WynnBET closes betting operations in eight US states

Wynn Resorts confirmed through a press release this week that WynnBET, its online sports betting arm, would stop operating in eight US states: New Jersey, Virginia, West Virginia, Louisiana, Indiana, Colorado, Tennessee, and Arizona.

This announcement was a surprise considering the sportsbook operator launched upgraded WynnBET apps in six markets on August 6, 2023. The gambling operator plans to close operations in some states that got the upgraded app.

Through its chief financial officer, Julie Camerin-Doe, Wynn Resorts said the company was spending a lot of money on marketing. She noted that the sportsbook spent a lot on customer acquisition and promotion and believed the money could be used better.

Wynn Resorts failed to gain significant returns in Colorado, Indiana, Arizona, and Louisiana. Even worse, a state like New Jersey, which is considered one of the largest US sports betting markets, did not prove so for Wynn Resorts.

Wynn Resorts is not the only gambling operator closing shop this year. Other sportsbooks, including Barstool Sportsbook, FOX Bet, and PlayUP Sports, have also closed shop.

While Wynn Resorts has pulled out of most states, it plans to focus on other markets. The operator has several land-based casinos in Nevada and Massachusetts. It intends to focus on these markets while hoping to enter Michigan and New York.

Cameron-Doe noted Wynn Resorts believed in the iGaming prospects. However, without defined iGaming laws, the company has decided to focus on other investments. The chief financial officer insisted the company would focus on states where it already has physical properties.

Wynn Resorts had plans to merge Wynn Interactive with a company led by Bill Foley – owners of the Las Vegas Golden Knights in the NHL – in 2021. This merger would have increased Wynn’s worth to over $3 billion; however, the proposed move fell through.

It looks like Wynn Resorts has had a bad year, but that is not true. The sportsbook is the only entity struggling. Other areas of operations are performing exemplarily.

For instance, Wynn Las Vegas has won several awards this year, including the best resort hotel in Sin City. The gambling operator also revealed its earnings for its various properties, including Encore Boston Harbor. Wynn is also vying for a casino license in New York.

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