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PointsBet withdrew its online sports betting application in Massachusetts, so it will not launch its Massachusetts PointsBet app. During their Thursday meeting, the Massachusetts Gaming Committee announced that PointsBet was pulling out of Massachusetts. This news comes on the heels of online sports betting becoming legal in Massachusetts on March 10th. According to Play USA, PointsBet met the criteria for a category three online sports betting license, however, they did submit the necessary paperwork nor the one million dollar license fee. They join bet365 as the only other sportsbook to dissolve its Massachusetts online sports betting presence.
When PointsBet Officials were questioned about the decision, it was characterized as a move to become more regionally focused, PointsBet released a statement:
“We have chosen this path to emphasize our continued focus on our 14 live states of the US (plus Ontario) and how we can best optimize those markets which provide an immense TAM [total addressable market] for us to go after.
We would like to thank the Massachusetts Gaming Commission for their consideration of our application, conducting extensive hearings, and deeming PointsBet suitable for licensure ahead of the launch of legalized sports wagering in the Commonwealth of Massachusetts.”
I think it goes without saying that Massachusetts is a key online sports betting battleground state. DraftKings have planted its flag in Massachusetts as it is headquartered in Boston, not to mention Barstool Sports’ legendary presence in Beantown, the below is a list of sportsbooks that have approved online betting licensees in Massachusettes:
- DraftKings
- FanDuel
- BetMGM
- Caesars Sportsbook
- WynnBET
- Barstool Sportsbook
- Betr
- Bally Bet (launching May 2023)
- Fanatics Sportsbook (launching May 2023)
- Betway (launching next year)
Legal Sports Reporting projects Massachusetts sports betting revenue to fall anywhere from $300 million to $500 million. Where their decision is going to be felt the hardest is in March during the Men’s Final Four March Madness Tournament. In 2021, it was predicted that 17.8 million U.S. adults would place online bets on March Madness. Furthermore, sportsbooks cannot afford to miss out on revenue-generating opportunities such as online sports betting. No matter how much digital advertising real estate leading sportsbooks occupy whether on the internet or on television, the most important thing is turning a profit.
