WynnBET Makes Debut in West Virginia

Posted on: June 23, 2023, 01:18h. 

Last updated on: April 17, 2024, 11:19h.

Todd Shriber @etfgodfather Read More
Expertise: Financial, Gaming Business, Mergers and Acquisitions.

Wynn Resorts’ (NASDAQ: WYNN) WynnBET unit announced Thursday that its internet casino and online sports wagering offerings are live in West Virginia.

Massachusetts sports betting self-exclusion casino
The WynnBet Sportsbook at Encore Boston Harbor. The operators announced it’s offering iGaming and sports betting in West Virginia. (Image: The Boston Globe)

Bettors in that state can download the WynnBet app through the Apple and Google Play stores or register for an account at www.wynnbet.com. The Wynn Rewards loyalty program is integrated into the internet wagering offering so patrons can earn rewards points through desktop and mobile play. Members of the rewards program can choose to redeem points on WynnBET or at Wynn’s domestic integrated resorts, Wynn and Encore Las Vegas and Encore Boston Harbor.

Online West Virginia players will gain immediate access to Wynn Rewards, providing them with a variety of real-life experiences and benefits that can be used online and at Wynn Resorts’ properties. Existing Wynn Rewards members will be able to connect their accounts to WynnBET upon completing registration,” according to a statement issued by the Las Vegas-based gaming company.

West Virginia is the 11th state in which WynnBET offers online sports betting and the third in which its internet casino is available, joining Michigan and New Jersey.

West Virginia Potentially Positive Step for WynnBET

WynnBET hasn’t amassed market share on par with rivals such as BetMGM and DraftKings, but part of that is by design as the casino giant has refused to engage in costly promotional spending to the level some of its competitors have.

While West Virginia is a smaller state by population, it is home to a vibrant gaming market and one that operators such as WynnBET can enter without significant upfront costs. The fact that it’s one of seven states that allows iGaming is also alluring because that’s a more profitable segment for operators than is sports wagering.

“WynnBET’s online casino brings patrons in West Virginia an extensive library of the most popular games from the largest game suppliers, including classic casino games, live dealer blackjack and roulette, video poker, and Keno,” according to the statement.

WynnBET now offers mobile sports wagering in Arizona, Colorado, Indiana, Louisiana, Massachusetts, Michigan, New Jersey, New York, Tennessee, Virginia, and West Virginia.

West Virginia Could Help, Not Cure WynnBET Issues

iGaming and sports betting haven’t always gone smoothly for Wynn. Last year, Wynn was rumored to be shopping its Wynn Interactive arm, which includes WynnBET, at a steeply discounted multiple. That transaction didn’t come to fruition.

Last year, WynnBET’s plans to merge with a special purpose acquisition (SPAC) company fell apart and the operator pared its advertising expenditures on NFL games. While not a panacea, West Virginia could be a cost-effective avenue for Wynn to bolster its interactive unit.

While Wynn’s bread-and-butter is its land-based casinos, the digital business is trending in the right direction, as it lost $99 million last year, compared with $267 million the year before.