DraftKings Beats FanDuel For No. 1 In Massachusetts Market In March
DraftKings has defeated FanDuel to be the No. 1 sportsbook in Massachusetts. For now, at least.
The Massachusetts Gaming Commission released online sports betting handle and revenue totals for March 10-31 on Tuesday. As a whole, the six MA online sportsbooks reported $548.1 million in total betting handle. DraftKings took in the most handle — $257.6 million, or 47% of the market. FanDuel was close behind at $181.1 million, or 33% of the market.
Interestingly, FanDuel still reported a higher revenue than DraftKings — $16 million vs. $15.6 million — because it had a higher revenue hold percentage.
Where the rest of the sportsbooks rank
BetMGM, which has slotted itself comfortably in third place in the US sports betting market, is also third right now in Massachusetts. It reported $45.3 million in handle (8.3% of the market).
Barstool Sportsbook took fourth place in the first three weeks of MA online sports betting. It reported $29.5 million in handle (5.4% of the market).
WynnBET came in fifth place in March numbers, with $18.2 million (3.3% of the market). Its numbers were no doubt helped by having a strong retail presence at Encore Boston Harbor, the state’s most popular casino.
Caesars Sportsbook surprisingly came in last place at $16.4 million in handle (3% of the market).
So, by handle:
|Sportsbook||March handle||Market share|
|Barstool Sportsbook||$29.5 million||5.4%|
|Caesars Sportsbook||$16.4 million||3%|
And by revenue:
|Sportsbook||March revenue||Revenue hold %|
|Barstool Sportsbook||$2.9 million||10.06%|
|Caesars Sportsbook||$1.8 million||11.31%|
With nearly $46 million in taxable revenue, Massachusetts received $9.1 million in March sports betting tax payments.
The MGC releases the previous month’s data on the 15th of every month, or the first business day after it that falls on a weekend. That means we’ll know April online sports betting numbers — the first full month with legal online sports betting in MA — on Monday, May 15.
All six online sports betting apps launched in Massachusetts on March 10.
Why DraftKings is winning in Massachusetts
FanDuel is the unquestioned sports betting leader. In Q4 of 2022, it owned 50% of the US sports betting market, followed by DraftKings Sportsbook at 27% and BetMGM at 12%. It currently has the largest market share in 15 of its 19 states. DraftKings is No. 1 in Iowa, Wyoming and now Massachusetts. (Colorado does not release sportsbook-specific data.)
DraftKings was founded in Massachusetts and still has its headquarters in downtown Boston. Industry experts weren’t sure whether that home-state advantage would be enough to usurp FanDuel for the throne in Massachusetts. And, in the long run, FanDuel very well could snatch that No. 1 spot from DraftKings due to its unmatched customer acquisition strengths.
However, outmatching FanDuel — even if it’s just for a few months — is a major victory for DraftKings, which will no doubt pour resources into retaining this leading position.
We’ve already seen DraftKings dedicate more resources to its Massachusetts launch than it has in other states. In a recent podcast with Joe Pompliano, DraftKings CEO Jason Robins said his company is trending away from local advertising to focus more on national advertising.
But that wasn’t the case in Massachusetts.
DraftKings paid Boston legends Lenny Clarke, David Ortiz, Zdeno Chara and Brian Scalabrine to headline a “Bet Local” commercial that began airing in Massachusetts on March 10. It’s been a hit, and part of DraftKings’ bombardment of online feeds and airwaves in its home state.
Pay attention to promo money
In addition, while FanDuel never raised its Massachusetts sportsbook welcome offer above $250 in bonus bets and has shrunk it to $150, DraftKings Massachusetts is still offering up to $1,200 in bonus bets. That $1,050 difference in promotional credits proves in ways words can’t how serious DraftKings is about Massachusetts.
DraftKings winning the first month of online sports betting in Massachusetts comes as less of a surprise when you consider Google search data from March in the state. According to Play MA research, DraftKings received nearly double the searches of FanDuel in Massachusetts from March 1-23.
Clearly, that Google interest translated to betting interest.
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