Wynn Resorts Shutting Down Online Sports Betting and Casino Gaming in NJ

Sports betting and online casino gaming are big business in the United States, bringing in millions of dollars monthly for operators. Surprisingly, Wynn Resorts is shutting down its services in New Jersey and other states. The brand announced late last week that it's sportsbook and online casino are closing in the Garden State. WynnBET will no longer be part of the NJ casino and sports betting scene.

The news came on Friday, as Wynn Resorts announced that it would stop all sports betting services in eight US states, including New Jersey. The company wants out of the NJ market as quickly as possible. Players should take action now if an account is active to remove funds.

Wynn will no longer offer sports betting in Arizona, Colorado, Indiana, Louisiana, Tennessee, Virginia, and West Virginia. They are closing the casino operations in the Garden State, as mentioned, and in West Virginia.

An email was sent to customers of the brand stating that a difficult decision was made to shut down. The message to New Jersey casino players was that WynnBET would be shut down immediately. Players have until October 11 to access their accounts. A total of 60 days has been given for outstanding bets to settle and money to be withdrawn.

If funds are not withdrawn in 60 days, WynnBET plans to mail checks to the players. The address connected to the online account will be used for the check. The company plans to allow Wynn Reward points to remain active. Players can use points at Encore Boston Harbor, the Wynn Las Vegas, or the Encore at Wynn Las Vegas.

So, why is WynnBET closing up shop? According to Wynn Resorts COO Julie Cameron-Doe, the company will be finding better ways to use the capital deployment for Wynn Resorts shareholders. The COO cited the continued requirement for outsized marketing spend on building a customer database and offering promotions as the reasoning behind the change.

The reason behind the online casino shutdown is due to ‘the death of iGaming legislation and the presence of numerous other investment opportunities. It seems the company does not feel that online casino legislation is growing fast enough in the US to warrant staying in business. The funds used to promote WynnBET Casino could be put to better use.

The company does plan to continue offering sports betting services online in Nevada and Massachusetts. These two states must be the top earners for the brand. New York and Michigan will remain under review.

WynnBET constantly struggled against its competitors in online casinos and sports betting. There are several big names in the US industry, with DraftKings, FanDuel, Caesars, and BetMGM maintaining the top spots.

For WynnBET, it feels like Wynn Resorts felt the markets were not worth continuing, even though money is to be made. They would have at least allowed WynnBET to remain and just cut down on spending before shutting down completely.

Will the decision pay off? Will Wynn Resorts be able to use the online marketing and operation funds to find success in other areas? While the United States casino market is slowing down, those with a toehold in the industry will ultimately have the upper hand in market share.

We shall see in the coming years if this was a big mistake by Wynn or the right decision. Only time will tell if leaving the iGaming market was worth it. It may be that the brand enters the market once again when more states pass online casino gaming legislation.