Gambling

WynnBET Exits New York, ESPN BET Gears up for Fall Launch

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5 months ago

August 1, 2024

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WynnBET Exits New York, ESPN BET Gears up for Fall Launch

WynnBET continues to operate online sports betting in Nevada, where its parent company oversees land-based gambling properties.

Aug 1, 2024 • 11:30 ET

• 4 min read

WynnBET Sportsbook has officially exited the New York sports betting market as of Monday, ending its online operations in the state. The platform, which began its New York operations in February 2022, will allow existing customers to access their accounts and withdraw any remaining funds until 11:00 p.m. ET on August 29. Meanwhile, ESPN BET is set to take over WynnBET’s online sports betting license and anticipates a launch this fall.

This is not the first state where WynnBET has shut down its online sports betting operations. The operator has a dedicated page on its site listing all the jurisdictions where it was previously available and has now shut down. There are 10 states on this list, with New York the most recent to be added.

Another WynnBET Shutdown

In August 2023, WynnBET announced its shutdown in eight U.S. states: Arizona, Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia, and West Virginia. It also said it was reviewing its online operations in Michigan and New York. It has closed in both states since, as well as Massachusetts.

In a statement released when WynnBET withdrew from the eight U.S. states, Wynn Resorts Chief Financial Officer Julie Cameron-Doe commented:

“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. 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.”

WynnBET continues to operate online sports betting in Nevada, where its parent company oversees land-based gambling properties. While its sportsbook shut down in Michigan, the WynnBET online casino continues operations in the Great Lakes State under Caesars’ ownership, following an acquisition.

ESPN BET’s Growing Presence

ESPN BET is the latest PENN Entertainment sportsbook in the U.S., after the conclusion of the company’s agreement to run Barstool Sportsbook. ESPN BET is the product of a partnership with sports broadcaster ESPN, owned by Walt Disney. The companies agreed to a $1.5 billion deal over 10 years for PENN Entertainment to provide the sports betting technology to carry the ESPN brand.

The online sportsbook went live in 17 U.S. states in November 2023, taking over from where Barstool Sportsbook was live, and has continued to expand into other jurisdictions. The gambling platform received approval from the North Carolina Lottery Commission and went live in NC on March 11, 2024.

On February 13, PENN Entertainment announced it had purchased Wynn Interactive Holding’s New York sports betting license for $25 million. In a statement released on this purchase, CEO and president of PENN Entertainment, Jay Snowden, said, “This is an important development that will bring ESPN Bet to the largest regulated online sports wagering market in North America. Together with ESPN, we’re building a brand that is synonymous with sports betting, and operating in the New York market is key as we grow ESPN Bet across the US.”