in April, DraftKings experienced a significant surge in revenue, reaching $28.3 million, surpassing FanDuel’s $21.7 million.
According to the MGC, DraftKings experienced a significant increase in market share. Their share in handle rose from 47% to 52%, while their share in revenue increased from 34.2% to 48.4%. This surge of 14.2% in revenue share is noteworthy.
The reason for this is probably because the sportsbook from Massachusetts has been reducing its expenditure on advertising and promotion after its initial launch. Additionally, there has been a decline in the number of new bettors availing the sign-up bonuses offered by the Massachusetts sportsbook.
DraftKings’ triumph in Massachusetts is significant, particularly because FanDuel reigns as the national market leader. According to gambling analytics firm Eilers & Krejcik, FanDuel commands a dominant 46% share of the national market. In comparison, DraftKings holds a 25% stake in the market.
Boston-based DraftKings has made a significant progress by gaining control in Massachusetts.
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