The Indiana sports betting market is about to be down one sportsbook, as WynnBet will soon cease operations in eight U.S. markets, including Indiana.
Wynn Resorts on Aug. 11 announced the plan to close the online sports betting platform in these states in order to focus on iGaming in other markets.
There are currently 12 available Indiana online sportsbooks to choose from. Julie Cameron-Doe, chief financial officer of Wynn Resorts, 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 will also shutter in Arizona, Colorado, Louisiana, New Jersey, Tennessee, Virginia, and West Virginia “as soon as possible.”
How big is WynnBet and how has the sportsbook performed in Indiana?
In an Indiana market that has been on the decline this year due to the launch of sports betting in neighboring Ohio and other new competition, all Indiana sportsbooks have all taken a hit.
In July, the most recent month for reported revenue, WynnBet posted a 26.9% year-over-year decrease in handle with $1.6 million. The two largest sportsbooks, DraftKings Sportsbook and FanDuel Sportsbook, managed to increase handle despite the overall decline. PointsBet was the only other app to show a YoY increase.
WynnBet has ranked among the smallest online sportsbooks in Indiana, along with UniBet, BetWay and BallyBet.
When Hard Rock Sportsbook, another small outfit, launched as a newcomer to the state in September of 2022, it brought in more than double WynnBet’s handle in the first month. Hard Rock has stayed far ahead of WynnBet since.
WynnBet focusing on iGaming markets
In states where it’s legal, WynnBet operates its online casino apps (iGaming). It seems WynnBet is tired of waiting for potential online casino legislation to pass in Indiana.
“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,” Cameron-Doe said.
Could iGaming bring WynnBet back later?
One would have to wonder whether Cameron-Doe heard the recent news that iGaming could be back on the table in Indiana next year. An overhaul of the gambling industry in the state will be presented in a new gambling industry modernization bill, and legislators hope to include the addition of iGaming.
An earlier modernization bill successfully passed in 2019 and brought with it the legalization of sports betting. Adequate support for iGaming from lawmakers may or may not be there, however. We’ll have to wait and find out.
If that modernization bill passes and includes iGaming, WynnBet could potentially reemerge in the state.
How many online sportsbooks are left in Indiana?
With WynnBet bowing out of the Indiana sports betting landscape, 12 online sportsbooks remain. As mentioned, the largest players are DraftKings and FanDuel, the daily fantasy sports apps-turned-sportsbooks. The two combined for 69% of all online sports wagers in the state last month.
BetMGM Sportsbook, Caesars Sportsbook and BetRivers Sportsbook are the next most significant sportsbooks and were the only three other than DraftKings and FanDuel to clear $5 million in handle in July.
The remaining Indiana online sportsbooks are Hard Rock, BetWay, PointsBet, Barstool, UniBet, BallyBet and SBK.