The Massachusetts online sports betting scene has had eight sportsbook platforms operating. But that will no longer be the case, as WynnBet and Betr presented their plans to exit the market to the Massachusetts Gaming Commission (MGC) Thursday morning.
Since the state launched online sports betting less than a year ago, two companies have largely dominated the market: FanDuel and DraftKings.
WynnBet confirmed on Jan. 31 that it plans to cease accepting online wagering in Massachusetts. Likewise, Betr revealed last week that it would not renew its temporary license in the state.
The departures of the two US operators will leave six online sportsbooks active:
- Caesars Sportsbook
- ESPN Bet
- Fanatics Sportsbook
WynnBet to stop accepting online bets, retail sportsbook still operating
The gaming commission tabled a vote on the departures of WynnBet and Betr to have further discussion on the process for ceasing operations. Both companies had submitted notices of intent to leave.
WynnBet announced last summer it would cease online sports betting in eight states, which are:
- New Jersey
- West Virginia
While keeping the operations “under review” in New York and Michigan, Wynn said it would leave business in just Massachusetts and Nevada.
In the company’s August press release, Wynn Resorts CFO Julie Cameron-Doe said: “In light of the continued requirement for outsized marketing spend through user acquisition and promotions in online sports betting, we believe there are higher and better uses of capital deployment for Wynn Resorts shareholders.”
WynnBET was the first operator to receive an online sports betting license in Massachusetts in December 2022. Now, its end date would depend on the commission’s approval.
However, the company said the shutdown of the sports betting app will not affect the US operator’s partnership with Encore Boston Harbor in Everett, which offers retail sports betting.
Betr is no longer interested in Massachusetts
When revealing its list of V1 Sportsbook launches in additional and existing states in 2024, Massachusetts wasn’t on the list. That’s because Betr chose not to renew its temporary sports betting license in the state.
As Betr explained, the license cost in Massachusetts was too high. The company felt it could get better value by using that money elsewhere.
WynnBet and Betr reported poor revenue results in December
Although WynnBet was among the first six operators to launch on day one in Massachusetts in March 2023, it has struggled for its place in the competitive market ever since. The operator has constantly reported poor handle and revenue results, only surpassing Betr’s figures.
According to the Massachusetts Gaming Commission’s December 2023 revenue report, WynnBET only managed to generate $12.45 million in online bets in December, which resulted in just $ $167,949 in taxable revenue. Its December handle accounted for less than 2% of the statewide total.
Together, DraftKings and FanDuel are handling nearly 80% of online sports bets in Massachusetts. Last month, DraftKings conducted almost 50% of all Massachusetts bets ($315.87 million), followed by FanDuel, which took nearly 30% of the total bet amount ($187.35 million).