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fan duel advanced to the final round of Massachusetts sports betting hopefuls after clearing an initial review from state regulators on Monday.
of Massachusetts Gaming Commission It was unanimously voted that FanDuel Sportsbook meets or exceeds all criteria to qualify for an online MA sports betting license.
under Massachusetts’ sports betting laws enacted in August, three casinos and two racetracks may each operate an online sportsbook. MGC may grant up to seven (7) additional licenses to businesses that are “unbound” to retail establishments, such as FanDuel. BetMGM, Caesars Sportsbook, WynnBet and Barstool are already approved through their casino partnerships.
Participate in Fan Duel barrybet, A public hearing was held last week as one of the first untethered operators to be eligible for an untethered license. MGC votes for them January 18th When 6 more operators want to join.
Their hearings are scheduled as follows.
- bet — January 10
- draft kings sports book — January 11th
- bet fanatics — Jan 12
- Betway — Jan 13
- point bet — Jan 17
Massachusetts Sports Betting Hearings
FanDuel’s due diligence went relatively smoothly, with the commissioner answering questions much more quickly than operators like Barstool last month.
“I have a lot to say about myself [questions] Answered by your presentation today. ” Cathy Judd Stein chairman of Massachusetts Gaming Commission.
FanDuel and MGC participated in an hour-plus closed-door “executive session” to discuss the company’s ongoing legal issues, possibly a lawsuit with Fox, or one of its former founders.These off-camera sessions. are common during MGC suitability hearings and allow operators to hide some sensitive information from the public eye.
make fictitious taxes real
Commissioner Eileen O’Brien brought up the state’s daily fantasy sports law from 2018This requires DFS operators to retroactively pay taxes on their activities within the Commonwealth.
They are due in August and FanDuel has yet to make the payment, according to the commission.
“We fully expect to pay all taxes since the law’s inception,” he said. Cory Fox, Vice President of FanDuel Products and New Market Complianceadded that FanDuel is in contact with the state to organize registrations.
FanDuel’s impact on sports betting in Massachusetts
FanDuel CFO David Jennings The company $200 million increased federal tax revenue in the first five years, $ 1,000,000 If we get a license, we’ll donate it somewhere in the state. Sports betting operators in Massachusetts 20% Taxes on online earnings.
Total marketing costs are approximately $50 million Over the next five years, Jennings added. FanDuel executives also said they are considering offices in the federation where the company is already hiring. 18 remote worker.
Alleviating Responsible Gaming Concerns
O’Brien, who led most of the discussion on responsible gaming at the Barstool hearing, said little about FanDuel’s history on responsible gaming.
she asked about her relationship with the company fox sports When WFAN host Craig Cartonbut seemed satisfied Christian Jenetsky, Fan Duel President, He explained that his partnership was centered around responsible gaming rather than promoting products.
He went on to articulate the FanDuels marketing philosophy.
“We want our content and ads to be adult only, our content focus should be transparent and easy for consumers to understand, and our ads should be where consumers are likely to be and want to find us. would like to publish [those] People don’t want to find us,” Jenetsky said.
A final vote on the commencement of online sports betting in Massachusetts is expected after final license approval is given, but is expected to begin sooner. marchUnder the framework of MGC, retail sports betting is scheduled for the second half JanuaryBefore super ball Bet.
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