Betr exit from state operations approved by regulators
WynnBET online operations on track to shut down Friday
Massachusetts gaming regulators on Wednesday formally approved Betr’s plan to cease operations in the state. Betr stopped taking bets at the end of the day on February 16 and has since settled all of its outstanding wagers.
Betr launched as a startup in 2022 and is backed by social media star and fighter Jake Paul. Betr was seen as an outlier in the highly-competitive Massachusetts sports betting market because it focused on player-based props and other micro-betting wagers.
“I really appreciated your product and your innovations,” Massachusetts Gaming Commission Chair Cathy Judd-Stein said during the MGC’s meeting on Wednesday. Judd-Stein on Tuesday announced she would be retiring from her position, effective March 21.
Betr’s exit and the planned cessation of operations by WynnBET on Friday leaves just 6 active online operators in the state operating under two different licenses:
In Category 1, tethered to a 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 renew for 2024, but has yet to launch.
This leaves 8 unused online operator licenses available. Books can partner with either a casino operator, a parimutuel operator, or go it alone. License fees are $1 million per year.
Meanwhile, WynnBET remains on track to shut down its online operations in Massachusetts on Friday. It submitted detailed cessation plans last week. WynnBET said 75% of its futures wagers have been settled with either a straight cash payout or a fair-market value payout on the outstanding bet. It has contacted all of its patrons with such bets.
Encore Boston Harbor Sr. Vice President and General Counsel Jacqui Krum told the MGC earlier this month that the WynnBET retail sportsbook in Everett will be operated and managed by the casino. It will no longer receive any technological or marketing support from WynnBET.