WynnBET may have recently rolled out a new version of its app in several states, but many bettors will not have time to enjoy it.
On Friday, Wynn Resorts announced it will be closing up shop in eight of the 12 US jurisdictions where WynnBet is offered. Those states are:
- Arizona
- Colorado
- Indiana
- Louisiana
- New Jersey
- Tennessee
- Virginia
- West Virginia
While Wynn is exiting most states, it is keeping operations in markets where they have land-based properties, Massachusetts and Nevada. In Massachusetts, WynnBET is one of eight operators and contends with Penn’s soon-to-be-rebranded Barstool Sportsbook and Caesars for fourth place in the state.
It is also strategically reviewing whether or not it wants to remain in Michigan and New York. In New York, the sportsbook will remain operational. In Michigan, WynnBET will be shutting down the sports betting product but the WynnBET Casino product will remain online for now.
“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,” said Wynn Resorts CFO Julie Cameron-Doe.
“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.”
Wynn only has land-based properties in Nevada and Massachusetts, so at least for now, there are no other markets where the company would theoretically enter into.
If the company does pull out of New York, that could open up the potential for Penn Entertainment and its forthcoming ESPN BET to gain access to the market.
According to the WynnBET website, existing customers in the impacted states will have access to their accounts until Oct. 11 but the sportsbooks will stop taking bets effective Friday. If customers in those states have not withdrawn by that date, Wynn will mail users a check for the remaining balance.
