WynnBET Leaving Massachusetts, Death Possible for Sports Bet App

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Posted on: January 30, 2024, 02:12h. 

Last updated on: January 31, 2024, 12:01h.

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Wynn Resorts’ (NASDAQ: WYNN) WynnBET is slated to exit Massachusetts, nan latest motion nan sports wagering mobile exertion could beryllium dying a slow death.

WynnBetEncore Boston Harbor and nan WynnBet logo. The usability is leaving nan Massachusetts online sports betting market. (Image: Casino.org)

An schedule for Thursday’s Massachusetts Gaming Commission (MGC) gathering indicates WynnBET plans to inquire nan committee for support to halt its online sports wagering activities successful nan state.

WynnBET Notice of Intent to Cease Operations pursuant to 205 CMR 258, including Request for Approval of Cessation Plan and Request for Waiver from 205 CMR 258.01(1),” according to nan MGC schedule for nan February 1 meeting.

The MGC will besides see a akin petition connected nan aforesaid time from sports wagering startup Betr, nan sports betting institution cofounded by Joey Levy and Jake Paul.

WynnBET Could Be connected Borrowed Time

News of WynnBET’s departure from Massachusetts arrived astir six months aft nan usability said it was moving pinch regulators successful Arizona, Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia, and West Virginia.

At that time, parent Wynn Resorts said it would attraction WynnBET operations connected nan states successful which it runs land-based casinos, meaning Massachusetts and Nevada. However, marketplace conditions change, and while WynnBET was nan first online sportsbook approved successful Massachusetts — and while Encore Boston Harbor is thriving — neither facet appears to beryllium capable to support WynnBET live successful nan state.

In announcing nan eight-state departure past August, Wynn added WynnBET operations successful Michigan and New York are besides nether review. With Massachusetts adjacent to being removed from nan gaming company’s online sports betting roster, Michigan could beryllium next. That’s because location is fundamentally nary chance Wynn will ever tally a land-based casino there.

New York could beryllium a different situation, because nan Las Vegas-based gaming company is simply a viable contender to triumph 1 of 3 downstate casino permits successful nan fourth-largest state. But moreover that mightiness not beryllium capable to support WynnBET live there. In Massachusetts, unit sports betting will stay disposable astatine Encore Boston Harbor’s brick-and-mortar book.

Things Weren’t Supposed to Be This Way

To its credit, and possibly to its detriment, Wynn agelong signaled that it wouldn’t prosecute successful a rate “arms race” to get sports betting customers. As a result, nan usability prudently conserved capital. But WynnBET besides struggled to summation capable marketplace stock successful immoderate of nan states successful which it operated.

There was a clip erstwhile nan net gaming institution had charismatic prospects. In May 2021, it was revealed Wynn Interactive would merge pinch a blank-check institution successful a woody valuing nan online betting entity astatine $3.2 billion. But that transaction collapsed successful November of that year.

In early 2022, rumors surfaced that Wynn was shopping its integer betting unit astatine $500 million, but nary woody materialized. Now, it appears WynnBET is connected its past legs, and location will beryllium nary compensation for nan genitor company.

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