WynnBET Withdraws Maryland License
WynnBET Withdraws Maryland License
During last week’s announcement, Wynn Resorts revealed its intention to withdraw its mobile sports betting platform, WynnBET, from several jurisdictions. Among these changes, the company will also be surrendering its mobile sports betting license in Maryland, This decision comes despite WynnBet having obtained a mobile wagering license from the Maryland Sports Wagering Application Review Commission (SWARC) in December.
Despite not yet having launched its operations in Maryland, the company will collaborate with relevant authorities to navigate the process of relinquishing the awarded mobile sports wagering license. John Mooney, the Director of Regulatory Oversight at the Maryland Lottery, addressed this matter during the SWARC meeting held on Wednesday.
Maryland and Sports Betting
Maryland has become a center point for mobile sportsbooks, as both betPARX and Crab Sports have recently launched their mobile platforms. This brings the total number of operational mobile sportsbooks in the state to 12, alongside 10 physical sportsbook locations. Notably, seven of the 12 mobile books were introduced in November, featuring big names such as BetMGM, Caesars Sportsbook, DraftKings, and FanDuel.
Initially, Maryland Lottery Director John Martin anticipated a steady expansion in the state’s mobile sports betting market. He projected that by the end of 2023, Maryland residents could expect to have around 20 mobile sportsbooks. However, this outlook seems less likely as more than half the year has passed and the rate of new mobile arrivals has slowed down considerably.
Future Releases for the State
Maryland can expect a change on the horizon in the sports betting landscape. Barstool Sportsbook is on track to rebrand as ESPN BET in November. Additionally, Fanatics Sportsbook, which recently acquired PointsBet, is getting ready to launch its fully operational mobile sports betting product ahead of the football season’s kickoff.
The upcoming 2023 football season marks another milestone as Fanatic’s retail sportsbook at FedEx Field will open for its first complete NFL season.
Wynn’s resolution to maintain mobile wagering in states housing its physical casinos played a pivotal role in its decisions.
Wynn Resort Decides to Exit the Market
It seems that WynnBET struggled to capture a significant portion of the market simply as an online operator. Wynn Resorts is particularly interested in jurisdictions that have legalized online casino gambling, a domain that remains more specialized compared to the widespread phenomenon of legal sports betting across the United States. Although Maryland is examining the potential of legalizing iGaming, it hasn’t taken the definitive step towards accepting it.
Julie Cameron-Doe, Wynn’s Chief Financial Officer, explained the rationale behind their decision, citing the ongoing need for substantial marketing expenses for user acquisition and promotions in the industry of online sports betting. She emphasized the company’s faith in the future of iGaming, while also acknowledging the availability of various global investment opportunities.
This has led Wynn Resorts to readjust its capital deployment strategy for WynnBET, focusing on states where the company maintains a physical location.
Conclusion
Wynn Resorts’ strategic shift, influenced by the preference for jurisdiction with a physical casino presence and a specific interest in legalized online casino gambling, shows the dynamic nature of the industry. Maryland’s exploration of iGaming possibilities highlights the potential for further growth within the state.
Exciting changes are on their way with the upcoming rebranding of Barstool Sportsbook to ESPN BET and the launch of Fanatics Sportsbook’s fully operational mobile sports betting product. The opening of Fanatics’ retail sportsbook at FedEx Field for the complete NFL season adds another layer to the everchanging sports betting market.
