WynnBET announced this week that it is withdrawing its operations from at least eight of its jurisdictions, reopening the battle for licenses in those states.
States that it is withdrawing from include: Arizona, Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia, and West Virginia. Nevada and Massachusetts will remain intact, and the company still aspires to launch in New York if it can land one of three casino licenses up for grabs.
shakes up the market in each of those states
As much of a pivot as this is for parent company Wynn Resorts, it also shakes up the market in each of those states.
For example, WynnBET was approved in Maryland last December but never launched its sportsbook. It is now working with local regulators to surrender its license, which is one of 11 that are available for interested operators. That means that unlicensed sportsbooks could reapply for entry into the Maryland market, should regulators relist the license.
Of the states WynnBET is exiting, its New Jersey license will be the most sought after. The Garden State produced a $587m betting handle in July, representing a 10.4% annual increase. That handle resulted in $61m in revenue, a 35.6% increase year-to-year.?
Top operators FanDuel and DraftKings are already operational in all of the states from which WynnBET is withdrawing. But Fanatics Sportsbook, which has shown great interest in expanding, will not be licensed in Arizona or Tennessee, even after its acquisition of PointsBet’s North American assets.
ESPN Bet will also be in the market for a license when it launches its sportsbook later this fall.