WynnBET, Betr Requesting Online Sports Betting Leave From Massachusetts

FedExForum introduces WynnBET as one of its new attractions inside its multi-purpose arena located in Downtown Memphis, Tennessee on Monday, Oct. 18, 2021.A11i4281WynnBET and Betr will be submitting a notice of intent to cease online sports betting in Massachusetts WynnBET confirms it will continue partnership with Encore Boston Harbor for retail sports bettingWynnBET was approved for the first online sports betting license in the state

Two of the originally licensed sportsbook companies in Massachusetts are requesting to cease online sports betting operations in the commonwealth.

WynnBET and Betr will both be submitting a notice of intent to the Massachusetts Gaming Commission (MGC) during Thursday’s meeting to cease online sports betting operations. WynnBET also currently holds both an online and retail sports betting license and operates a brick-and-mortar sportsbook at Encore Boston Harbor casino.

WynnBET will continue its retail sports betting services with Encore Boston Harbor casino, a spokesperson confirmed.

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WynnBET Ceasing Online Sports Betting in State

An agenda item on Thursday’s Massachusetts Gaming Commission reveals WynnBET’s decision to cease online sports betting operations in the state. The item reads as follows:

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)

WynnBET was the first sports betting company to be approved for a sports betting license by the MGC back in December 2022. It received approval for the first tethered Category 3 online sports betting license after more than a six-hour meeting. The operator launched online sports betting in the Bay State on March 10, 2023, the first day of legalized sports betting in Massachusetts.

Despite being one of the original six operators to launch on day one, WynnBET has struggled to find a footing in the state. It has consistently performed as one of the lower operators in terms of both handle and revenue, only consistently topping Betr’s totals each month.

In December, the Massachusetts Gaming Commission reported WynnBET only handled $12.4 million in online sports bets and brought in just under $168,000 in taxable revenue. It only outperformed Betr in terms of handle and taxable revenue for the month.

Betr also made it known that it will be submitting a notice to leave the commonwealth.

WynnBET Decreasing Operations Throughout Country

WynnBET has been decreasing its services throughout the country over the last five months.

This past August, WynnBET announced it would cease online sports betting and iGaming in eight states. It worked with regulators to cease operations in Arizona, Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia, and West Virginia.  Wynn announced it would also review its New York and Michigan operations.

In the announcement, WynnBET said it would continue to operate in both Nevada and Massachusetts, states where it also holds a retail sports betting option.

Julie Cameron-Doe, chief financial officer of Wynn Resorts, noted in the announcement that the requirement for “outsized marketing spend through user acquisition” was a mitigating factor that led to the decision.

“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,” she said.