Published on: January 30, 2024, 02:12h.
Last updated on: January 30, 2024, 02:12h.
Wynn Resorts’ (NASDAQ: WYNN) WynnBET is scheduled to leave Massachusetts, indicating a potential slow decline for the mobile sports wagering app within the industry.
The Massachusetts Gaming Commission (MGC) agenda on Thursday indicates WynnBET plans to request the cessation of online sports wagering activities in the state.
WynnBET Notice of Intent to Cease Operations pursuant to 205 CMR 258, including Request for Approval of Cessation Plan and Request for Waiver from 205 CMR 258.01(1),” according to the MGC agenda for the Feb. 1 meeting.
The MGC will also consider a similar request from sports wagering startup Betr on the same day.
WynnBET Could Be on Borrowed Time
WynnBET’s exit from Massachusetts comes after working with regulators in various states. The parent company, Wynn Resorts, had indicated it would focus WynnBET on states with land-based casinos. Massachusetts’ removal from WynnBET’s online sports betting offerings could be a sign of more to come.
With Massachusetts close to being removed from the parent company’s online sports betting portfolio, operations in Michigan and New York are under review. Retail sports betting will continue to be available at Encore Boston Harbor’s brick-and-mortar book.
For WynnBET, Things Weren’t Supposed to Be This Way
Initially, the parent company hinted it wouldn’t engage in a cash “arms” race to acquire sports betting customers, resulting in challenges to gain market share. Should WynnBET be discontinued, there will be no compensation for the parent company.