Massachusetts is poised to become a major online betting market, GeoComply said as it recorded more than 400,000 player accounts over the opening weekend. The state launched online sports betting on Friday, March 10, which represents a major development for the wagering sector.
Massachusetts to Diligently Regulate Online Sports Betting
With Massachusetts being one of the most populous states, experts expect it to also become one of the most profitable states for betting. Officials in the Bay State expect annualized online sports betting tax revenue of $60 million.
As a result, player protection is not something lawmakers can take lightly. Massachusetts will therefore have strict rules on safer gambling and gambling advertisements, shielding people from harm.
The geolocation specialist GeoComply will play an important role in this ecosystem as it will prevent fraudulent transactions, saving its customers tens of thousands of dollars. With the company now live in Massachusetts, it recorded some curious metrics throughout the online sports betting opening weekend.
According to GeoComply, there were 406,400 active player accounts. This resulted in a total of a whopping 8.1 million geolocation transactions throughout the weekend. It also prevented around 5,000 transactions from suspicious devices or accounts.
These figures attest to a promising online sports betting market that is poised to be one of the biggest ones in the USA. The recorded numbers on launch are much higher than those recorded in other states of similar size.
In addition, Massachusetts was the fifth busiest state in terms of online sports betting this weekend. Only four states, namely New Jersey, Ohio, Pennsylvania and New York, recorded more geolocation transactions.
GeoComply Remains Committed to Preventing Fraud
Lindsay Slader, GeoComply’s senior vice president of compliance, commented on the launch of online sports betting in the state. She said that her team feels privileged to enter this exciting market and help the MGC build a safe and regulated ecosystem with “responsible gambling hard-boiled into its regulations.” Slader is certain that Massachusetts players can gain a lot from playing with legal sportsbooks that provide greater player protections.
The SVP emphasized that her company’s mission is to solve the “geolocation conundrum” and help operators keep fraudsters away.
With the gold standard of geolocation in place and an experienced team of experts, we are uniquely positioned to lead the fight against fraud in all its forms.
Lindsay Slader, SVP of compliance, GeoComply
In February, GeoComply data showed record-breaking growth in Super Bowl bets.