WynnBet Gains License for Massachusetts Market
Fast-emerging US sportsbook, WynnBet has received positive news prior to the close of 2022 after it received confirmation of approval for a license to operate in the state of Massachusetts. Not only that - the decision was unanimous, with all voters of the Massachusetts Gaming Commission (MGC).
While the online sports betting license for the operator is only temporary, there is the confidence that this can materialize into a permanent one.
Under the terms of the agreement, WynnBet must provide details of every vendor that it will be working with, as well as give clarity on its aims and objectives. For the one-year temporary license, WynnBet will pay a fee of $1 million.
Commissioner's Concerns
The main reason why the operator is required to provide clarity of its partnerships is that commissioner Jordan Maynard has concerns about how equally represented its potential vendors are relating to their employee status.
This relates to the percentage of females, people of color, and veterans that work for the possible vendors. In addition to this, Maynard was reportedly keen to see the figures related to budgetary spending, which was not included in the license submission.
WynnBet’s license has been secured via a partnership with land-based casino Encore Boston Harbour, which became the first and, as yet, only venue to gain approval in the state to operate a retail sportsbook.
Although these concerns may seem finicky in the US online gambling industry as a whole, the fact that WynnBet is among the first operators to gain an online sportsbook license provides it with a great opportunity to gain not only a major market share but also win significant positive publicity by working with vendors that promote equal opportunity.
Potential of the Massachusetts Market
It is understood that the state could become a major hub for online sports betting over the next couple of years. The state is a host to one of the biggest sports franchises in the world, the baseball team, Boston Red Sox, and the demand is likely to be considerable.
As such, it provides WynnBet with numerous sponsorship opportunities, especially with Boston Red Sox, to become a premier sports betting partner, which will widen the operator’s market even further.
In October, the Boston Herald revealed that the Massachusetts sports betting market could hit what would be a very respectable $70m in revenue annually, and, WynnBet is nicely positioned, having entered the market early.
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