WynnBET Makes Debut in West Virginia

WynnBET debuts in West Virginia

The WynnBET unit of Wynn Resorts (NASDAQ: WYNN ) announced Thursday that its Internet Casino and online sports betting products have launched in West Virginia.

Bettors in the state can download the WynnBet app via the Apple and Google Play stores or register an account at www.wynnbet.com. The Wynn Rewards loyalty program is integrated into Internet betting products, allowing customers to earn reward points through desktop and mobile gaming. Rewards members can choose to redeem points at WynnBET or Wynn’s domestic integrated resorts Wynn and Encore Las Vegas and Encore Boston Harbor.

Online players in West Virginia can gain immediate access to Wynn Rewards and receive a variety of real-world experiences and benefits that can be enjoyed online and at Wynn Resort hotels. Existing Wynn Rewards members can connect their accounts to WynnBET upon completing registration,” the Las Vegas-based gaming company said in a statement.

West Virginia is the 11th state where WynnBET offers online sports betting, following Michigan and New Jersey, and the third to offer an internet casino.

West Virginia could have a positive impact on WynnBET

WynnBET hasn't yet gained the same market share as rivals like BetMGM and DraftKings, but that's partly by design, as the casino giant refuses to take on the expensive ad spend that some rivals do.

Although West Virginia has a smaller population, it has a vibrant gambling market that operators like WynnBET can enter without significant upfront costs. The fact that it is one of seven states that allow online gambling is also attractive because it is a more profitable area for operators than sports betting.

"WynnBET's online casinos offer West Virginia customers an extensive library of the most popular games from major game providers, including classic casino games, live dealer blackjack and roulette, video poker and Keno game.”

WynnBET currently offers mobile sports betting in Arizona, Colorado, Indiana, Louisiana, Massachusetts, Michigan, New Jersey, New York, Tennessee, Virginia and West Virginia.

West Virginia can help, but not fix WynnBET

Online gambling and sports betting haven't always been smooth sailing for Wynn. Last year there were rumors that Wynn was acquiring its Wynn Interactive division, which also includes WynnBET, at a steep discount. The transaction did not occur.

Last year, WynnBET's plan to merge with a special purpose acquisition (SPAC) company fell through, and the operator reduced advertising spending at NFL games. While West Virginia is no panacea, it could be a cost-effective way for Wynn to bolster its interactive division.

While Wynn's main business is land-based casinos, its digital business is moving in the right direction, losing $99 million last year, compared with $267 million the year before.