WynnBET continues to separate itself from online operations in other states. However, WynnBET Sportsbook and WynnBET Casino remain active in Michigan.
As the company made plans to exit two more states in recent weeks, only Michigan and Arizona still have relationships with the online operator. Both states are still home to a WynnBET online sportsbook.
Arizona does not have online casinos. That means Michigan is the only state to offer a WynnBet online casino.
WynnBet has left 9 states since August
Back in August, WynnBET announced plans to close operations in eight states. At the same time, Michigan’s operations were put “under review” by the company.
The states WynnBET listed to end operations were:
- Colorado
- Indiana
- Louisiana
- New Jersey
- Tennessee
- Virginia
- West Virginia
Over time, WynnBET has ended operations in seven of the eight states. Arizona remains the only state of the eight with a WynnBet Sportsbook still functioning.
Last week WynnBET announced it would be shutting down operations in Massachusetts, which it has since done.
This week, PENN Entertainment announced it is paying WynnBET $25 million to acquire its New York online sports betting license.
WynnBET Casino earned $52 million in Michigan in 2023
So with just two states still active in the country, one has to wonder what is special about Arizona and Michigan.
Arizona was originally part of the eight states to have their operations ended, yet is still running. That’s not to say that WynnBET is succeeding in Arizona.
For 2023, without December numbers available, WynnBET has just 0.6% of the online sportsbook market share in the state. That ranks 11th of 18 operators.
When it comes to Michigan, WynnBET gets added revenue because there are legal online casinos in Michigan. That has value well beyond sports betting.
In 2023, WynnBET Sportsbook Michigan made $1.48 million in online sports betting revenue. It’s $27.3 million in online handle gave it 0.6% of the state’s market share for the year.
When it comes to the online casino, WynnBET brought in $52 million in revenue for 2023. That accounted for just 2.7% of the state’s market share, but was still more than 35x more revenue than its Michigan online sportsbook.
What will keep WynnBET active in Michigan?
Originally when WynnBET put Michigan “under review”, it was at 3.6% for lifetime online casino market share in the state.
With 2023 now over, that market share has fallen to 3.3% lifetime with $153.5 million in revenue.
Since August, WynnBET has seen its monthly online casino market share in Michigan dropping. It hit just 1.7% for December with $3.1 million.
| Month | Revenue | Market Share |
|---|---|---|
| January | $4,589,125 | 3.0% |
| February | $5,413,521 | 3.7% |
| March | $4,736,576 | 2.8% |
| April | $5,711,354 | 3.6% |
| May | $4,982,746 | 3.3% |
| June | $4,808,955 | 3.2% |
| July | $3,870,269 | 2.5% |
| August | $4,655,881 | 3.1% |
| September | $4,111,095 | 2.5% |
| October | $3,213,006 | 2.0% |
| November | $2,772,676 | 1.6% |
| December | $3,143,813 | 1.7% |
| Total | $52,009,016 | 2.7% |
While a majority of online casinos saw year-over-year revenue growth compared to 2022, WynnBET was one of three in Michigan to decline in revenue for the year.
It went from $53.8 million in 2022 to $52 million in 2023, a 3.3% decline.
Not helping matters is that WynnBET is declining at a pretty rapid rate. Q1 of 2023 ($14.7 million) accounted for 28.3% of its yearly revenue total. Meanwhile, Q4 ($9.1 million) accounted for only 17.6%.
If WynnBET was keeping Michigan “under review” in hopes of its online casino growing in business, that certainly hasn’t been the case.
While the revenue totals are still significant, they are getting less so each month.
Certainly Michigan is bringing much more value than Arizona, but it’s looking more and more likely both will be added to the discard pile sooner rather than later.
