WynnBet has officially stopped taking bets in New York City as of July 30.
After two and a half years of operating in the Empire State, WynnBet has updated its website to add New York City to the list of 10 jurisdictions where its platform has ceased operations.
Since launching in New York City in February 2022, WynnBet has accepted $233 million in wagers and just $11.3 million in revenue, ranking seventh and eighth out of nine, respectively.
This continues WynnBet’s significant decline in the U.S. market. Last August, Wynn Resorts announced it was ceasing operations in eight of the 12 U.S. jurisdictions where WynnBet operated.
The company has also since left the Massachusetts online sports betting market and the Michigan online gaming market.
ESPN Bet Ready to Take Over
ESPN Bet is expected to step in to fill the void.
In February, WynnBet agreed to transfer its New York sports betting license to PENN Entertainment.
PENN paid about $25 million for the license, which is the same amount WynnBet paid to enter the market.
ESPN Bet will soon have access to the state with the largest reach in the country, despite the 51% tax it imposes on online sportsbooks.
New York limits the number of betting operators to nine. In addition to Wynn, the state includes FanDuel, DraftKings, Caesars, Bally Bet, BetMGM, BetRivers, Fanatics, and Resorts World.
Wynn plans to continue its New York operation in another way. The company is set to apply for a new casino license in the downstate and has identified Hudson Yards as a potential site.
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