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Jerome García December 14, 2022 3 min read
WynnBET Scores Approval for Betting License in Massachusetts
Following PASPA’s revocation back in 2018, the statewide expansion of sports betting started. To date, more than 30 US states have legalized and introduced the activity, while in five states, the activity is legal but not operational. Massachusetts legalized sports betting back in August this year, but the launch date is not confirmed yet. Still, the regulator in the state, issued the first conditional approval for a sports betting license earlier this week.
WynnBET Secures Conditional Approval for Sports Betting License
The gambling watchdog in Massachusetts, the Massachusetts Gaming Commission, conditionally approved WynnBET to apply for a temporary online sports betting license in the state. This marks an important step for Massachusetts on its way to creating a robust regulated sports betting market.
The Massachusetts Gaming Commission’s decision follows a public hearing. The Commission explained that “WynnBet would be tethered to Encore Boston Harbor,” a property that was approved for a Category 1 sports betting license recently. In fact, Encore Boston Harbor is currently the only venue that has secured approval for a retail sportsbook in Massachusetts.
“WynnBET has been conditionally approved to apply for a temporary online sports betting license in Massachusetts. See you soon, Bay State,“reads a statement released by WynnBet
Regulatory Framework for Taxing of Free Bets in Limbo
Besides the conditional approval for a temporary online sports betting license, the gambling watchdog discussed another issue earlier this week. On Monday, the regulator in Massachusetts opened the topic about taxation of promotional betting offers, such as getting up to $100 for the first bet that is lost. Sportsbooks in other states provide such offers in an effort to engage with new customers. At the same time, such bonuses or sign-up offers help with player retention and acquisition.
However, the taxation of free bets is currently in limbo, at least for Massachusetts. According to a report released by the State House News Service, upon discussing the taxation of promotional play credits, the gambling regulator did not come to a conclusion on Monday this week.
The gaming watchdog acknowledged that such offers help attract customers but also noted that their taxation plays an important part. “Whether some or all of the $1,000 that FanDuel would give a player to bet with them is counted as part of the company’s taxable revenue base has significant tax revenue implications for the state and profit implications for operators,” the report said. While the recent discussion did not come to a conclusion about the tax on free bets, it also did not pin down a date when the debate will continue.
Jerome is a welcome new addition to the Gambling News team, bringing years of journalistic experience within the iGaming sector. His interest in the industry begun after he graduated from college where he played in regular local poker tournaments which eventually lead to exposure towards the growing popularity of online poker and casino rooms. Jerome now puts all the knowledge he's accrued to fuel his passion for journalism, providing our team with the latest scoops online.
Business December 14, 2022
Business December 14, 2022