DraftKings Beats FanDuel For No. 1 In Massachusetts Market In March
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For now, DraftKings has emerged victorious over FanDuel, securing the top spot as the leading sportsbook in Massachusetts.
On Tuesday, the Massachusetts Gaming Commission disclosed the online sports betting handle and revenue figures for the period of March 10-31. In total, the six online sportsbooks in MA collectively recorded a betting handle of $548.1 million. Among them, DraftKings emerged as the leader, capturing the highest handle of $257.6 million, accounting for 47% of the market. FanDuel followed closely behind with a handle of $181.1 million, representing 33% of the market.
Surprisingly, FanDuel managed to generate more revenue than DraftKings, with $16 million compared to $15.6 million, thanks to a higher revenue hold percentage.
Where the rest of the sportsbooks rank
BetMGM, currently positioned as the third leading contender in the US sports betting market, holds the same rank in Massachusetts. The company recently disclosed a handle of $45.3 million, which accounts for approximately 8.3% of the market share.
In the initial three weeks of online sports betting in MA, Barstool Sportsbook secured the fourth position. The company disclosed a total handle of $29.5 million, accounting for 5.4% of the market share.
With $18.2 million (3.3% market share), WynnBET secured the fifth position in March figures. Its performance was undoubtedly boosted by its strong retail presence at Encore Boston Harbor, the state’s leading casino.
In a surprising turn of events, Caesars Sportsbook found itself in the last position with a handle of $16.4 million, accounting for only 3% of the market.
In March, sports wagers in Massachusetts generated over $548 million in revenue for various apps.
So, by handle:
| Sportsbook | March handle | Market share |
|---|---|---|
| DraftKings | $257.6 million | 47% |
| FanDuel | $181.1 million | 33% |
| BetMGM | $45.3 million | 8.3% |
| Barstool Sportsbook | $29.5 million | 5.4% |
| WynnBET | $18.2 million | 3.3% |
| Caesars Sportsbook | $16.4 million | 3% |
| Total | $548.1 million |
And by revenue:
| Sportsbook | March revenue | Revenue hold % |
|---|---|---|
| FanDuel | $16 million | 9.02% |
| DraftKings | $15.6 million | 6.26% |
| BetMGM | $7.3 million | 16.41% |
| Barstool Sportsbook | $2.9 million | 10.06% |
| WynnBET | $2 million | 11.36% |
| Caesars Sportsbook | $1.8 million | 11.31% |
| Total | $45.6 million |
Massachusetts collected $9.1 million in tax payments from March sports betting, with taxable revenue amounting to almost $46 million.
On the 15th of every month, or the first business day after it that falls on a weekend, the MGC publishes the data from the previous month. Therefore, we will receive the online sports betting numbers for April, which marks the first complete month of legal online sports betting in MA, on Monday, May 15th.
On March 10, Massachusetts witnessed the launch of all six online sports betting apps.
Why DraftKings is winning in Massachusetts
In the sports betting industry, FanDuel reigns supreme as the undeniable leader. As of Q4 2022, it held a commanding 50% share of the US sports betting market, with DraftKings Sportsbook following closely behind at 27% and BetMGM at 12%. FanDuel’s dominance extends to 15 out of its 19 states, where it boasts the largest market share. However, DraftKings claims the top spot in Iowa, Wyoming, and most recently, Massachusetts. Unfortunately, specific sportsbook data for Colorado is not publicly available.
Although DraftKings was established in Massachusetts and continues to be headquartered in downtown Boston, industry experts were uncertain if this local advantage would be sufficient to surpass FanDuel’s dominance in the state. Ultimately, FanDuel’s unparalleled customer acquisition capabilities could potentially allow them to claim the top spot in Massachusetts, overshadowing DraftKings in the long term.
Nevertheless, achieving superior performance over FanDuel, even if only for a brief period, represents a significant triumph for DraftKings. Undoubtedly, DraftKings will allocate substantial resources towards maintaining its dominant stance.
DraftKings has shown a greater commitment to its Massachusetts launch compared to other states. In a recent podcast interview with Joe Pompliano, CEO Jason Robins stated that the company is shifting its focus from local advertising to a more national approach.
However, Massachusetts was an exception.
DraftKings enlisted the services of Boston icons Lenny Clarke, David Ortiz, Zdeno Chara, and Brian Scalabrine to star in a captivating “Bet Local” advertisement. The commercial made its debut in Massachusetts on March 10 and has garnered tremendous popularity. This is just one example of DraftKings’ extensive marketing campaign saturating online platforms and airwaves within its home state.
Pay attention to promo money
Furthermore, despite FanDuel limiting its Massachusetts sportsbook welcome offer to a mere $150 in bonus bets (down from $250), DraftKings continues to impress by offering a generous $1,200 in bonus bets. This significant $1,050 gap in promotional credits clearly demonstrates DraftKings’ unwavering commitment to Massachusetts, surpassing mere words.
When you take into account the Google search data from March in Massachusetts, it is not as surprising that DraftKings emerged as the winner of the first month of online sports betting in the state. Research conducted by Play MA reveals that DraftKings had almost twice the number of searches compared to FanDuel in Massachusetts between March 1 and March 23.
It is evident that the interest in Google directly translated into an interest in betting.
If you or someone you care about is facing difficulties with gambling, feel free to reach out to a skilled specialist for assistance at no cost, any time of the day or night. Simply dial 1-800-327-5050 or go to www.mahelpline.org/problemgambling.
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