WynnBET goes live as New York’s seventh mobile sportsbook

WynnBET is now the seventh sportsbook to launch mobile sports betting in New York, just in time for the Super Bowl.. The news was confirmed Friday by the company with a written statement and promotional video showing a former wide receiver and three-time Super Bowl winner. Julian Edelman.

“New York is a huge step in our company’s growth,” said Ian Williams, president of Wynn Interactive, of the launch., described as a “huge day” for WynnBET, who now lives in 8 US states. Players in the state can download WynnBET on the Apple app and Google Play Store, or visit the company’s dedicated New York site for betting.

WynnBET New York customers will gain access to the company’s rewards program, Wynn Rewards, which provides “a variety of real-world experiences and benefits” that can be used at Wynn Resorts hotels. Existing Wynn Rewards members will be able to link their account to WynnBET upon completion of registration.

In addition, New York customers will be able to take advantage of a new player offer: bet $10 and win $200.. If the player completes registration, deposits at least $10, and places a straight bet or a straight bet for the first time of $10, he will get $200 in free bets.

“New Yorkers represent a significant portion of our Wynn Las Vegas and Encore Boston Harbor databases, and we look forward to giving these customers more ways to earn and use Wynn Rewards,” Craig Billings, CEO of Wynn Interactive, said last year.. “We also look forward to meeting and interacting with new clients in the state via WynnBET.”

The operator had secured market access for the first time in the Empire State in November last year, but failed to launch upon market launch, which happened on January 8. It has now secured the required regulatory approval to start its operations, joining already live sportswriters Caesars, DraftKings, FanDuel, BetRivers, BetMGM and PointsBet.

Now that WynnBET has been confirmed, New York is just waiting for other operators to launch: BallyBet and Empire Resorts, who received conditional approval last year, but are still finalizing details before going live.

Wynn Resorts’ digital sports betting arm is now joining a new market that, in just 16 days, has broken a string of industry records. The Empire State becomes the fastest to break the billion dollar mark, surpassing the previous record for the strongest launch, set by Arizona, which topped $1 billion in November.

The situation of sports bettors in New York Over $1.1 billion in mobile sports bets in less than a month in january. The state is also close to breaking a second record: the most one-month handles, which belong to New Jersey, which posted $1.3 billion in bets in November 2021..

Splitting the data by sports narrative positions Caesars as the market leader with $483.3 million in bets, followed by FanDuel at $360 million and DraftKings at $265.5 million.. BetMGM ranked fourth with $40.6 million in bets, and BetRivers ranked fifth with $22.2 million. PointsBet numbers have yet to be released since the product launched on January 25.

From January 8 to January 23, total gaming revenue in the state was reported at $90.6 million, with taxes of about $45 million for the state due to New York’s unusually high tax rate of 51%.

With WynnBET joining the New York betting process, the new market becomes the eighth state in which its product is available, Including Arizona, Colorado, Indiana, Michigan, New Jersey, Tennessee, and Virginia. WynnBET also plans to launch in Iowa and Louisiana “in the near future.”

WynnBET first gained market entry to New York as part of a Kambi-led consortium, which also included Caesars, PointsBet, BetRivers and Resorts World. While a presence in the Empire State, which is set to take the number one spot in sports betting, is undoubtedly a major move for the company, the Wynn subsidiary is in a position to stand up to fierce competition.

Last month, media speculation claimed that Wynn Resorts is looking to sell its Wynn Interactive division – operator of the WynnBet brand – at a “huge discount” as the sports betting sector faces losses from tough taxes and costly promotions to lure customers..

The Vegas-based giant allegedly lowered the asking price of its sports product to $500 million from a $3 billion valuation less than a year ago.. Analysts told New York Post The suitors for Wynn Interactive will be the fanatics and Penn Interactive from Penn National Gaming.

“The market is really unsustainable right now,” outgoing CEO Matt Maddox said on an earnings call on November 10. “Competitors spend a lot to get customers. And the economy isn’t something we’re going to get involved in.” Ultimately, a blank check merger being considered at the time, which valued the online unit at $3.2 billion, was eventually called off.

Aggressive spending tactics have taken over the US market lately, with industry leaders FanDuel and DraftKings after they offered $1,000 in credits to sign up new members. This was also the case in the New York market, where operators launched massive promotions despite a 51% tax rate on revenue..

Analysts, whose market success is partly due to intense promotion, have expressed concerns about the sustainability of these approaches: Promotions are expected to decline in the medium to long term if operators hope to see profitability in New York. It is believed that it can cost anywhere from $300 to $500 on average to get an online gaming client.

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