WynnBet next in line for New York sports betting debut
Media reports claim operator has fulfilled New York State Gaming Commission requirements to become the Empire State’s seventh sportsbook
WynnBet will soon become the next sportsbook to launch in the highly lucrative New York regulated online market, media reports have claimed.
New York-based media affiliate Elite Sports New York has reported sources at WynnBet have received clearance to begin operations in the Empire State from the New York State Gaming Commission (NYSGC).
While no launch date has been confirmed, sources have suggested the sportsbook is likely to launch sometime before the Super Bowl on February 13.
https://twitter.com/Bennyshakiri/status/1488648757969395722
The launch would make WynnBet the seventh operator with a sportsbook in New York State, following the state’s launch of its regulated sports betting market on January 8.
The Empire State has enjoyed a hugely successful start to life as a sports betting market, generating $1.176bn in handle and $91.4m in revenue through the first 16 days of operation.
Remaining operators to launch in the Empire State include Resorts World Digital and Bally’s BallyBet sportsbook.
However, Bally’s Corporation chairman Soo Kim recently revealed the US casino and resort operator would delay its sports betting launch to April, following what he called a “bloodbath” of promotional expenditure by NY sportsbook operators over the opening market period.
Elsewhere, Securities and Exchange Commission’s (SEC) latest filings have revealed outgoing Wynn Resorts CEO Matt Maddox, who left the firm on Monday, sold more than 108,000 shares in the business on his last day of employment.
Two sales took place on January 31, one sale of 32,364 shares and the other for 75,462 shares, at an average price of $85.45 a share, netting the exiting CEO $2.76m on the first transaction and $6.44m on the larger second deal.
Following the deals, Maddox now owns just 286,603 shares in Wynn Resorts.
Maddox, who has been replaced by former Wynn Interactive boss Craig Billings, has been credited with steadying the ship at the casino operator following the controversy surrounding Wynn Resorts founder Steve Wynn.
Wynn’s interactive subsidiary, which oversees WynnBet, was recently linked with a cut-price $500m sale, with the New York Post suggesting “painful losses” at the firm caused by high taxation and a significant increase in CPAs in the US sports betting market were forcing a potential sale.