- WynnBet held 3.14% of sports betting action in April.
- Success from the Boston Celtics may influence the low hold percentage.
- DraftKings and FanDuel continue their sportsbook market domination.
BOSTON – Bettors at WynnBet took control in April according to the most recent Massachusetts Gaming revenue report.
Taking in only $22.8 million in bets (the second-lowest of the six Mass online sportsbooks), WynnBet kept only $463,005.74 in revenue. This allowed bettors to keep almost 98% of their action.
For April, the revenue hold percentage averaged at 10.58%. Only Barstool (7.98%) and Caesars (8.66%) held less than 90% of bets taken for the month. Meanwhile, BetMGM led the group at almost 11%.
On the retail side, it was WynnBet’s host that locked in over half the handle. Encore Boston Harbor reported $7.98 million in bets placed but had a similar result to WynnBet.
But, even with a 3.14% hold, the $250,766 kept still exceeded the halfway mark for legal sports betting in person.
Mass. Sports Betting Revenue (In-Person): April 2023
| Sportsbook: | Betting Handle: | Taxable Revenue (15%): | Hold Percentage: |
|---|---|---|---|
| Encore Boston Harbor | $7.98 million | $230,808.00 | 3.14% |
Reliant On The Celtics
The Boston Celtics success in April could be a factor for bettors’ success over sportsbooks. Going 7-3 in April, the Celtics covered the spread eight times.
Only an underdog to the Philadelphia 76ers by four on April 4, the Celtics are underdogs for the first time since in Game 4 vs the Miami Heat.
Going 4-6 SU and ATS in May, the Celtics now find themselves with +1400 odds to win the NBA Finals down 0-3. Unless they can turn it around, the May revenue report should be a success for the Massachusetts sportsbooks.
Other Notes:
- This marks the second straight month of DraftKings taking in over $250 million bets online. FanDuel, the next highest, saw their settled wagers decrease from $181 million (March) to $172 million (April).
- Barstool, BetMGM, Caesars, and WynnBet make up less than a fifth of the Massachusetts sports betting market. DraftKings and FanDuel hold roughly 81% of the industry.
- Massachusetts benefitted roughly $12 million in April from legal sports betting in Massachusetts. In total, $21.4 million marks the sports betting tax benefits for Mass.
