WynnBet’s unexpected move of shutting down its services in eight states takes an unforeseen twist in the arduous path towards establishing itself as a premier sports and casino site.
Article at a Glance
- WynnBet Casino and Sports is set to shut down.
- The launch of a new app by WynnBet occurred one week prior to the official announcement.
WynnBet made an announcement on Friday, August 11, 2023, regarding its decision to shut down the online betting and casino platform in eight states, which includes New Jersey.
According to Julie Cameron-Doe, Chief Financial Officer of WynnBet, the company intends to explore alternative opportunities and withdraw from the demanding US betting market, as stated in their press release.
Julie stated in the release that considering the ongoing need for significant marketing expenses in online sports betting for user acquisition and promotions, Wynn Resorts shareholders could find greater value in deploying their capital elsewhere.
We have faith in the future of iGaming, but due to the lack of iGaming laws and the existence of various investment options worldwide, we have chosen to reduce our capital investment in WynnBet. Our main focus will now be on states where we have a physical presence.
WynnBet intends to promptly terminate its services in the following eight states:
- Arizona
- Colorado
- Indiana
- Louisiana
- New Jersey
- Tennessee
- Virginia
- West Virginia
Without any interruptions, the company intends to maintain its services in Massachusetts, Michigan, Nevada, and New York.
The closure of a week following the introduction of the new WynnBet app in the US.
WynnBet unveiled a new app for the US market on Friday, August 4, 2023. The app was already accessible in six states upon its launch, a week before the announcement of plans to close in eight states.
In a statement, Ian Williams, the President of Wynn Sports Interactive, expressed his excitement about the expansion of the new WynnBet app with advanced sportsbook technology to six additional markets. This expansion further demonstrates their dedication to providing players with a top-notch experience in every state they operate in.
WynnBet announced that users from Arizona, Colorado, Indiana, Louisiana, Massachusetts, Tennessee, Virginia, and West Virginia can seamlessly access their rewards, existing bets, and funds using a single account when they launch.
Although it appears evident that the company is transitioning to a new app and shutting down the previous platform, WynnBet has not provided any official statement regarding this matter. Furthermore, it remains uncertain whether the residents of New Jersey, New York, and Michigan will be able to access the new WynnBet app and if the casino games will be available in states where they are legal.
The closure of WynnBet presents a fantastic opportunity for top casino and betting platforms like UniBet, Fanduel, and Draftkings to further expand their operations, particularly in states where they are already established.
