WynnBET, the sports wagering mobile application by Wynn Resorts (NASDAQ: WYNN), is set to leave Massachusetts in what appears to be a slow death for the platform. The announcement came on Thursday’s Massachusetts Gaming Commission (MGC) meeting agenda, where WynnBET will request permission to cease its online sports wagering activities in the state.
This news arrives about six months after WynnBET mentioned its collaboration with regulators in Arizona, Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia, and West Virginia. The plan was to focus on the states where Wynn Resorts operates land-based casinos, specifically Massachusetts and Nevada. However, despite being the first online sportsbook approved in Massachusetts and operating within the thriving Encore Boston Harbor, WynnBET’s presence in the state wasn’t enough to keep the platform alive.
In August of last year, Wynn Resorts announced plans to depart from eight states, including Michigan and New York. With Massachusetts set to be removed from the online sports betting roster, Michigan could be next in line due to the unlikelihood of Wynn operating a land-based casino there. New York could present a different scenario as Wynn Resorts is a potential contender for one of the three downstate casino permits. Despite this, the fate of WynnBET in New York remains uncertain.
Despite Wynn’s early reluctance to engage in a cash “arms race” to acquire sports betting customers, the operator struggled to gain significant market share in the states where WynnBET operated. In May 2021, Wynn Interactive announced a deal to merge with a blank-check company, valuing the online betting entity at $3.2 billion. However, this deal collapsed in November of the same year. Rumors also surfaced in early 2022 about Wynn shopping its digital betting unit at $500 million, but no deal ever materialized. Now, it seems that WynnBET is on its last legs, with no compensation for the parent company.