Good things come to those who wait.
When September started, the earnings of the eleven Massachusetts sports betting operators, both retail and online, were bringing in less than what they made in March when they first started online. And they were coming off their worst month ever in August.
But when the NFL season kicked off, sports betting picked up again. Earnings jumped from $22.7 million in August to $49.8 million in September, making it one of the top three months for sports betting this year.
In fact, sports betting helped Massachusetts’ casino earnings grow by more than $19 million from August to September, according to the Massachusetts Gaming Commission. The three casinos in the state made $140.1 million. This money comes from games like table games and slot machines, as well as online and in-person sports betting.
Which Sports Betting Apps Made The Most?
DraftKings led the pack with $28.3 million in revenue, while FanDuel made $21.7 million and BetMGM earned $4.6 million.
And what’s ironic is that sports betting in Massachusetts is essentially still in its infancy. Massachusetts just made it legal to bet on sports, both in person and online earlier this year.
The process started in July 2020 when the Massachusetts House talked about possibly allowing sports betting. They tried to make a plan in November 2020, but it didn’t work out. In February 2021, five proposals were made, and one got pretty far in the process, but the Senate didn’t approve it.
Finally, in August 2022, a bill was signed by Gov. Charlie Baker to allow sports betting. By December 2022, two companies, BetMGM and WynnBET, got licenses to run sports betting. Barstool got its license in January 2023.
By launch day, six of the seven licensed betting sites were ready to go. People could start betting at physical places on January 31st, 2023. Online betting started on March 10, 2023.
Casinos Not As Lucky as Sports Betting Operators
In September, sports betting operators did well, but the casinos didn’t. The three casinos in the state had their worst earnings for the year, and it’s the third month in a row they made less money.
The money casinos make comes from games like poker tables and slot machines. In September, they made $90.4 million, which is the least they’ve made this year. It’s much less than the $100.6 million they made in June.
Better Days Are Ahead For Casinos and Sportsbooks
Despite the fall dip, things usually pick up for casinos around Christmas. Looking at last year’s figures, casino earnings will probably go down in October and November but jump up in December. Because of the NFL regular season, the money from sports betting should go up for the next three months.
By the end of the year, the total revenue could climb to over $140 million again. December alone could make $155 million or even more.
So, the sky appears to be the limit for sports betting operators in Massachusetts.
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