During a recent Massachusetts Gaming Commission meeting, Betway informed the state’s regulators that it will not be launching in the state.
The group applied and posted the $1 million fee to obtain a license and received approval to launch in February. At that time, Betway said it planned to launch in early 2024 and the MGC approved that timeline. However, now that the license is set to expire, Betway has changed plans and will let the license expire and not launch in the state.
Currently, Betway operates in Arizona, Colorado, Indiana, Iowa, New Jersey, Ohio, Pennsylvania and Virginia. The company has not launched in a new state since debuting in Ohio on Jan. 1. The company also passed on other states that have opened up sports betting in the past year, including Vermont, Kentucky and North Carolina.
In states where Betway is operational, the operator is towards the bottom of the list in terms of market share. In Ohio, the company has only exceeded a million dollars in handle in a single month. In the most recent revenue report out of Pennsylvania, Betway accounted for around 1% of all online handle.
During its most recent earnings call, Betway’s parent company, SuperGroup, reiterated its commitment to US expansion but did acknowledge it was a difficult path.
“We are aware the US market requires a signifcant investment to succeed. We are not afraid to invest. That’s always been part of our strategy,” said CEO Neal Menashe during the most recent earnings call.
Bally Bet is the other operator that obtained a license in Massachusetts but has yet to launch. During Thursday’s MGC meeting, Bally’s told the commission it still intends to launch in the state but is prioritizing its exclusive Rhode Island online casino launch before expanding into Massachusetts. Accordingly, Bally’s will pay an additional $1 million to extend its license into 2025.
