WynnBet and Betr presented their plans to exit the Bay State’s legal sports betting market with the Massachusetts Gaming Commission Thursday.
These departures will leave six online sportsbooks in Massachusetts still active with BetMGM, Caesars Sportsbook, DraftKings, ESPN Bet, Fanatics Sportsbook, and FanDuel.
This comes almost exactly one year after the state formally launched legal sports betting in Massachusetts on Jan. 31, 2023, underscoring the delicate balance between regulation and industry growth. Massachusetts has some of the most stringent regulations in the U.S. sports betting industry, and state lawmakers are still working to finalize a comprehensive framework to regulate online sports wagering which has created friction for online sportsbooks to enter and grow in this jurisdiction.
Results of the Commission’s meeting
During the meeting Thursday, there was vigorous debate between the commission and Betr’s representatives about the specific details for properly ceasing operations. Cathy Judd-Stein, chairwoman of the commission, decided to table the planned votes for the meeting to have further discussions to iron out the process that the operators would have to take.
Both operators were seeking waivers for notice of cessation since they notified less than 90 days prior to their planned cessation dates. Betr had hoped to cease on Feb. 16 and WynnBet had hoped to cease on Feb. 23, but the commission had issues with how customer communication and withdrawals would be handled in such a short timeframe.
What’s next for WynnBet
WynnBet — the legal sports betting and iGaming platform for Wynn Resorts — announced last year its intention to withdraw from eight other U.S. markets, Arizona, Colorado, Indiana, New Jersey, Louisiana, Tennessee, West Virginia, and Virginia. Its online sportsbook in Massachusetts was expected to survive due to its tie with Encore Boston Harbor, the only land-based casino and retail sportsbook in Boston.
The app’s shutdown will not affect the WynnBet Sportsbook at the Encore though. WynnBet is still active in Michigan, Nevada, and New York.
Betr’s addition by subtraction
Betr’s decision to exit the Massachusetts sports betting market comes on the heels of the company announcing its expansion into three new U.S. markets: Pennsylvania, Colorado, and Kentucky.
Betr’s full sportsbook and online casino will both become operational this year. The operator is currently live in Ohio and Virginia, and its daily fantasy sports product Betr Picks is active in 24 U.S. markets. Betr has applied for a license to enter the Maryland sports betting market and is awaiting approval to launch in Indiana as well.
Betr had only received a temporary license in Massachusetts last spring but is choosing not to renew it. However, the company said in its recent press release announcing its departure from the state that it hopes “to receive the honor and privilege of reentering this market at a later date.”
Massachusetts' sports betting landscape
DraftKings and FanDuel tout nearly 80% of the total market share in Massachusetts. WynnBet reported a handle of $12.45 million in December, which accounted for less than 2% of the statewide total and was less than every other operator except for Betr.
Many around the industry projected that it would be difficult for operators to make money in Massachusetts sports betting, and with the ever-murky regulatory environment and the dominance by two major players, WynnBet and Betr exiting seems to validate those projections.
