Massachusetts’ Sports Betting Success
Massachusetts has had a successful first year of legal sports betting, with a report revealing impressive numbers. The state saw $594.9 million in gross gaming revenue and $118.5 million in tax revenue in the first year alone. A total of three million bets were placed from 1.6 million accounts, with the Super Bowl accounting for $9 million in revenue. Digital wagering was launched on March 10, 2023, marking a significant milestone in the state’s gambling industry.
The report covers a span of about 13 months, from the launch of retail betting on January 31, 2023, through March 10, 2024. During this time, eight operators were live, but Betr and WynnBet have since exited the state. Bally Bet, on the other hand, launched in Massachusetts in early July, further expanding the options available to sports bettors in the state.
Bally Bet’s Expansion
Bally Bet has been making moves in the sports betting industry, with its recent launch in Maryland. The Maryland Lottery and Gaming Commission announced that Bally Bet went live in the state after a successful controlled demonstration on July 25. This marked the platform’s 10th digital sports betting launch in Maryland, making it a significant player in the market.
Bally Bet’s expansion into Maryland comes on the heels of its successful launch in Massachusetts earlier in July. The platform is now available in nine markets, solidifying its presence in the rapidly growing sports betting industry.
Colorado Sees GGR Growth
Colorado’s sports betting gross gaming revenue (GGR) saw a significant increase of 206.5% year-on-year, thanks to an improved hold. The state also experienced a surge in soccer betting, coinciding with the start of the second Copa América. The total handle for June increased by 12.8% year-on-year to $350.4 million, with online handle accounting for the majority of the total.
While baseball and basketball generated the highest handle, soccer betting more than doubled in June compared to the previous year. The popularity of Copa América and other sports like table tennis contributed to the overall growth in GGR for the state.
Exciting Developments in the Industry
In addition to the success stories in Massachusetts, Maryland, and Colorado, there have been other exciting developments in the sports betting industry. Underdog Sports announced a partnership with Bill Belichick, while PrizePicks received licensing in New Hampshire, marking its 35th state of operation. The Kentucky Horse Racing and Gaming Corporation also announced key leadership appointments, signaling growth and expansion in the industry.
On the other hand, WynnBet made the decision to close its New York sports betting platform, giving way for ESPN Bet to take over the license. Vermonters have also embraced legal sports betting, with $100 million wagered in the first six months of operation. Prophet Exchange and The Sports Betting Exchange are gearing up for launches in multiple states, further diversifying the sports betting landscape.
Overall, the sports betting industry is experiencing significant growth and innovation, with new opportunities emerging for operators and bettors alike. As more states legalize sports betting, the industry is set to continue its upward trajectory, providing a thrilling and entertaining experience for sports fans and bettors across the country.