High-end hotel and casino operator Wynn Resorts announced Friday it would close its online sports betting and iGaming platform, WynnBET Casino & Sportsbook, in eight U.S. states.
The decision to end service in eight states comes just a week after WynnBET announced they had consolidated player’s accounts into one app that can be used in multiple states.
When sports betting first launched in the United States, users signed up under a separate account for each state where betting was legal. Sports betting operators have started combining player accounts into one app serving multiple states.
“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 Julie Cameron-Doe, chief financial officer of Wynn Resorts, in a company press release.
Accounts Accessible for 60 Days
In an email to customers, WynnBET said they would be discontinuing new sports betting offerings immediately.
“Your account will be accessible for 60 days to allow time for your outstanding bets to settle and to withdraw your account balance,” the company said in the email. “We will contact you in the near future if you have any futures bets and parlay legs that will not be settled within 60 days.”
Cameron-Doe continued, “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.”
New York, Michigan, Nevada, and Massachusetts to Remain
Working with its regulators and patrons, WynnBET will seek to cease operations in the following sports betting markets Arizona, Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia, and West Virginia as soon as possible. WynnBET had just launched in West Virginia a few months ago.
They will also close their NJ Online Casino, and WV Online Casino as well. The planned PA online casino will remain under review.
Operations in Nevada and Massachusetts will continue unaffected and operations in New York and Michigan remain under review.
Wynn Resorts owns and operates Wynn Las Vegas, Encore Boston Harbor, Wynn Macau, and Wynn Palace, Cotai.
Wynn stock shares closed Friday down -3.52% at $100.55 per share.
Over the past 52 weeks (Aug. 16, 2022 to Aug. 11, 2023) WYNN shares are up 47.15%. This year alone the stock is up 17.45%. WYNN shares have a 52-week low of $53.81 and a high of $117.86.
