Many of the top names in sports betting are expected to become available in the state early on, such as BetMGM Sportsbook, FanDuel Sportsbook, and DraftKings Sportsbook. Here’s a deeper look at what to expect from the first year of Massachusetts sports betting.
Massachusetts Sports Betting Projected To Generate $4.2 Billion In First-Year Bets
A new prediction from PlayMA has the state of Massachusetts bringing in $4.2 billion in total bets in 2023. Interestingly, this handle would be even larger if mobile betting was available throughout the entire year. Retail sports betting rolled out in the state on January 31st, 2023, bringing physical sportsbooks to local casinos such as Plainridge Park Casino, MGM Springfield, and Encore Boston Harbor.
Additionally, more retail sportsbooks are expected to be available soon, with planned in-person betting spots at Suffolk Downs and Raynham Park. At full capacity, overall projections for Massachusetts sports betting is expected to reach $5.7 billion per year.
PlayMA also recently projected that 87% of the state’s wagering will be conducted online rather than at a retail sportsbook. In comparison, the New York betting market is closer to 99% online, despite the state having a number of brick-and-mortar sportsbooks such as the FanDuel Sportsbook at Tioga Downs Resort Casino and the Caesars Sportsbook at Point Place Casino.
Massachusetts Launching At An Ideal Time
The different Massachusetts sports betting apps plan on launching at a big time in the wagering world. The most popular time for sports betting, be it new signups or total betting handle, is between September and March.
This is due in part to major events such as the World Series, College Football National Championship, Super Bowl, and March Madness, as well as numerous sports leagues starting their seasons in that timeframe.
This was a similar situation to that of Arizona sports betting, with a launch the same day as the kickoff of the NFL season in September of 2021. With mobile betting and retail betting fully available, Arizona became the fastest market in the U.S. to ever reach a $1 billion handle.
Additionally, it took just eight months for the market to reach $4 billion in total handle, with the NFL season and March Madness tournament being major contributors.
The state of Massachusetts might be interesting to monitor after these prime sports betting months considering how its NBA and NHL franchises are performing. The Boston Celtics and Boston Bruins are both looking like major threats to win their respective leagues, and deep playoff runs would likely translate into major handles for both teams.
Although the Boston Red Sox are popular in the area, they play during a slower time for sports betting, as summertime handle numbers are generally lower. Additionally, the Red Sox could have a tough season in a division with the New York Yankees, Toronto Blue Jays, and Tampa Bay Rays.