WynnBet to Reduce Betting Operations
Author:
Muhammad Gregory
Wynn Resorts has revealed its strategic choice to discontinue its WynnBET online sports betting and iGaming platform across eight of the eleven jurisdictions it operates in. The company expressed its commitment to collaborate with regulators and engage with patrons to swiftly conclude operations in Arizona, Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia, and West Virginia.
Wynn Resorts has made the strategic decision to cease its WynnBET online sports betting and iGaming operations across eight of the eleven jurisdictions it is currently active in. ?Gautier Salles/Unsplash
Cessation of Operations Comes After Announcement of Several New Markets for WynnBET App
Wynn Resorts, a prominent figure in the gambling industry, has announced a strategic decision to discontinue its online sports betting and iGaming platform, WynnBET, across eight out of the eleven jurisdictions it operates in. This move reflects the company’s dedication to working closely with regulators and its customers to facilitate a smooth and swift transition. The affected jurisdictions include Arizona, Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia, and West Virginia, with ongoing reviews in New York and Michigan. However, operations in Nevada and Massachusetts remain unaffected.
This announcement follows the recent introduction of six additional states onto the new WynnBET app, offering enhanced features and a more unified experience for users. While the platform’s focus had initially been on expanding its reach, this decision emphasizes the operator’s dedication to optimizing its services in alignment with regulatory landscapes and customer preferences. The advanced platform aims to deliver streamlined transactions, a consistent app experience across all states, a versatile wallet system, an expanded array of sports markets, and an enriched collection of casino games.
Geolocation technology will continue to play a pivotal role, ensuring players access state-specific markets and promotions while maintaining compliance. Furthermore, the integration of the Wynn Rewards loyalty program aims to offer added value to users, reinforcing the operator’s commitment to a comprehensive and customer-centered approach.
Downscaling of Operations is In Light of Ongoing Need for Outsized Marketing Spend
Speaking on the matter was Julie Cameron-Doe, the Chief Financial Officer of Wynn Resorts, who expressed the view that given the ongoing necessity for substantial marketing expenditures on user acquisition and promotional efforts within the realm of online sports betting, there exist more advantageous avenues for deploying capital that would ultimately benefit the shareholders of Wynn Resorts:
“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.”– Julie Cameron-Doe, Chief Financial Officer, Wynn Resorts, Press Release
She went on to explain that despite having confidence in the promising future of iGaming, the current lack of comprehensive iGaming legislation and the array of alternative investment prospects worldwide have led the organization to choose to limit its capital investment in WynnBET:
“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.”
WynnBET Partnered with GAN Sports Technology Back in December 2022
WynnBet, a still active and notable player in the sportsbook and casino realm, unveiled a strategic partnership with GAN Sports technology back in December 2022. This collaboration aims to underpin WynnBet’s online sportsbook operations in forthcoming market expansions across the United States. This exclusive national alliance is set to debut in tandem with the anticipated retail launch of the WynnBet Sportsbook at Encore Boston Harbor in Massachusetts, projected to take place in early 2023.
This is not the first interaction between GAN and WynnBet; their existing partnership will be further solidified through GAN’s provision of support via its Super RGS content aggregation delivery system. This comprehensive feature is anticipated to be an integral part of WynnBet’s online operations across all future states it chooses to enter. Currently, WynnBet operates in various states, including Arizona, Colorado, Indiana, Louisiana, Michigan, New Jersey, New York, Tennessee, and Virginia. Furthermore, the operator has expressed its intentions to expand its reach through several ongoing license applications in the pipeline.
Commenting on the recent expansion of their existing collaboration, Rob Lekites, the Vice President of North American Sports at GAN, conveyed his positive outlook, expressing his optimism that this extended partnership between WynnBet and GAN would prove to be mutually advantageous for both entities:
“The combination of GAN’s cutting-edge sportsbook technology with WynnBet’s highly experienced and successful leadership team, provides tremendous growth opportunities for both of our organizations. This announcement builds upon our strong partnership with WynnBet in the state of Michigan and further validates our capabilities to provide a highly differentiated and flexible sportsbook as well as bolsters our position as one of the top suppliers in the US iGaming space. The reception of GAN Sports remains highly encouraging as we look to carry this positive momentum into a strong cadence of new partner launches over the coming quarters.”– Rob Lekites, Vice President of North American Sports, GAN Sports, Press Release
Hard Rock Sportsbook Stepped into Arizona Betting Market in February 2022
Hard Rock Digital, the digital arm of the renowned Hard Rock International, unveiled its successful acquisition of market access in the state of Arizona back in February 2022. This significant advancement was made possible through a strategic partnership forged with the Navajo Nation Gaming Enterprise (NNGE). NNGE, operating under the umbrella of the Navajo Nation, the largest federally recognized Native American Nation in the US, currently manages a portfolio of five gaming and hospitality establishments spread across Arizona and New Mexico.
The collaboration with NNGE marks an important stride for Hard Rock Digital as it expands its reach within the US online sports betting market. Presently, Hard Rock International’s digital division already offers its online sports betting services in other states such as Iowa and New Jersey. This strategic expansion emphasizes the industry’s continuous evolution as established players seek to tap into emerging markets and leverage partnerships with regional gaming entities to bolster their presence and offerings.
Marlon Goldstein, the Executive Managing Director and Chief Executive of Hard Rock Digital, conveyed the organization’s enthusiasm in bringing sports betting to Arizona, capitalizing on its globally recognized hospitality and entertainment offerings, underscoring the company’s commitment to enriching the betting landscape in Arizona by leveraging its well-established reputation in the hospitality and entertainment sectors:
“We’re thrilled to partner with the NNGE to provide Arizona sports bettors with a fun and engaging gameday experience through the Hard Rock Sportsbook mobile app. The Hard Rock brand is known worldwide for legendary hospitality and entertainment, and we’re excited to deliver those experiences to Arizonans digitally with unrivaled mobile sports betting.”
