Massachusetts gaming regulators on Wednesday formally permitted Betr’s plan to stop operations within the state. Betr stopped taking bets on the finish of the day on February 16 and has since settled all of its excellent wagers.
Betr launched as a start-up in 2022 and is backed by social media star and fighter Jake Paul. Betr was seen as an outlier within the highly-competitive Massachusetts sports activities betting market as a result of it targeted on player-based props and different micro-betting wagers.
“I really appreciated your product and your innovations,” Massachusetts Gaming Commission Chair Cathy Judd-Stein mentioned through the MGC’s assembly on Wednesday. Judd-Stein on Tuesday introduced she could be retiring from her place, efficient March 21.
Betr’s exit and the deliberate cessation of operations by WynnBET on Friday leaves simply 6 energetic on-line operators within the state working underneath two completely different licenses:
In Category 1, tethered to a on line casino, there are BetMGM (MGM Springfield); Caesars Sportsbook (Encore Boston Harbor); Fanatics (Plainridge Park Casino); and ESPN BET (Plainridge Park Casino).
In Category 3, untethered, there are DraftKings and FanDuel. Bally Bet holds a Category 3 license that it plans to resume for 2024, however has but to launch.
This leaves 8 unused on-line operator licenses obtainable. Books can associate with both a on line casino operator, a parimutuel operator, or go it alone. License charges are $1 million per yr.
Meanwhile, WynnBET stays on observe to close down its on-line operations in Massachusetts on Friday. It submitted detailed cessation plans final week. WynnBET mentioned 75% of its futures wagers have been settled with both a straight money payout or a fair-market worth payout on the excellent wager. It has contacted all of its patrons with such bets.
Encore Boston Harbor Sr. Vice President and General Counsel Jacqui Krum advised the MGC earlier this month that the WynnBET retail sportsbook in Everett will probably be operated and managed by the on line casino. It will not obtain any technological or advertising and marketing help from WynnBET.
Source: www.bostonherald.com”