Colorado online sportsbooks have fallen on hard times recently. WynnBet has announced that it is shutting down sports betting operations in the Centennial State.
WynnBet’s exit marks the sixth operator to leave sports betting in the state this year.
WynnBet becomes latest sportsbook to exit Colorado sports betting
Colorado isn’t the only state WynnBet is shuttering operations in. The company announced shutdowns in the following states:
- New Jersey
- West Virginia
It’s no surprise that FanDuel Sportsbook CO and DraftKings Sportsbook CO are the top two operators in Colorado. The Colorado Division of Gaming does not break down handle or revenue by operator. So it’s difficult to see where WynnBet stacked up. Evidently, it wasn’t high enough.
Wynn Resorts CFO, Julie Cameron-Doe, said in a statement:
“In light of the continued requirement for outsized marketing spend through user acquisition and promotions in online sports betting, we believe there are higher and better uses of capital deployment for Wynn Resorts shareholders.”
WynnBet isn’t the only operator to bite the Colorado dust. The following sportsbooks have closed in 2023:
- Elite Sportsbook
- Maverick Sportsbook
- Sky Ute Sportsbook
WynnBet is closing “as soon as possible,” according to the press release.
The Centennial State is down to 19 sportsbooks after WynnBet’s departure.
WynnBet Sportsbook’s message to Colorado sports bettors
In an email to WynnBet Colorado users, the operator said:
“We want to thank you for being a dedicated customer of WynnBET. Unfortunately, we have had to make the difficult decision to close down the business in most states, including Colorado. We have enjoyed serving you and look forward to serving you at Wynn Las Vegas and Encore at Wynn Las Vegas and Encore Boston Harbor, and their sports books.”
The email stated that new sports betting offerings are immediately discontinued and that player accounts will be accessible for 60 days to allow time for outstanding bets to settle and to withdraw account balances. WynnBet will be in contact with users if futures and parlay bets will be settled beyond 60 days.
The Wynn Rewards points players earned are still redeemable for rewards at Wynn Las Vegas and Encore at Wynn Las Vegas and Encore Boston Harbor properties.
Colorado Rockies sports betting partner is exiting the industry
The Colorado Rockies are going to need to find a new sports betting partner, should it want one. WynnBet and the Rockies came together in July 2021 for a multi-year partnership.
Some of the terms of the contract included:
- WynnBet signage across stadium
- In-game promotions that may yield prizes such as trips to Wynn Las Vegas
- Premium hospitality events
- Integrating WynnBET branding into the Rockies’ social media accounts
The Rockies have not made an announcement on the partnership as of yet.
WynnBet likely passing up Colorado online casino opportunity
WynnBet also made it known it is pulling out of states with online casinos, too, such as New Jersey and West Virginia.
Colorado online casinos are not legal. However, last month, Colorado’s Department of Revenue Executive Director, Mark Ferrandino, hinted that “talks are underway about legalizing online casino gaming in the state.” Despite online casinos being much more lucrative than sports betting, it’s unlikely WynnBet reconsiders.
Cameron-Doe said Wynn Resorts is going to focus on its retail brand:
“While we believe in the long-term prospects of iGaming, the dearth of iGaming legislation and the presence of numerous other investment opportunities available to us around the globe have led us to the decision to curtail our capital investment in WynnBET to focus primarily on those states where we maintain a physical presence.”