WynnBET, the online gambling venture of Wynn Resorts, is reportedly considering an exit from the Massachusetts gambling market, as indicated by a recent announcement by the Massachusetts Gaming Commission (MGC).
The MGC published its agenda for an upcoming meeting, revealing that the regulator will discuss WynnBET’s request to cease operations in Massachusetts. The agenda excerpt stated that WynnBET has submitted a Notice of Intent to Cease Operations, along with a request for approval of a cessation plan and a waiver from regulatory requirements.
Industry experts are concerned about the future of WynnBET, as the app struggles to replicate the success of its parent company’s retail business. Wynn Resorts previously announced that it would focus its online operations on states where it already has a retail presence, raising concerns about WynnBET’s viability in Massachusetts, one of its strongest retail states. The app has already faced challenges in multiple states and decided to exit eight of them in August.
The downfall of WynnBET is attributed to its parent company’s reluctance to actively compete in the markets where it operates, hindering its ability to gain a significant market share. There is a glimmer of hope for WynnBET if Wynn Resorts secures a casino permit in downstate New York, but experts predict that the brand might exit Michigan next, as it is reviewing its operations in New York and Michigan.
In addition to WynnBET, betr, a Miami-based newcomer to the US sports betting market, has announced its decision to exit the Massachusetts sports betting market by the end of the year. The micro-betting specialist co-founded by Joey Levy and Jake Paul has struggled to gain traction in Massachusetts. This has raised questions about the viability of the micro-betting model, as it has so far proven challenging to compete with established betting brands like DraftKings.
On a brighter note, the Massachusetts Gambling Commission recently published robust industry results for December, possibly indicating positive developments in the state’s gambling market.