WynnBET shuts down operations in eight US states

Wynn Resorts is shutting down its WynnBET online sports betting and iGaming platform in eight of the eleven US states where it is currently live in.

Wynn will work with regulators to cease operations in Arizona, Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia, and West Virginia as soon as possible.

Michigan will remain available for a period of time under review, while WynnBet in New York and Massachusetts will continue to be available.

WynnBET players will be able to access their accounts until 11 October, by which time all funds should be withdrawn.

In the states WynnBET is exiting, bets that were placed before 11 August for events that occur prior to 11 October will be settled and paid out according to the market result. More information regarding open bets that settle after 11 October will be shared directly with customers at a later date.

“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 Wynn Resorts chief financial officer Julie Cameron-Doe.

“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.”

Shares in Wynn Resorts Ltd (NASDAQ:WYNN) closed 3.52 per cent lower at $100.55 per share in New York Friday.