WynnBET is the seventh online sportsbook to launch in NY sports betting as of today.
The sportsbook soft-launched into the New York sports betting market Thursday, according to a WynnBET spokesperson. The formal launch was announced Friday morning. The sportsbook received regulatory approval earlier this week.
“WynnBET beginning operations in New York is a monumental step in the growth of our company,” Wynn Interactive President Ian Williams said in a statement. “New York represents a significant population of our Wynn Rewards membership, and we are confident in our ability to compete in this market by providing the first-class service and gaming experiences synonymous with the Wynn Resorts brand.”
The online New York market launched Jan. 8 and reached $1.176 billion in bets and $91.4 million in operator revenue through the first 16 days of action. At the state’s 51% tax rate, that sports betting revenue generated $46.6 million in tax proceeds.
WynnBET positions before potential sale
Wynn Resorts is reportedly shopping WynnBET, its interactive division, for $500 million. A deal to go public through a SPAC merger, worth $3.2 billion, fell through in November.
With the impressive sports betting figures coming from NY, WynnBET’s access to the market is an attractive asset. It was one of nine sportsbooks to receive a New York license in November.
WynnBET is now live in eight states, with market access to another five including Louisiana, which launched last week. Wynn also expects to launch in Iowa soon.
Growing NY online sports betting market
The first four sportsbooks to launch in NY were:
- Caesars
- FanDuel
- DraftKings
- BetRivers
BetMGM joined as the fifth active sportsbook Jan. 17. PointsBet launched Jan. 24 to become the sixth sportsbook in the market.
NY sports betting leaders through 16 days
Caesars led the five live operators through the first 16 days with 41.5% of NY sportsbook handle. FanDuel and DraftKings were second and third, with 30.6% and 22.6%, respectively.
Even with just 3.5% of the handle, BetMGM still had a record start, according to a company update.
“It was the best first day of any live launch, we broke records for most registrations, for most first-time depositors, for deposits, for bets, for handle,” BetMGM CEO Adam Greenblatt said.
Despite starting on launch day, BetRivers garnered 1.9% of the market.
Other sportsbooks waiting on New York
With WynnBET’s launch, there are just two sportsbooks waiting for their New York entry.
Bally Bet will not launch before April, Bally‘s Chairman Soo Kim told CNBC.
A Resorts World spokesperson told Play NY the sportsbook will launch “as soon as possible.”
