Massachusetts’ First Year of Legal Wagering a Boon
A report provided to the Massachusetts Gaming Commission showed $594.9 million in gross gaming revenue and $118.5 million in tax revenue during the first full year of live sports betting. According to the report, three million bets were placed from 1.6 million accounts in the first year and Super Bowl betting accounted for $9 million in GGR. Digital wagering launched March 10, 2023.
The report covers about 13 months, from when retail betting went live Jan. 31, 2023 through March 10, 2024. Eight operators were live for most of the reporting period, but Betr and WynnBet have since exited the state. Bally Bet launched in early July.
Bally’s Live in Maryland
The Maryland Lottery and Gaming Commission (MLGC) Monday announced that Bally Bet went live in the state. Bally’s went through a controlled demonstration July 25. During that time, customers were able to use the site with MLGC oversight.
Bally’s is the 10th digital sports betting platform to launch in Maryland, and the first since Fanatics Sportsbook launched last November. The launch was the second for Bally Bet in July. The platform went live in Massachusetts 2 July. Maryland is the ninth market in which Bally Bet is available.
Increased Colorado Hold Lifts GGR in June
Colorado sports betting gross gaming revenue (GGR) increased 206.5% year-on-year thanks to a much improved hold, while there was a significant increase in amounts wagered on soccer that coincided with the start of the second Copa América, reports iGB.
Handle for June increased 12.8 percent year-on-year to $350.4 million according to the Colorado Division of Gaming. Online handle made up $348.9 million of the total with $1.5 million wagered through Colorado retail sportsbooks.
While baseball ($104.5 million) and basketball ($59.2 million) generated the highest handle, soccer enjoyed a particularly strong month. Amounts wagered on soccer more than doubled to $27.6 million compared to June 2023. Copa America kicked off June 20. Table tennis also increased significantly to $15.1 million.
In other news …
Underdog Sports Thursday announced that it has partnered with Bill Belichick. The former New England Patriots coach will produce and host an NFL show for the daily fantasy provider.
Daily fantasy provider PrizePicks Thursday announced that it has been licensed in New Hampshire, its 35th state. The company did not specify when its platform would go live.
The newly formed Kentucky Horse Racing and Gaming Corporation Tuesday announced that Susan Spreckert will be the COO. Spreckert was formerly a Commissioner of Law for the Lexington-Fayetteville County Government and general counsel for the Kentucky Horse Racing Commission. The agency is now seeking a CFO and chief legal officer.
WynnBet officially shuttered its New York sports betting platform Monday. The company previously announced it would exit the state. Consumers will have until Aug. 29 to withdraw funds. ESPN Bet will take over the license and has plans to launch in the fall.
Vermonters wagered $100 million through the first six months of legal sports betting, reports Vermont Public. Of that, $3.5 million went to the state. About four million bets were placed and the average bet was for $20.
Prophet Exchange announced Monday that it will relaunch as ProphetX using a sweepstakes, free-to-play model. ProphetX has plans to go live in multiple states this month.
The Sports Betting Exchange has gained market access in Colorado, Sports Handle reported this week. The company is partnered with the Gilpin Casino and won’t launch until it gets “regulatory approval (for) the peer-to-peer exchange, a stock market-like platform where bettors set their own limit orders and match one another.”
