WynnBet has officially stopped taking bets in New York as of July 30.
After two-and-a-half years operating in the Empire State, WynnBet has updated its website to include New York as one of 10 jurisdictions in which its platform has “closed operations.”
Since launching in New York in February 2022, WynnBet has taken $233 million in bets and just $11.3 million in revenue, which ranks seventh and eighth respectively out of nine.
It continues WynnBet’s large-scale exit from the U.S. market. Last August, Wynn Resorts announced it would be closing up in eight of the 12 U.S. jurisdictions where WynnBet was offered.
Since then, it has also exited both Massachusetts’ online sports betting market and Michigan’s iGaming market.
ESPN Bet ready to step in
ESPN Bet is expected to step in to fill the void.
In February, WynnBet agreed to offload its New York sports betting license to PENN Entertainment. PENN paid around $25 million for the license to launch ESPN Bet in New York, the same price WynnBet paid when it entered the market.
ESPN Bet will soon have access to the state with the largest overall handle in the country, albeit one that taxes its online sportsbooks at 51%.
New York caps its eligible sportsbooks at nine. As well as Wynn, FanDuel, DraftKings, Caesars, Bally Bet, BetMGM, BetRivers, Fanatics and Resorts World all operate in the state.
Wynn intends to continue in New York in a different way. It is one of several companies looking to bid on a new casino license in downstate New York and has targeted Hudson Yards as a site.
