The Massachusetts Gaming Fee (MGC) revealed Tuesday that 15 functions for sports activities betting licenses had been acquired in the course of the state’s bidding interval that ended Monday at 2 p.m. EST.
The Massachusetts Gaming Fee fielded 15 formal sports activities betting functions for its forthcoming trade. Every of the state’s three land-based casinos is predicted to be issued licenses that can permit the properties to function retail and on-line sportsbooks. (Picture: MGC)
The MGC says 15 companies every paid a nonrefundable $200K utility price. The cash is to cowl bills that MGC will incur throughout its suitability probe of every applicant.
The state’s three casinos every utilized for Class 1 sportsbook concessions. If permitted for sports activities betting privileges, as anticipated, Encore Boston Harbor, MGM Springfield, and Plainridge Park will every be allowed to function an in-person sportsbook and companion with as much as two on-line sportsbook platforms.
There are two lessons of Class 3 on-line sportsbook licenses. One class requires the web sportsbook to be tethered to one of many bodily casinos. The opposite Class 3 class is for standalone on-line sportsbooks not linked to a on line casino. The tethered licenses aren’t topic to a aggressive bidding course of, because the casinos are afforded the privilege of choosing which companies to work with.
Massachusetts’ sports activities betting legislation moreover permits for the state’s two horse racetracks — Suffolk Downs and Raynham Park — to use for a retail sportsbook license that comes with permission to companion with one tethered Class 3 licensee. Each tracks initially opted to not apply in the course of the MGC’s open utility interval, however informed the state they plan to take action subsequent 12 months. Raynham informed the state will probably be partnering with bet365 for its in-person and on-line sportsbook enterprise.
The 15 candidates in search of sports activities betting rights are Encore Boston Harbor, MGM Springfield, Plainridge Park, WynnBet, Caesars Sportsbook, BetMGM, Penn Sports activities Interactive (Barstool Sportsbook), Fanatics Sportsbook, Bally Guess, bet365, Betr, Betway, DraftKings, FanDuel, and PointsBet.
Regulatory Framework
Encore Boston Harbor intends to open a WynnBet Sportsbook at its Everett resort. The on line casino plans to moreover use its Class 1 license with WynnBet on-line, and in addition companion with Caesars Sportsbook to permit the Caesars-owned sports activities betting unit entry in Massachusetts’ forthcoming on-line sports activities betting market.
MGM Springfield may even use its dad or mum firm’s sportsbook unit in individual and on-line. MGM Springfield plans to leverage its sportsbook allow to open a BetMGM Sportsbook in Springfield and permit bets to be wagered remotely on the BetMGM Sportsbook app. MGM says it can maintain off on deciding whether or not to companion with a second on-line sportsbook.
Plainridge, operated by Penn Leisure, hopes to make use of its sportsbook license to deliver Penn Sports activities Interactive (Barstool Sportsbook) and Fanatics Sportsbook to the commonwealth. Each are at the moment deliberate to function solely on-line.
The standalone Class 3 candidates not tethered to a land-based on line casino are Bally Guess, Betr, Betway, DraftKings, FanDuel, and Poinstbet. The MGC is allowed to grant not more than seven standalone on-line sportsbook licenses.
January Launch
The MGC stated its purpose is to have in-person sports activities betting up and working in January 2023, and on-line operations stay someday subsequent March.
Upon MGC approval, every sportsbook licensee might want to pay the state $5 million, minus the $200K utility price. Land-based sportsbooks might be topic to a 15% tax, whereas on-line operators might want to share 20% of their gross sports activities betting earnings.
