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BetMGM’s approval for online betting in Massachusetts is a sign of things to come, according to Max Bichsel, VP of Sports of Gambling.com Group (GAMB).
Bischel told Seeking Alpha that the approval in Massachusetts represents an important step both in terms of addressable market within the state and its potential to regulate efficiently and effectively. If it is able to do so, many states yet to approve online sports wagering could model subsequent legislation on the policies pursued by the Bay State.
“As we look into 2023, we will have the Ohio market launching on January 1 and Massachusetts later in the first half of the year as the exact date has not been specified,” Bischel explained. “Beyond those, we are hopeful for states like North Carolina, Georgia, and Missouri to make quick legislative process to facilitate proper market launches later in 2023, preferably before football season kicks off. Additionally, there are discussions about Indiana regulating online casinos as well. This would represent a powerful tailwind for the industry.”
As for MGM International's (NYSE:MGM) BetMGM specifically, the license is an important step in catching up with key competitors DraftKings (DKNG) and Flutter Entertainment’s (OTCPK:PDYPY) FanDuel.
“DraftKings and Fanduel have a significant head start given their fantasy roots and existing player databases,” Bischel told Seeking Alpha. “However, BetMGM has closed the gap and moved from a challenger brand to a real threat at dethroning FanDuel and DraftKings as the leaders in sports betting across the US.”
Read more on Caesars Sportsbook’s launch of sports micro-betting across a number of states.