WynnBET Will Cease Online Sports Betting, iGaming Operations in Eight States

• Wynn Resorts announced today that WynnBET will cease online sports betting and iGaming operations in eight states
• Company will seek to cease operations in Arizona, Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia, and West Virginia
• Operations will continue in Nevada and Massachusetts, while New York and Michigan will remain under review. 

Wynn Resorts announced today its decision to cease WynnBET’s online sports betting and iGaming operations in eight states as soon as possible.

WynnBET is currently licensed to operate in 12 states. It will work with regulators to cease operations in Arizona, Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia, and West Virginia as soon as possible.

It will continue to operate in Nevada and Massachusetts. Wynn announced it will also review its New York and Michigan operations.

Wynn Cites Better Uses of Capital Deployment

Julie Cameron-Doe, chief financial officer of Wynn Resorts, noted in the announcement that the requirement for “outsized marketing spend through user acquisition” was a mitigating factor that led to the decision.

“In light of the continued requirement for outsized marketing spend through user acquisition and promotions in online sports betting, we believe there are higher and better uses of capital deployment for Wynn Resorts shareholders,” she said.

She went on to explain in the announcement that Wynn Resorts still believes in the long-term prospects of iGaming, but the lack of iGaming legislature in the country made opportunities difficult for the operator.

“While we believe in the long-term prospects of iGaming, the dearth of iGaming legislation and the presence of numerous other investment opportunities available to us around the globe have led us to the decision to curtail our capital investment in WynnBET to focus primarily on those states where we maintain a physical presence,” she said.

What Happens in New York?

WynnBET has struggled to gain a foothold in New York, reporting $155.5 million in online sports betting handle since launching in January 2022. This amounted to just a 0.6% online sports betting handle share in New York.

If WynnBET ceases operations in New York, it’s unknown what will happen to their online sports betting license. A representative for the New York State Gaming Commission told SBD that it is monitoring the situation closely, but “cannot opine on hypotheticals.”

Recently, PENN Entertainment CEO Jay Snowden said the company and ESPN BET would explore opportunities to enter the New York online sports betting market. Will this be the opportunity PENN Entertainment needs to enter the market?

WynnBET Recently Promoted its Multi-State App

Oddly enough, one week ago WynnBET announced an additional six states would be included in its new multi-state WynnBET app. The multi-state platform replaced existing state specific WynnBET apps in Arizona, Colorado, Indiana, Tennessee, and Virginia. It previously launched in Massachusetts and West Virginia and the company announced plans to bring in New Jersey and New York in the next several weeks.

It also had plans to bring Michigan into the multi-state app as well.

“We are thrilled to introduce the new WynnBET app with enhanced sportsbook technology to six more markets, which continues our commitment to offer players a five-star experience in each of the states we operate in,” Wynn Sports Interactive President Ian Williams said in a press release. “We would like to thank state regulators for their timely review of our new platform as well as the many WynnBET team members and partners involved in this project for their diligent work in finalizing this significant task in a short amount of time.”

Now? WynnBET will be ceasing operations in each of those states outside of Massachusetts, Michigan, and New York.

If you were a WynnBET customer now looking for a new sportsbook, consider one of the following: