WynnBET Closes Sportsbook In Virginia And Several Other States

Written By Dan Holmes on August 11, 2023 - Last Updated on November 17, 2023
WynnBet Sportsbook closing down in VA

In a surprising decision, WynnBET will shutter sports betting operations in every state where it is active, except Massachusetts, Nevada and New York. This means WynnBET Virginia will close and be unavailable soon.

In a statement, the company cited “outsized market spend through user acquisition and promotions in online sports betting” as the reason for ending operations in most of states it operates in.

WynnBet Virginia users have until Oct. 11 to close their accounts. After that, a check for the remaining balance will be sent to the address on file. According to the WynnBet website, bets made before Aug. 11 on events that occur before Oct. 11 will be settled and paid out according to results. The company says it will provide information “at a later date” as to bets made on events that occur after Oct. 11.

WynnBet closing sports betting operations in nine states, including Virginia

WynnBet launched its online app in Virginia in March 2021. Its closure will leave 13 Virginia online sports betting apps remaining.

WynnBet is shuttering its sports betting operations in nine states, including:

  • Virginia
  • Arizona
  • Colorado
  • Indiana
  • Louisiana
  • Michigan
  • New Jersey
  • Tennessee
  • West Virginia

It will continue to offer iGaming services in Michigan for the time being, the company said.

Julie Cameron-Doe, chief financial officer of Wynn Resorts, made the announcement during a second quarter earnings call for WynnBET and the company’s gaming divisions.

“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.”

Wynn owns and operates Wynn Las Vegas as well as Encore Boston Harbor outside Boston. It also owns Wynn Macau and Wynn Palace, Cotai. The company has interests in resorts in Nevada, Massachusetts and across the globe. It launched WynnBET in 2019 shortly after the US Supreme Court struck down restrictions against legalized casinos and sports betting. Since then, more than 30 states have legalized sportsbooks.

Sports betting industry undergoing a shakeup

Earlier this week, the industry was rocked by news that PENN Entertainment inked a deal with ESPN to launch ESPN Bet, a sportsbook branded after the popular sports and entertainment broadcast network. That deal sinks Barstool, which has been sold back to its founder. Later this year, Barstool Sportsbook will be replaced with ESPN Bet.

In many of the states where WynnBET has been operating, it has been outpaced significantly by the industry leaders, FanDuel and DraftKings, as well as BetMGM and Caesars Sportsbook. Some states, such as New York, have huge tax rates that make it difficult to earn revenue. WynnBet may be staying in New York for now because of the enormous price it paid to enter the market, $25 million.

Several other sportsbooks have called in quits in 2023. Others, like BallyBet, have closed temporarily in an attempt to create a product that can better compete against the major sportsbooks.

The intense competition has also made it challenging for sportsbooks to acquire customers without offering enticing bonus offers and promos. All of these pressures probably factored into Wynn’s decision.

Photo by Shutterstock.com
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Dan Holmes

Dan Holmes has written three books about sports. He previously worked for the National Baseball Hall of Fame and Major League Baseball. He enjoys writing, running, and lemon bars. He lives near Lake Michigan with his daughters and usually has an orange cream soda nearby.

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