Plenty of interest
Over 40 companies are seeking sports betting licenses in Massachusetts. The Massachusetts Gaming Commission (MGC) revealed on Thursday a list of the 42 parties that are looking to get in on the action when sports betting launches in the state.
wide range of names on the list
Any companies that had an interest in a sports betting license had to submit a notice of intent form to the commission by Wednesday. There is a wide range of names on the list, including notable sportsbook operators such as DraftKings, FanDuel, and BetMGM. There are also local groups such as the Massasoit Greyhound Association, owner of Raynham Park.
The road to launch
The MGC wanted to compile a list of interested parties for informational purposes only, as it wants to better understand the types of entities that may want to obtain a betting license or be involved as a vendor. There were just nine questions on the form. Some of these questions related to sports betting operations the companies have in other states, in addition to seeking a brief description of the sort of betting business they planned to operate in the Massachusetts market.
rules and regulations of the sector still need to be drawn up
Massachusetts Governor Charlie Baker signed sports betting legislation into law on August 10. The final rules and regulations of the sector still need to be drawn up and the licensing process must be completed. MGC officials will provide an update on its progress in drafting regulations during its next meeting on September 8. The hope is that sportsbooks might be up and running in Massachusetts before the end of the year.
Different types of licenses
There are three license categories for Massachusetts sports betting. A category one license relates to the state’s three casino and slot parlor operators. They can offer retail betting, as well as partner with up to two online operators. Category two licenses are for live horse racing tracks and simulcast facilities. They can also offer retail sports betting and partner with one online operator.
The hope is that annual sports betting tax revenue will be about $60m, while license fees could initially bring in $80m. Licenses would be good for five years.
Finally, seven, untethered category three licenses will be up for grabs. They will allow the holder to launch an online sportsbook. The expectation is that there will be a very competitive bidding process for category three licenses.