Wynn Resorts is withdrawing its online sports betting and iGaming platform, WynnBET, from eight US states, becoming the latest company to scale back in an industry dominated by DraftKings and FanDuel.

The company said it will cease operations in Arizona, Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia, and West Virginia as soon as possible.

Operations in Nevada and Massachusetts will continue unaffected while operations in New York and Michigan remain under review.

Wynn Resorts cited two primary reasons for this strategic shift. Firstly, the company acknowledged the substantial financial commitment required for marketing efforts aimed at acquiring sports-betting customers.

Secondly, the limited number of states legalising online casino games poses a challenge to achieving higher profitability.

Wynn Resorts’ CFO Julie Cameron-Doe commented: “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.”

“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,” she continued.

Strong competition

During Q2 2023, the group’s online division generated a loss of $25.7m, compared to a $57.3m loss in Q2 2022.

Presenting the results last week, Wynn Resorts CEO Craig Billings commented: “Our EBITDAR burn rate decreased both sequentially and year-over-year to $15m in Q2 2023. Our team continues to stay disciplined on costs, while driving improved marketing efficiency.”

Meanwhile, CFO Cameron-Doe hinted: “Sports betting is a tough business. It’s about the game of commodity, but we’re very focused on managing this business. We’ve got a very long-term shareholder-friendly view on it. So that’s our focus.”

Industry frontrunners DraftKings and FanDuel achieved positive EBITDA contributions in Q2.

Moreover, Penn Entertainment just sealed a substantial $2bn agreement with ESPN to launch ESPN Bet.

UAE plans

Moving onto different plans, as part of its strategic vision Wynn Resorts is set to commence the construction of Wynn Al Marjan Island, which CEO Billings described as a “must-see” attraction.

Wynn Al Marjan Island is a comprehensive luxury integrated resort project located in Ras Al Khaimah.

It is being undertaken in collaboration with RAK Hospitality Holding LLC and Al Marjan Island LLC. Wynn Resorts maintains a 40% equity ownership in the joint venture.

With an estimated project cost amounting to $3.9bn, the resort is anticipated to debut in the first quarter of 2027.

Wynn Interactive has become the latest US sports betting operator to unveil a cross-state single wallet for its sportsbook.

The operator confirmed on Friday (4 August) that the new WynnBET app would be available to download in six US states.

Wynn customers with existing accounts in Arizona, Colorado, Indiana, Louisiana, Tennessee, and Virginia will be prompted to download the new app and log in with their existing accounts.

All existing bets, funds, and Wynn Rewards points will be transferred automatically, so users will no longer need to download separate apps in each state.

The new multi-state platform will also include faster deposit and withdrawal functionality said Wynn, as well as more sports betting markets and additional online casino games.

“We are thrilled to introduce the new WynnBET app with enhanced sportsbook technology to six more markets, which continues our commitment to offer players a five-star experience in each of the states we operate in,” said Wynn Sports Interactive president Ian Williams.

“We would like to thank state regulators for their timely review of our new platform as well as the many WynnBET team members and partners involved in this project for their diligent work in finalising this significant task in a short amount of time,” he added.

Wynn previously launched the new WynnBET sportsbook platform from day one in both Massachusetts and West Virginia.

The cross-border version of the app is also expected to be made available in New Jersey and New York in the coming weeks, with Michigan to follow later in the year.

Wynn Interactive is the online gambling division of Las Vegas-based casino giant Wynn Resorts.

Last week, BetMGM launched single wallet functionality in 14 US states as it looks to close the product gap on market leaders such as FanDuel and DraftKings.

Wynn Resorts’ online casino and sports betting app WynnBET launched in the state of West Virginia yesterday (22 June).

West Virginia is the 11th US state where WynnBET is live. Crucially, it represents the third state in which WynnBET offers online casino, alongside Michigan and New Jersey.

The app is available to download from the Google Play Store and Apple Store and includes classic casino games, live dealer blackjack and roulette, video poker and keno games.

Typically, the operator is offering bonus incentives to boost customer acquisition.

For example, new casino users are eligible for a deposit match of $1,000, while sportsbook players will receive $100 in free credit if they wager the same amount in real money.

“We would like to thank the West Virginia Lottery Commission for working with us throughout our licensure process in the state,” said Wynn Sports Interactive president Ian Williams.

“We are thrilled to bring our first-class online casino and sportsbook to players in West Virginia, marking our second state launch this year and the third iCasino market to our growing portfolio,” he added.

The WynnBET brand belongs to Wynn Interactive, which is the online gaming division of Nasdaq-listed land-based casino giant Wynn Resorts.

The app is currently live in Arizona, Colorado, Indiana, Louisiana, Massachusetts, Michigan, New Jersey, New York, Tennessee, and Virginia, as well as West Virginia.

The company expects to confirm further expansion into US states shortly, with several licence applications pending.

DraftKings went straight to the top of the leaderboard of sports betting operators in its home state of Massachusetts during the market’s first month post-launch.

Massachusetts OSB leaderboard

Since the market opened on 10 March, the Boston-headquartered operator has secured some 46.9% of sports betting handle, putting it in pole position among Massachusetts licensees.

Across all operators, bettors in Massachusetts wagered around $563.9m in March, generating $46.7m in revenue for operators in the process, according to data released by the Massachusetts Gaming Commission and compiled by Eilers & Krejcik Gaming (EKG).

Of the overall total, DraftKings took $257.6m in bets and generated $16.1m in GGR. That equates to the operator securing 34.5% of statewide online sports betting GGR for the month.

National US market leader FanDuel, meanwhile, was able to secure marginally higher GGR of $16.3m, due to its better hold rate of 9% (DraftKings secured around 6.3%), despite taking a smaller proportion of handle in the state at $186.7m, or 33.1% of the total.

In third place, but a long way behind the top two, was BetMGM, which generated $7.4m in GGR from $46.9m in bets.

Those figures left the top three operators replicating a scenario commonly seen across US online sports betting markets, as they together secured more than 85% of the market.

Bringing up the rear were Massachusetts’ other three licensees, Barstool Sportsbook ($3m GGR from $30.2m handle), WynnBet ($2.1m GGR from $18.8m handle) and Caesars Sportsbook ($1.9m GGR from $16.8m handle).

Those relatively meagre results came in spite of Barstool being founded in Massachusetts, and WynnBet’s parent company operating a major land-based casino in the state, potentially offering both brands a certain ‘home’ advantage in Massachusetts.

How did they do it?

Massachusetts’ impressive start was the result of comparatively high level of bets per adult in the state, with EKG calculating the average day-adjusted OSB handle per adult at around $165 (generating $14 per adult in GGR).

The state is home to an impressive roster of professional sports teams including the NHL’s Boston Bruins, NBA’s Boston Celtics, NFL’s New England Patriots, MLB’s Boston Red Sox and MLS’ New England Revolution, all of which boast avid fan bases across the state.

3 things from 1st MA OSB print:

1) No way $DKNG was playing 2nd fiddle to FD on its home turf

2) Very, very impressive per-adult productivity on a day-adjusted basis (more below)

3) Boston = most targeted media market in Mar-23 among major U.S. OSBers, per Pathmatics pic.twitter.com/IWxqEilFXo

— Chris Krafcik (@ckrafcik) April 18, 2023

Massachusetts’ sport-loving population helped put the state ahead of other recently launched markets in the first month post-launch, such as Maryland, where the average handle per adult totalled $153, Ohio, where that figure was $123, and Kansas, where average handle per adult hit $84.

While bonusing spend is not reported by the Massachusetts Gaming Commission, EKG estimates that DraftKings accounted for the majority of bonus spending, “as part of a win-at-all-costs home-field launch.”

According to Legal Sports Report, DraftKings is offering bonuses worth up to $1,200, while Caesars has bonuses worth up to $1,250 available and BetMGM up to $1,000.

Meanwhile, FanDuel is offering customers that bet $5 the chance to receive $150 in bonus bets.

In addition to bonusing efforts, EKG suggested that Boston was the most targeted media market among leading sports betting brands in March. For DraftKings, 27% of its Twitter, Facebook and Instagram ad impressions for the month came from the city.

Six sportsbooks started taking bets in Massachusetts Friday, bringing another high-profile market in the growing number of US jurisdictions with legal sportsbooks.

Massachusetts joins 32 other states (plus Washington DC) taking legal bets. The Bay State’s launch comes days ahead of this year’s NCAA Men’s Basketball Tournament, perenially the most wagered upon multi-game sporting event in the country.

Home to some of the nation’s highest per capita income rates and education levels as well as multiple high-profile professional sports teams, Massachusetts has been one of the most anticipated new betting markets. The state has a full range of bets permitted on professional teams, but it prohibits wagers on in-state college programs. Though several other states have similar bans, Massachusetts creates exceptions for in-state teams playing in large tournaments such as March Madness.

Massachusetts lawmakers approved sports betting legislation in August 2022. The state’s first retail sportsbook started accepting bets in January.

Sportsbook overview

The six books taking bets include the nation’s market share leaders as well as multiple companies with deep Massachusetts ties.

FanDuel, the national leader in gross gaming revenue, started taking bets shortly after the 10 a.m. launch time. They were joined by Boston-based DraftKings, FanDuel’s rival daily fantasy sports operator-turned-sports betting giant.

BetMGM, the nation’s No. 3 operator by sports betting handle, also went live. Parent company MGM runs MGM Springfield in Western Massachusetts. Caesars, the No. 4 operator by handle, is also live.

Combined, these four companies make up more than 85% of US national handle.

WynnBet, a much smaller player on the national level, is also live. Wynn operates Encore Boston Harbor, the closest full-scale casino to the Boston metropolitan area.

Penn Entertainment’s Barstool Sportsbook is also taking bets. Barstool, Penn’s media brand, was founded in Massachusetts. Penn also operates the state’s Plainridge Park casino.

The six mobile books join the retail books at MGM Springfield, Encore Boston Harbor and Plainridge Park. Caesars is set to open a sportsbook at the Raynham Park off-track betting facility later this year.

Betr, the microbetting-focused platform founded by Joey Levy and Jake Paul, is set to take bets in Massachusetts in the coming weeks. Fanatics is set to launch its first-ever mobile sportsbook in the state in the coming weeks as well.

Bally Bet is set to follow later this year while Betway expects to go live early in 2024.

Massachusetts’ 2022 sports betting law allows up to 15 sports betting licenses but it appears it could be years until Massachusetts reaches that level – if ever. Both PointsBet and bet365 decided not to launch in the state after initially applying.

Though it has many demographics that drew initial interest from more than 30 sportsbooks, Massachusetts could prove a tough market to succeed in due to tough regulatory conditions, high taxes and intense competition from the nation’s market leaders and their pre-existing ties to the state.

Regional setup

Even with just six operators live Friday, Massachusetts already has more legal betting options today than every other New England state has combined.

Connecticut is the only other state in the region with more than one legal betting option. Bettors there can wager on DraftKings, FanDuel and Rush Street Interactive’s PlaySugarHouse.

DraftKings is the only legal option in New Hampshire. Rhode Island’s lone legal mobile book is called Sportsbook RI.

Maine is set to start taking bets as early as this year. The state could have up to four mobile betting platforms but it remains to be seen which companies will pursue a launch in the state.

Vermont, the only New England state that hasn’t approved legal betting, is considering legislation this year.

Wynn’s two Las Vegas properties highlighted growth for the company during its Q4 earnings call as it continues to trim losses from its digital division and regain momentum in its Asian markets.

Topline numbers

Wynn operating revenues were $1bn for the fourth quarter of 2022, a decrease of $48.2m, from Q4 2021. Operating revenues for Q4 2022 increased $91.6m and $14.4 million at the company’s Las Vegas properties (Wynn and Encore) and Encore Boston Harbor, respectively.

Internationally, operating revenues decreased $80.9m at Wynn Palace and $54.5m at Wynn Macau for the fourth quarter as the company’s Chinese properties ran up against government-mandated COVID-19 closures. Wynn Interactive, the company’s online sports betting and casino division, saw operating revenue decline nearly $8m from Q4 2022 to Q4 2021.

Net income attributable to Wynn was $32.4m, or $0.29 per diluted share, for the fourth quarter of 2022, compared to a net loss of $177.2m, or ($1.54) per diluted share, in the fourth quarter of 2021. Adjusted net loss attributable was nearly $139m, or $1.23 per diluted share, for the fourth quarter of 2022, compared to adjusted net loss of roughly $157.4m, or $1.37 per diluted share, in Q4 2021.

In Q4 2022, Wynn’s adjusted property EBITDAR was a little over $195m against roughly $149m during that same quarter a year earlier.

Adjusted property EBITDAR for Q4 2022 increased $33m and $51m at Las Vegas properties and Wynn Interactive, respectively, between Q4 2022 and Q4 2021. That figure decreased $22.5m, $10.7m, and $5m at Wynn Palace, Wynn Macau and Encore Boston Harbor, respectively, during that same time frame.

Wynn’s overall operating revenues for calendar year 2022 were $3.76bn, flat compared to operating revenues for full year 2021.

News nugget

Wynn CEO Craig Billings said during Wednesday’s earnings call the company’s two Las Vegas properties reported $816m in normalized adjusted property EBITDA during 2022. He said an analyst in 2019, before the start of the COVID-19 pandemic, predicted the two properties would generate “only” $482m in calendar year 2022.

The eye-popping figures underscore the continued rebound of all major Las Vegas Strip operators since the depths of the pandemic in spring 2020. Other major Strip operators including MGM, which also reported strong Vegas property numbers during its Q4 earnings report Wednesday, and Caesars, which will report later this month, have seen similar results.

Wynn, however, has just two casinos in Las Vegas that essentially function as one major property, compared to more than a half-dozen at both MGM and Caesars. Wynn also appeals to a more affluent demographic, which reaffirms the Las Vegas markets’ strength in all customer subsets.

Best quote

Billings on Wynn and Encore’s $816m 2022 AEBITDA:

“I’m confident that this is an all-time record for a standalone Las Vegas Strip property. And mind you, we did not deliver this result by nickel and diming on service standards and reducing staff to drive operating leverage. The team did it by focusing on what we do best, great product, great service, great programming, and it showed in our market share and pricing power.”

Best question

Billings, who took over as CEO in 2022 after leading the company’s WynnBet division, was asked about Wynn’s digital future. He said the company was already seeing strong results from players at the retail sportsbook at Encore Boston Harbor and expected Massachusetts to be a leading digital market when WynnBet’s online platform goes live in the state in March.

WynnBet is also continuing to reduce its cash burn, a critical step for Wynn Interactive, Billings said. Though WynnBet initially chased Caesars, MGM and other rivals for online gaming market share, the company has since redirected its digital division resources to select iGaming markets as well as “high-value” online sports betting states.

Along with Massachusetts, WynnBet is set to launch in Maryland and Ohio in the coming months.

Current outlook and trading

Wynn officials said Wednesday they expect continued strength from its flagship Las Vegas properties as well as growth for Encore Boston Harbor, which they said will be even further bolstered by the new on-property retail sportsbook as well as the digital sports betting launch in Massachusetts next month.

In Macau, Wynn was already seeing a “meaningful return of visitation and demand” during the roughly two-week Chinese New Year holiday period that began Jan. 26. With COVID-19 pandemic restrictions easing, Wynn officials believe they can see significant returns from their Asian properties after years of shutdowns and financial losses.

Wynn’s stock was up more than 3% during after-hours trading following Wednesday’s earnings call. The company’s stock is up more than 8% in the past month and roughly 43% in the past three months.

Massachusetts became the latest state to offer legal sports betting after three retail sportsbooks started accepting bets Tuesday.

The BetMGM sportsbook at MGM Springfield in the western portion of the state as well as the WynnBet sportsbook at Encore Boston Harbor outside Boston both started taking bets shortly after 10 am local time Tuesday. Penn Entertainment’s temporary sportsbook at Plainridge Park Casino started taking bets shortly after 1 pm. Tuesday.

Massachusetts becomes the 34th state to offer at least one legal retail and/or online sportsbook. It is set to become the 18th state with at least five or more mobile books in March.

Retail sportsbook details

Both MGM and Wynn had formed the basis of their physical sportsbook in 2022, building the retail space for a fully functioning book even before the state passed its sports betting law in August of last year. Penn will complete its permanent Barstool-branded book in the coming months.

Encore Boston Harbor was set to offer up to 118 betting kiosks Tuesday, including machines within the casino’s parking garage, along with a betting window. MGM Springfield will have up to 18 kiosks along with a window while Plainridge is set to have up to 20 kiosks.

Tuesdays’ opening gives bettors in Massachusetts a legal betting option ahead of the upcoming Super Bowl, perenially the most wagered-upon individual sporting event in the US.

It's official: Massachusetts has legal sports betting; in-person sportsbooks have opened at the state's three casinos: $MGM Springfield, $WYNN's Encore Boston Harbor and $PENN Entertainment's Plainridge Park; statewide mobile set to launch in time for March Madness

— Ryan Butler (@ButlerBets) January 31, 2023

Raynham Park, a simulcast racing facility about 30 miles from downtown Boston, is set to open a Caesars sportsbook in 2023. The state’s other simulcast venue, Suffolk Downs, could open a retail book this year but has not yet announced an operating partner or timeline.

Massachusetts’ 2022 sports betting law will prohibit any other retail sportsbooks unless on the property of a licensed gaming facility.

Sportsbooks look to mobile launch

Tuesdday’s retail launch opens one of the most anticipated sports betting markets in the country. After years of debate, Massachusetts elected officials reached an early morning agreement on the last day of the state’s legislative session this summer.

The law allowed the five aforementioned retail books as well as online wagering. Massachusetts’ mobile platforms are expected to make up more than 90% of the state’s sports betting handle.

Massachusetts regulators have not announced a formal mobile launch timeline but project books to start taking bets before the 2023 NCAA Men’s basketball tournament, the most wagered-upon tournament in the US each year. State law prohibits betting on in-state college programs but makes exceptions for large tournaments such as March Madness.

All the aforementioned casino retail sportsbook partners – BetMGM, WynnBet, and Barstool – are set to go live on the official launch date thanks to their partnerships with their respective gaming properties. Caesars is also expected to start taking bets at that time, though it is technically doing so through a license independent of its Raynham Park affiliation.

FanDuel and Boston-based DraftKings, the nation’s two leading sportsbooks by handle, are also set to launch on the go-live date. The operators entered the market by securing one of the seven licenses allocated under the 2022 sports betting law for operators not affiliated with any of the state’s brick-and-mortar properties.

PointsBet, Betway, Bally Bet and Betr also secured Massachusetts market access through one of the untethered licenses. Caesars is partnered with Wynn for the casino’s second of two online sports betting licenses allotted under state law while Penn will partner with the Fanatics sportsbooks.

This sets up eleven Massachusetts mobile sportsbooks to take bets in 2023. Four more could enter the state: MGM has not yet announced a second mobile partner, Suffolk Downs has not announced a partner for retail or mobile and there remains one more untethered license available.

Raynham Park can also announce a mobile partner independent of its Caesars retail deal. Bet365 withdrew its license application earlier this month, opening up the spot for another potential operator.

Massachusetts’ first legal retail sportsbooks will open at 10 am local time Jan. 31, state regulators announced Friday.

MGM Springfield, Penn Entertainment’s Plainridge Park and Wynn’s Encore Boston Harbor in Everett are all expected to take bets that day. The three sportsbooks will open under the BetMGM, Barstool Sportsbook and WynnBet brands, respectively.

Each property had set aside space and began constructing sportsbooks before the state’s sports betting legalization bill was signed into law in August 2022.

The late January opening will allow Massachusetts sports bettors to place in-person bets on the upcoming Super Bowl, perennially the most wagered-upon individual sporting event in the US. The opening will come just after the NFL’s AFC and NFC championship games, the leagues two Super Bowl semifinal games, which are also among the most wagered-upon games each year.

Massachusetts’ 2022 sports betting law also permitted retail sportsbooks at the state’s two simulcast racing facilities. Raynham Park is set to partner with bet365 for online sports betting, but it has not publicly announced a retail partner or opening date. Suffolk Downs hasn’t announced an online or retail partner.

Online set for March

This leaves three legal sports betting options – all in-person – until Massachusetts’ mobile launch in March.

Massachusetts regulators have advanced 12 mobile sports betting licenses ahead of the projected March launch. Officials have not given a firm launch date, but the inaugural legal mobile bets are expected to be placed before the first games of the 2023 NCAA Men’s Basketball Tournament, which is the most wagered-upon sporting tournament in the country each year.

FanDuel, BetMGM and Caesars, as well as Boston-based DraftKings, are all set to take online bets on the first day with legal mobile betting. Combined, the four companies have more than 80% of the national sports betting handle.

Other national brands including WynnBet, PointsBet and Barstool are also positioned to take online bets on the go-live date. Bally Bet and Betway, two other operators that are each already live in at least a half-dozen other US jurisdictions, have also had licenses approved, but it does not appear they’ll start taking bets on the same day as the aforementioned operators.

Fanatics officials told regulators they expect to launch their mobile sportsbook in March, but were likely not going to do so on the opening day. Fanatics opened its first retail sportsbook Friday in Maryland and Massachusetts could be its inaugural legal mobile betting market.

Microbetting-focused start-up Betr is also set to go live in Massachusetts, potentially as early as March. The operator’s real-money platform is only live in Ohio currently.

European gaming giant bet365 could also potentially start taking mobile bets in Massachusetts in March. Bet365 was a late entrant in its first few licensed US markets but went live in Ohio Jan. 1, the state’s first day with legal sports betting.

Mobile betting is expected to make up the vast majority of the state’s betting handle. In Maryland, which started mobile betting in November 2022, online wagering already makes up more than 95% of all bets placed.

New England market structure

Once live, Massachusetts will have more mobile betting options than any other state in the region. Until then, Massachusetts residents will have to travel across state lines to place a legal online sports bet.

Connecticut has the most options of New England state currently, with DraftKings, FanDuel and Rush Street Interactive’s PlaySugarHouse.

In New Hampshire, DraftKings has a de facto monopoly. Rhode Island’s only live mobile book is Sportsbook RI.

Maine could have up to four legal betting options, but mobile wagering won’t begin until at least this summer. Vermont lawmakers are considering legalizing sportsbooks but even if legislation is passed, legal betting likely wouldn’t begin until the very end of 2023 at the earliest.

Western Massachusetts residents could also continue placing bets in New York, which legalized online wagering just over a year ago. There are nine legal betting options: Bally Bet, BetMGM, BetRivers, Caesars, DraftKings, FanDuel, PointsBet, Resorts World Bet and WynnBet.

Maryland regulators advanced two more sports betting licenses this week, just days after the state launched its first online sportsbooks.

Licenses for WynnBet and Bally Bet were both advanced by the Maryland Lottery and Gaming Control Agency. Each will have to earn further approval from the state’s Sports Wagering Application Review Commission (SWARC), a separate regulatory body, which is expected in the coming weeks.

Both online books could go live in the first half of next calendar year. Maryland’s first seven licensed online sportsbooks started taking bets in November.

WynnBet has scaled back its aggressive online sports betting expansion plans after the company failed to capture significant market share despite a high-profile advertising blitz. The company has refocused its expansion plans to a handful of key states instead of the massive nationwide campaign undertaken by some of its rivals.

WynnBet is live in nine states, roughly half as many as market share leaders FanDuel, DraftKings and BetMGM. Wynn hasn’t launched its online gaming platform in a new state in nearly a year.

Instead, Wynn has focused on legalized online casino gaming markets as well as states that complement its brick-and-mortar properties. WynnBet is set to go live in Massachusetts, where it operates Encore Boston Harbor, as early as March 2023.

Maryland has shown little political appetite for online casino gaming, but it has the highest median per capita income of any state and one of the nation’s highest education levels, factors that correlate positively with sports betting participation. It also has several high-profile professional and college sports teams.

Meanwhile Bally Bet continues its ambitious expansion plans with the Maryland license application but it too has not reached the nationwide market share of many of its rivals.

Bally Bet is live in six states, though it publicly has indicated plans to dramatically grow that total. The company has slowly expanded into new markets as it integrates its in-house tech platform.

The digital gaming arm of the former Twin River Casino company, Bally Bet is part of a series of larger corporate moves that comprises several brick-and-mortar gaming properties (including a resort-style casino in downtown Chicago) as well as a branding rights deal with several dozen regional sports networks.

Both Bally Bet and WynnBet are expected to go live in Ohio, possibly as early as the state’s Jan. 1 universal go-live date.

The two newest prospective licensees join the seven sportsbooks already taking bets as well as three more that have already earned full licensure. Regulators have indicated there are 11 more applicants under review, which presumably includes WynnBet and Bally Bet. SuperBook, which has partnered with the Baltimore Orioles, is also likely to go live in the state with online wagering sometime next year.

FanDuel, DraftKings, BetMGM as well as Caesars, which combined make up more than 80% of the US sports betting market by handle, have all launched in Maryland. PointsBet, Barstool and BetRivers, other big-name brands, have also started taking bets.

All seven live online sportsbooks either operate retail sportsbooks in the state or have announced plans to do so. It was not clear if Bally’s or Wynn would follow suit. Like virtually all other states with online sports betting, digital wagering is expected to make up more than 90% of the state’s total sports betting handle.

Betfred, betPARX as well as the pending Fanatics sportsbook were the three remaining sportsbooks to earn licensure. None of the trio have announced digital launch plans, but all three have also either operate retail books in the state or are expected to do so.

Wynn reported continued balance sheet improvements for its online gaming division during the company’s Q3 earnings call Wednesday ahead of a highly-anticipated launch in Massachusetts.

Wynn announced nearly ($18m) in adjusted EBITDA losses from its Wynn Interactive digital gaming division the third quarter of 2022, an improvement from ($70m) in losses from Q3 2021. The company has lost ($104m) on its online properties through the first nine months of 2022, compared to ($188m) during that same time frame in 2021.

WynnBet posted similar overall online sports betting and casino handle figures in Q3 2022 and Q3 2021 despite a roughly 90% decrease in marketing and an 80% decrease in cash burn year-over-year, Wynn CEO Craig Billings said during his company’s earnings call.

In Massachusetts, the company is set for its most consequential sports betting launch since the company announced a dramatic shift in its digital gaming strategy roughly a year ago. Wynn has spent several billion dollars on its Encore Boston Harbor property, located just outside Boston city limits and has hoped to translate that to success for its digital gaming platform in the state.

Wynn officials have said for months they see Massachusetts as a key market for the sportsbook, which has been a relatively minor player in the overall digital gaming landscape. The WynnBet retail sportsbook at Encore Boston Harbor could open as early as January, several months before online platforms begin.

This early start, the location within the region’s largest metro area plus the existing casino customer data base has Wynn officials optimistic Massachusetts could be one of if not WynnBet’s strongest sports betting market in the US.

WynnBet is live in nine states: Arizona, Colorado, Indiana, Louisiana, Michigan, New Jersey, New York Tennessee and Virginia. Billings said during Wednesday’s call he remained encouraged by WynnBet’s online gaming success in New Jersey and Michigan, the only two states it operates in with legal digital casino gaming.

$WYNN adjusted property EBITDA losses for its WynnBet online sports betting and iGaming division:

Q3 2022: ($18m)
Q3 2021: ($104m)

Q1 – Q3 2022: ($70m)
Q1 – Q3 2021: ($188m)

— Ryan Butler (@ButlerBets) November 9, 2022

West Virginia and Pennsylvania are the only two other states with open, competitive commercial online casino gaming markets, though WynnBet has not yet gone live in either. The company also has made no mention of an online launch in Ohio or Maryland, two online sports betting-only states that nevertheless are each expected to house as many as two-dozen sportsbooks.

Once seen as a possible US sports betting handle market share leader, Wynn has pivoted its plans for digital gaming from becoming a top national revenue driver to a compliment to its brick-and-mortar properties in both Massachusetts and Las Vegas. That has led to a dramatic cut down in advertising, free bets and other player audition costs.

Company officials said Wednesday that the disciplined approach toward marketing and promotions has helped curtail WynnBet losses, a strategy that will continue going forward. Though several competing digital gaming operators have announced timelines for EBITDA-positive quarters, Billings said there is still no firm time frame for WynnBet.

Taking questions during Wednesday’s earnings call, Billings said profitability could be further delayed by user acquisition costs in Massachusetts in the months leading up to the state’s online sports betting launch, which is expected as early as March 2023.

During the call Billings also touched on the recent stock purchases by Golden Nugget casino owner Tilman Fertitta, which saw the stock spike shortly after the purchase was disclosed publicly.

“It’s a great recognition in the value of our equity. There’s not much more to say,” Billings said.

Overall, Wynn operating revenues were $890m for the third quarter of 2022, a decrease of $105m from the third quarter of 2021. Net loss attributable to Wynn was $143m or $1.27 per diluted share, for the third quarter of 2022, compared to net loss of $16m, or $1.45 per diluted share, for the third quarter of 2021.

The revenue losses came despite a new third-quarter record for adjusted property EBITDA at Wynn’s North American properties. Billings attributed the company’s financial declines largely to continued COVID-19-related travel restrictions and shutdowns in the company’s Asian markets.