Management at Wynn Resorts has announced the decision to close its WynnBET online sports betting platform in several jurisdictions. The company will not accept bets from customers in Arizona, Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia, and West Virginia as quickly as possible.
Wynn's Chief Financial Officer, Julie Cameron-Doe, stated that “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”
This news may seem a bit odd, considering that WynnBet just debuted in six states last week. But betting on sports is a tough business. In fact, just within the past year there have been several online operators abandon the market, including Fox Bet, MaximBet, and TwinSpires.
WynnBET did say that their operations in Nevada and Massachusetts will continue for now. However, operations in New York and Michigan are currently under review. So, there is the possibility that the company could leave those markets as well.
“While we believe in the long-term prospects of iGaming,” Ms Cameron-Doe continued, “…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.”