Vancouver-based fraud and risk solutions provider, GeoComply, registered over 400,000 player accounts in Massachusetts during the opening weekend. Massachusetts sports betting market launched last Friday, Mar. 10.
With more than 400,000 registered accounts and over 8 million transactions, Massachusetts was the fifth busiest state in the US over the weekend.
Massachusetts sports betting launch shows 8.1M geolocation transactions
GeoComply’s date focused on the period from Friday, Mar. 10 (00.00 EST) until Sunday, Mar. 12 (23.59 EST). Massachusetts betting action included 406,400 player accounts.
GeoComply also recorded a massive number of 8.1 million geolocation transactions in Massachusetts throughout the opening weekend. The action also included six Massachusetts sportsbook apps that launched just in time for March Madness:
- Penn Interactive
These six options have just become fully operational after the Bay State previously introduced in-person wagering on Jan. 31.
Massachusetts becomes the fifth busiest sports betting state
Massachusetts figures during the launch weekend show that the Bay State far passed other US states of a similar size. It was the fifth busiest state in the US over the weekend. Only the following states recorded more geolocation transactions:
- New Jersey
- New York
GeoComply prevents over 5,000 transactions
GeoComply also prevented over 5,000 transactions from devices or accounts with a known history of fraud. The company saved its customers tens of thousands of dollars by doing so.
GeoComply SVP of Compliance Lindsay Slader commented:
“We are privileged to be licensed in Massachusetts and support operators and the MGC as it builds a regulated online sports betting market with responsible gambling hard-boiled into its regulations. Massachusetts citizens will benefit from legal online sportsbooks dedicated to greater protection and an increased budget for responsible gambling programs.”
Slader went on to add: “Today, one of the biggest challenges facing operators is onboarding genuine players and keeping out fraudsters. With the gold standard of geolocation in place and an experienced team of experts, we are uniquely positioned to lead the fight against fraud in all its forms.”
The Massachusetts Gaming Commission (MGC) has emphasized consumer protection throughout the regulatory process. That resulted in an oversight regime with strict advertising and responsible gambling rules.
Massachusetts to annualize $60 million in tax revenue
According to the lawmakers’ prediction, MA sports betting could generate about $60 million in annual tax revenue. As CBS reported, the state could collect $70 million to $80 million through initial licensing fees, which operators must renew every five years.
The law imposes a 15% tax on betting in person and a 20% tax on online betting.
Massachusetts would also add nearly $5.4 million to the Public Health Trust Fund, which supports responsible gambling programs. Massachusetts has been investing in responsible gambling programs since the 2011 bill that legalized casinos. The Fund’s budget for last year was $17 million.