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Wynn Resort and Casino plan to close its mobile sports betting platform WynnBet in at least eight states, including Louisiana, Virginia, New Jersey, Colorado, Tennessee, West Virginia, Indiana, and Arizona. Wynn’s leadership team has expressed that their operations will remain intact in Massachusetts and Nevada while their presence in New York and Michigan is being reviewed. The withdrawal of Wynn will provide other sportsbooks with an opportunity to expand their presence in those territories where Wynn used to operate. With WynnBet closing its doors, it joins a growing list of sports books recently closed, including Pointsbet, Fubo, and MaximBet.
WynnBet’s Focus on Key States
For WynnBet to be able to redistribute its capital as necessary, the company’s decision to close its operations in the United States, as mentioned earlier, was one of the most significant factors driving its decision. Wynn Resorts chief financial officer Julie Cameron-Doe stated that “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.”
Profitability and Competition
Wynn Interactive, the division responsible for overseeing WynnBet, is poised to achieve profitability in Q4, according to Wynn Resorts CEO Craig Billings. Wynn’s overall performance outperformed competitors in various business aspects except for its sports betting division, particularly in profitability. It is noteworthy that sportsbooks such as DraftKings, BetMGM, and Caesar’s Sportsbook made a profit in Q2 for the first time, highlighting the competitive nature of the sports betting industry.
As the competition for U.S. market share intensifies, the dominance of FanDuel and DraftKings, which collectively command over 70% of the mobile sports betting market, underscores sportsbooks’ need to pursue customer acquisition strategies. An excellent example of this was the highly competitive bidding war between DraftKings and Fanatics over PointsBet, which ultimately resulted in the $225 million acquisition of PointsBet by DraftKings. Established players in the industry are keen on maintaining their stronghold in the market and eliminating potential competitors that could threaten their position.
Alliances and Evolving Dynamics: Shaping U.S. Sports Betting
A notable development that may significantly impact mobile sports betting market share is ESPN’s multi-billion-dollar partnership with Penn Entertainment to launch ESPN Bet. With its immense reach and substantial resources, ESPN can reshape the competitive landscape further to intensify the race for dominance among sports betting operators. This entry into the market by ESPN and its position as the renowned “worldwide leader in sports” introduce a formidable competitor that could spark further competition and innovation within the sports industry. The impact of this partnership is anticipated to unfold in the coming months, contributing to the ever-evolving narrative of the U.S. sports betting market.
The closure of WynnBet in select states, alongside the broader trends in profitability, customer acquisition battles, and the influence of significant partnerships, underscores the dynamic nature of the sports betting landscape. During the industry’s rapid evolution and continuous adaptation to market conditions, it is evident that vital players have made significant strategic decisions and investments to secure a considerable share of this burgeoning market.
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