Exclusive: PlayMA Projects MA Sportsbooks Will Generate $4.2 Billion in 2023

Massachusetts sports betting has the potential to generate $4.2 billion in bets during its inaugural year.

Play MA projected that the annual handle at maturity could reach $5.7 billion, but the 2023 estimate is lower due to the online market being operational for only 10 months.

MA’s projections for sports betting handle mirror the rapid increase seen in other markets, indicating a quick growth trajectory. The fast ramp-up times observed in other states have influenced the handle projections for both the initial and mature years of the market.

When does sportsbook handle peak? 

The sportsbook handle, which represents the total amount of money bet, exhibits a predictable seasonal trend. During the months of September to March, when football and basketball are in full swing, the handle reaches its peak. However, as the betting frenzy surrounding March Madness comes to a close, the handle gradually declines.

During football and basketball season, sportsbooks tend to acquire a large number of customers. This is because fans are highly engaged in sports during this time and are more likely to use bonus credits to demonstrate their superior sports knowledge.

Sports betting industries that launch during the peak season can quickly generate most of their projected handle due to the high level of customer engagement and the numerous visible advertising opportunities available.

For instance, online sports betting in Arizona was introduced in September 2021. However, the sports betting handle reached a plateau after two months and established a consistent seasonal pattern.

September	$291 Million
October	$486 Million
November	$467 Million
December	$499 Million

The growth in handle for New York was even more rapid, with online sports betting returning to its usual fluctuation after just one week.

Week Ending 1/9/2022	$171 Million
Week Ending 1/16/2022	$432 Million
Week Ending 1/23/2022	$573 Million
Week Ending 1/30/2022	$449 Million

The weekly handle is subject to greater fluctuations compared to the monthly handle due to the fact that bettors tend to place more bets on specific games and events. Nevertheless, the growth in New York’s handle demonstrated how swiftly a prominent sports market can attract sports bettors to new sportsbooks.

Massachusetts sports betting handle pattern 

As March Madness coincides with the launch of MA online sports betting, Massachusetts sportsbooks have a promising opportunity to capture a substantial portion of the market. Furthermore, sportsbooks commencing operations on March 10 will have the advantage of attracting customers throughout the 2023 NFL and basketball seasons.

After completing its first year, Massachusetts’ sports betting market has significant potential for further expansion. Despite experiencing a 36% increase from $4.2 billion to $5.7 billion, there is still ample room for growth. However, it is important to note that the handle, or the total amount wagered, will not exhibit the same rapid growth observed in the initial weeks of legal sports betting.

Discover the top promotions for sports betting in Massachusetts.