Betr and WynnBET‘s decision to exit the Massachusetts sports betting scene has been approved by the Massachusetts Gaming Commission (MGC). Every party came to a consensus after a lengthy discussion on Thursday, Feb. 8.
There were concerns that the commission would not approve their request as it was short notice. Although neither operator fulfilled the 90-day notice criteria, the MGC was satisfied with how they would update their users and complete the exit process.
It took a while for things to be finalized, as details regarding their exit needed to be settled. Chairwoman of the Commission, Cathy Judd-Stein, expressed her concern given the timeframe, which led to a follow-up meeting to be scheduled to iron out the details.
She conveyed that both operators had applied for waivers for notice of cessation due to their notification falling below the required 90-day period before their intended cessation dates. Betr aimed to conclude operations on Feb. 16, and WynnBET intended to cease on Feb. 23. However, concerns were raised by the commission regarding the handling of customer communication and withdrawals within the constrained period.
Both operators presented a comprehensive system that has gained approval from the commission. The proposed system ensures minimal impact on customers, effectively addressing the principal concern expressed by the MGC. This approach aims to streamline the cessation process, emphasizing customer convenience and satisfaction while aligning with regulatory requirements.
Here is more on Betr and WynnBET Massachusetts.
Betr and WynnBET Massachusetts Exit Details
Betr has set Feb. 16, 2024, as the target date to conclude its operations. In adherence to this timeline, customers can expect to receive communication within two business days following regulatory approval. This communication will provide comprehensive instructions on the procedures for withdrawing their funds.
Since Feb, 6, Betr discontinued the collection of new bets and halted promotion offerings. Customers who fail to withdraw funds before Feb. 16 should visit the official website for details on the next steps.
For WynnBET, their official departure from the Massachusetts betting scene will be on Feb. 23. However, customers will have 30 days to withdraw their funds. Weekly reminders will be sent out, articles will be posted on the company’s website, and those who fail to withdraw within the 30-day window will be contacted within 10 business days to settle.
Massachusetts Sports Betting Climate
As both sportsbooks make their exit from the state, the landscape of the Bay State’s sports betting industry is set to witness a reduction, leaving only six operators in the state. Despite the departure of these platforms, some argue that the overall betting handle in the state may not experience a significant impact.
DraftKings and FanDuel dominate the sports betting landscape, collectively securing an impressive 80% of the market share. In Dec. 2023, the Massachusetts sports betting market witnessed a remarkable milestone with a record-breaking handle of $658.7 million in total bets.
The dynamic duo continued to assert their dominance by commanding a substantial 76.5% of the overall wagers made through online channels. Leading the charge, DraftKings spearheaded the market with $316.9 million, followed by FanDuel, which contributed $187.4 million to the record-setting total.
Sports betting regulation in Massachusetts is renowned for its rigorous standards, presenting challenges for new entrants and constraining growth opportunities for existing sportsbooks. Despite these formidable hurdles, both operators have not only navigated the regulatory environment successfully but also managed to flourish in the highly competitive market.
BetMGM, Caesars, Fanatics, and ESPN BET are the other four operators operational in the state. However, there is a chance that Betr will make a re-entry sometime in the future as suggested by their head of legal and business affairs, Ashwin Krishnan.