WynnBET Plans Arizona Market Access, Regulator Updates Rules

Last Friday, WynnBET announced that it inked a new partnership with the San Carlos Apache Tribe for market access in Arizona. While regulatory approval is still pending, on the same day, the Arizona Department of Gaming (ADG) unveiled an updated version of the draft rules on sports wagering in the state.

 

WynnBET Teams up with the San Carlos Apache Tribe

Wynn Resorts’ premier casino and sports betting app, WynnBET, announced that it inked a partnership with the San Carlos Apache Tribe last Friday. With the help of the new agreement, the operator is pursuing an online sports betting license in Arizona. The latest agreement marks the 16th state where the operator has launched its services or plans to launch. However, it is important to mention that WynnBET’s market access in Arizona is subject to regulatory approvals, availability and eligibility.

 

Currently, WynnBET is available in Virginia, New Jersey, Tennessee, Michigan, Colorado and Indiana. Furthermore, besides the states where the app is already available, it has secured market access opportunities, pending regulatory approval, as well as the legalization of the activity is still being implemented. The 16 states where WynnBET has secured access or already operates represent approximately 53% of the US population. However, the operator plans to enter even more states soon, reaching approximately 77% of the population.

 

Sports Betting Rules in Arizona Receive an Update

Coinciding with WynnBET’s market access agreement, the Arizona Department of Gaming (ADG) released an updated draft version of the sports betting rules. Governor Doug Ducey signed a tribal-state gambling compact legalizing sports wagering and daily fantasy contests back in April. Then, in May, sports betting in Arizona moved forward once again, after the Department of Interior approved the tribal-state compact.

 

After that, the ADG was tasked with the creation of a formal version of the rules for sports wagering. Last month, the Regulator revealed that it launched stakeholder consultations and assured that it remains on track to meet the goal of launching sports wagering on September 9, 2021. Once the first draft of the rules was released last month, now, the ADG released a second draft of the rules last week. Furthermore, the regulator announced another round of consultations with stakeholders on Wednesday this week.

 

ADG Establishes Licensing and Taxation

The updated version of the sports wagering rules enables each operator to have up to two digital platforms, also known as skins. However, the rules specify that the provider needs to use the same hardware for both platforms. Before launching a second platform, operators also need to notify the regulator. Focusing on fees, sports betting operators are going to pay an initial $750,000 licensing fee. Furthermore, a $100,000 application fee is applicable for the operators. Last but not least, an annual renewal fee of $150,000 is also applicable.

 

In contrast, retail-only venues are subject to significantly lower licensing fees. Those venues would pay a $25,000 fee for the initial license, as well as a $5,000 application fee. The annual renewal fee for retail-only venues is also lower – only $5,000.

 

The updated rules for sports wagering in Arizona allow credit card funding for players’ accounts. Tax rates for retail venues are set at 8%, while online operators will be subject to 10% tax.