“The Windows Deployment Services Server service terminated with service-specific error 10048 (0x2740)” when trying to start the WDS Service

I am trying to start the Windows Deployment Services (WDS) server on a Windows 2008 Server-based computer but it’s failing to start and I see the following errors in the System log:

Type: Error
Event ID: 7024
Source: Service Control Manager
Description: The Windows Deployment Services Server service terminated with service-specific error 10048 (0x2740)

I also see the following message in the WDS Server Log:

[WDSPXE][UDP][Ep=67] Registered
UpdEndpoint::UdpEndpoint = 01B74F88
[WDSPXE] Failed to listen on interface for incoming client requests (rc=10048)
[WDSPXE][UDP][Ep=] Creation Failed (rc=10048)
[WDSPXE][UDP][Ep=] Deleted.
UpdEndpoint::~UdpEndpoint = 01B74F88 [WDSPXE][UDP][Ep=67] Registration Failed (rc=10048)
[WDSPXE][UDP][Ep=67] Closed [WDSPXE] Initialization Failed (rc=10048)
[WDSPXE] [BINLSVC] 00000270 03/26 01:04:57 [MISC] Shutdown started ..

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