WynnBet will soon cease operations, a Wynn Resorts spokesman told Bonus on Feb. 20. The catalyst is Caesars Entertainment taking over the online gambling operator’s “skins” there, with an emphasis on iGaming and Michigan WynnBet Casino. Simultaneously, Fanatics Betting and Gaming (FBG) is putting its bespoke app in place of Michigan’s PointsBet sites.
The Wynn (Wynn Resorts 82,63 -0,53%) spokesman told Bonus on Feb. 20 that WynnBet is shutting down.
He told Bonus:
We are pleased with the transaction, which will effect our departure from the Michigan market. We are now effectively exiting all the markets in which WynnBET operated, which following final regulatory approvals, will allow us to bring that business to an orderly close.
The spokesman directed all future questions regarding the Michigan market to Caesars.
His comments match sentiments from the C-suite regarding WynnBet not matching the commercial casino performance, which the Wynn leaders believed was the core of the business.
Relatedly, on Feb. 13, Wynn announced it sold its New York mobile sports betting access to Penn Entertainment (Penn Entertainment 17,37 +1,22%). Penn plans to launch ESPN Bet in WynnBet’s place.
Michigan WynnBet Casino Leaves
Michigan only has 15 online gambling operator slots available, but word came on Feb. 20 that two of them will soon have new identities.
The announcement from Caesars (Caesars Entertainment 27,36 -3,15%) appeared to prioritize replacing Michigan WynnBet Casino.
WynnBet operates a casino and sportsbook through the Sault Sainte Marie Tribe of Chippewa Indians partnership.
The Feb. 20 Caesars announcement said:
Caesars intends to transition the WynnBET iCasino operations in Michigan later this year to one of the flagship gaming brands within the Caesars portfolio. … More information on Caesars’ new iCasino offering will be announced at a later date.
A Caesars spokeswoman added this comment for Bonus about the sports betting skin:
We have reached an agreement to acquire the operations of Wynn’s sportsbook skin and database in MI.
Caesars already partners with tribal casino operators Grand Traverse Band of Ottawa and Chippewa Indians to bring Michiganders online casino, poker, and sports betting. Those brands are Caesars Palace Online Casino, Caesars Sportsbook, and WSOP, respectively.
However, the transition hasn’t happened yet. It’s awaiting approval from the regulator, the Michigan Gaming Control Board (MGCB).
Michigan online casinos generated $1.92 billion in gross gaming revenue (GGR) in 2023. Only New Jersey and Pennsylvania are in the same revenue league.
Fanatics Has News, Too
In August, FBG bought the US businesses from Australian iGaming operator PointsBet Holdings Limited (PointsBet Holdings Limited 0,67 +5,74%).
Drew Ellis of PlayMichigan reported on Feb. 20 that Fanatics Sportsbook and Fanatics Casino will launch on Feb. 22.
PointsBet Casino has seen a big increase in revenue to end 2023. The final four months of 2023 saw PointsBet Casino record at least $1.83 million in monthly revenue. That was a mark it had never hit prior to September.
For the year, PointsBet Casino recorded $19.1 million in revenue. That was a 77% increase compared to 2022 ($10.8 million). It was the biggest increase for any Michigan online casino that was in operation for all of 2022 and 2023.
Bonus and PlayMichigan are Catena Media publications.
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