Dozens of companies are angling for a piece of the state’s budding sports betting industry, a sign that Massachusetts can be competitive despite being late to legalization, gambling analysts say.
Driving the news: The Massachusetts Gaming Commission received notices of intent to apply for sports betting licenses from 42 companies by August 31.
Why it matters: The level of interest could mean that Massachusetts becomes a destination for sports betting fans, filling state coffers with millions of tax revenues, gambling analysts say.
Details: The 42 entities range from top-tier digital sports betting operators like Boston-based DraftKings, Penn National and BetMGM, to local casino-related companies like WynnBET and Mohegan Digital.
Zoom in: With so much interest, smaller, newer sportsbooks like Fubo could go up against DraftKings, FanDuel and other big industry players to capture this new market.
Be smart: The commission may eventually issue up to seven sports betting licenses for mobile apps, in addition to licenses for the state’s three casinos and horse racing simulation operators.
Note: Companies that have not submitted a declaration of intent by August 31 can still apply for a sports betting license.
What’s next: The commission must finalize its sports betting regulations as it prepares for the market to launch.
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