Wynn Resorts continues to flex their financial muscles by announcing strategic partnerships across the US and in the UK
Ever since the Supreme Court lifted the federal ban on wagering in sports outside of the state of Nevada in 2018, many established companies involved in gaming have been eager to get into the mix across America.
Such gaming organisations includes companies such as Wynn Resorts, who most recently established a new gaming platform that targets online sports betting and online casino.
The company, based in Nevada, announced the restructuring of certain assets which included the UK-based BetBull, with whom they have a partnership with. BetBull is an established online gaming company that is product focused and combines free-to-play games with a social aspect that permits punters to congregate in chat rooms and view a game together.
The UK-based gaming company was set into a new majority-owned subsidiary for online sports betting and interactive gaming. Such a partnership will hopefully double its U.S. market access for gaming by the end of 2021.
This joint venture, called Wynn Interactive, will ultimately provide gaming on a digital platform in both the US and in other destinations outside the US. Presently, the majority of the joint venture shares are owned by Wynn Resorts, according to the company. Wynn Resorts also managed to pump in $80 million as an investment in BetBull in order to help the company's growth. The partnership will enable all of Wynn's digital ventures to be gathered under one roof whilst iGaming will keep its original brand as BetBull in the UK. Meanwhile, the app which is in the US will be called WynnBET. In addition to their current portfolio, Wynn Resort recently concluded a deal with Evolution, which will see them take over the casino operations of Wynn Slots.
Presently, Wynn Resorts is looking to add to their list of nine states by adding another seven states, which will include the state of Tennessee. This is significant because Tennessee just launched its first four sportsbook operators. Furthermore, Virgina seems to be on the books to follow Tennessee during early 2021.
The Tennessee Education Lottery has outlined that Wynn Resorts, along with other groups of operators such as William Hill and Churchill Downs Inc, will have their applications for live mobile sports betting in Tennessee considered. However, the same can not be said for Virginia as the list of operators has not yet been published to identify the applicants for the sports betting operator licences.
Regulators of a number of states are processing and reviewing applications and have immediate plans to go live with mobile sports betting in the first quarter of 2021.
Wynn Resorts also announced the partnership with Martinsville Speedway and Richmond Raceway. The company believes that these types of partnerships will give them an advantage in their pursuit for a licence in Virginia as the law states that venues that hold professional sports events are allowed to apply for sports betting licences. If this all goes to plan, then Wynn Interactive will be the first sports betting platform to gain access to the state of Virginia through a sporting venue.
Furthermore, Wynn gained market access in Michigan by striking a deal with the Kewadin Casinos brand who currently operate five casinos in the state. In addition to this deal, Wynn also announced a 10-year commitment with GAN in order to provide the software platform in Michigan. However, Wynn's expansion plans will not stop here as the company is looking for market access within California, Georgia, New York, Ohio and Pennsylvania.
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