Wynn Resorts has announced its decision to close its online sports betting and iGaming platform, WynnBET, in certain jurisdictions.
WynnBet will be closing in eight of the 12 US jurisdictions where the platform is offered. Those states are: Arizona, Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia and West Virginia.
However, despite the mass closing of operations, Wynn is still keeping operations in markets where they have land-based properties, such as Massachusetts and Nevada.
The company is also strategically reviewing whether or not it wants to remain in Michigan and New York. In Michigan, WynnBet will be shutting down the sports betting product, but the WynnBet Casino product will remain online for now.
The news comes after the company relaunched a new WynnBet platform in six states just last week.
WynnBet will work with the state regulators to determine an exit plan, which will likely make sure that customers will be informed on any outstanding bets, withdrawing remaining funds and other financial logistical details.
Julie Cameron-Doe, CFO of Wynn Resorts, said, “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.
“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.”
