During a meeting on February 23, during which another infraction of the state's college betting rules was exposed, the regulator for the state of Massachusetts revealed that PointsBet had revoked its sports gambling license.
PointsBet Leaves the Market, 7 Operators Enter
The Massachusetts Gaming Commission also revealed that 7 operators are prepared to launch online betting on March 10. Nevertheless, neither Fanatics (Encore Boston Harbor) nor Bally Bet (standalone mobile license) will begin their operations on that day. The young Massachusetts gaming market is set to have a bright future ahead of it. Hopefully, it will be able to compete with markets like Michigan, which is still developing and attracting new operators and players alike.
Fanatics will postpone its launch as it works to hone its own technology stack, which will be based on Amelco code. Bally Bet has spent a lot of time concentrating on developing a distinct user experience that combines gambling with media. According to the MGC, Bally Bet and Fanatics, both want to launch their services in May.
Late last year, PointsBet submitted an application for one of the seven independent mobile betting licenses made available by the new state law. It had an application hearing and was given permission to submit an application for a temporary license. This means that there are still two standalone licenses available.
A PointsBet representative informed the public through an email that the company took this decision to emphasize its continuous focus on its 14 live states of the US (plus Ontario) and how it can best maximize its reach in those markets. The business thanked the MGC for taking the time to review its application, hold in-depth hearings, and determine that PointsBet is eligible for a license in advance of the Commonwealth of Massachusetts's authorized sports betting market's opening.
PointsBet became the second gambling operator in Massachusetts to pull its digital application from the market. In January, Bet365 withdrew its application, which it had submitted initially while tied to Raynham Park. Despite this news, many websites and experts have PointsBet listed as one of the best online casinos on the market.
PointsBet is a global sports betting and technology company headquartered in Australia. Founded in 2015, the company has rapidly expanded its operations to offer sports betting services in various countries, including the United States, Canada, and Australia.
PointsBet distinguishes itself from other sports betting companies by offering unique betting options like PointsBetting, a high-risk, high-reward betting method that allows users to win or lose based on the margin of victory or defeat. Additionally, PointsBet offers traditional sports betting options like money line, spread, and totals, as well as in-play and pre-game betting options.
In the United States, PointsBet has partnerships with various professional sports leagues and teams, including the National Basketball Association (NBA), National Hockey League (NHL), and Indianapolis Colts. PointsBet operates online sportsbooks in several US states, including Colorado, Iowa, Illinois, Indiana, Michigan, and New Jersey.
As of 2021, PointsBet had over 500,000 registered users across its various platforms and had a market capitalization of over $1 billion. The company is known for its innovative approach to sports betting and commitment to responsible gambling.