Wynn Resorts has decided to halt its online sports betting platform, WynnBET, in several states. Following discussions with regulators, the company will end operations in Arizona, Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia, and West Virginia. However, the platform will continue to operate in Nevada and Massachusetts, while its status in New York and Michigan is being evaluated.
“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,” said Julie Cameron-Doe, Chief Financial Officer of Wynn Resorts.
“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,” she continued.