WynnBET is the latest US sportsbook operator to contract in the midst of an ultra-competitive market. Its parent company Wynn Resorts announced that it will be ceasing online operations in eight states “as soon as possible.”
Platforms in Arizona, Colorado, Louisiana, Indiana, Tennessee, New Jersey, West Virginia, and Virginia will be the ones shutting down. Users in the impacted regions will receive guidance on when they will need to withdraw funds and the impact on active wagers.
Michigan and New York offerings are under review
The Massachusetts and Nevada sportsbooks will remain in operation as the company has land-based operations in these states. The Michigan and New York offerings are under review.
Wynn Resorts explained that significant user acquisition costs were a key reason behind the move, with the company planning to deploy its capital better elsewhere.
Some of the other operators to close their US sports betting operations include theScore, Churchill Downs, Fubo Sportsbook, MaximBet, and most recently Fox Bet. Wynn did look into selling off its sports betting operations in January 2022, with the asking price at the time set at around $500m.