WynnBET, the online gambling venture of Wynn Resorts, seems to be preparing to exit Massachusetts’ gambling market, a recent announcement by the Massachusetts Gaming Commission (MGC) suggests.
As the MGC prepares for tomorrow’s meeting, the authority published its agenda for the event. The second entry under the Legal and Sports Wagering Division section reads that the regulator will discuss betr and WynnBET’s requests to exit the market.
As outlined in the document:
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).
MGC agenda excerpt
The news caused further concerns about WynnBET’s future among industry experts who fear that the app is failing to replicate the success of its parent company’s retail business. In 2023, Wynn Resorts announced that it would focus its online operations on states in which it already has a retail presence. However, considering that Massachusetts is one of its strongest retail states, this may mean trouble for its online brand.
WynnBET was already struggling to remain sustainable in multiple states and, in August, decided to exit a whopping eight states.
WynnBET’s downfall may be attributable to its parent company’s refusal to actively compete with other players in the market where it operates, which prevented it from gaining a significant market share.
If Wynn Resorts secures one of the downstate New York casino permits, there is a chance WynnBET might just be able to thrive. However, experts predict that the brand may be set to exit Michigan next since it already confirmed that it is reviewing its operations in New York and Michigan.
Betr Is Also Preparing to Leave
In the meantime, betr, the Miami-based newcomer to the US sports betting market, just announced its decision to exit the Massachusetts sports betting market by the end of the year. Co-founded by Joey Levy and Jake Paul, the micro-betting specialist struggled to gain traction in The Bay State.
Betr’s failure to capture the Massachusetts audiences also raised questions about the viability of the micro-betting model. While betr is optimistic about other jurisdictions, micro-betting has so far proven suboptimal in challenging established betting brands, such as DraftKings.
In other news, the Massachusetts Gambling Commission recently published the industry results for December, highlighting robust metrics.