WynnBET exits several US markets
Wynn Resorts has recently announced that it will be closing its online operations in several states.
The main aim of the operator’s latest decision is to redirect the funds it spends on player acquisition and retention efforts in the states where it offers online wagering and gambling to better investment options all around the world. The company also mentioned excessive marketing spending requirements and the subpar regulatory frameworks of various states as the key driver of its decision.
Wynn Resorts’ CFO, Julie Cameron-Doe, remarked:
“As we are required to allocate a sizable amount of funds to various marketing efforts to maintain our player acquisition and retention rates, we believe that we can utilize our resources in a more optimal manner for our stakeholders. We are certain that online gambling holds quite a bit of potential for operators, however, the lacking regulatory frameworks of various states, combined with the presence of several other opportunities for investment in different parts of the globe, has driven us to limit the resources of WynnBET to only operate in states where we offer land-based services.”
WynnBET will continue offering its services in Massachusetts and Nevada, while all of its other operating jurisdictions except for Michigan and New York will be phased out in the near future. The firm’s operations in the last two jurisdictions are currently under review.