Zona de Azar USA – Wynn Resorts Looks to Expand in Sports Betting

USA.- November 9th 2020 www.zonadeazar.com Wynn Resorts is ramping up the iGaming and sports betting investments. Wynn stated this week that they invest $80 million into its sports betting portfolio to expand into more U.S. markets.

WynnBet is already operating in Nevada and New Jersey but is looking to expand into Tennessee and Virginia. It has already been reported that WynnBet has approved to enter the Virginia market when sports betting operations begin.

This all began in October when Wynn Interactive acquired UK betting firm BetBull. Wynn purchased a 71% stake in BetBull, and the two have been working together in the sports being industry since 2018. Wynn CEO Matt Maddox believed BetBull was a “cultural fit” for Wynn and became the perfect sports betting partner.

WynnBet Expansion

Although Wynn has sports betting operations in two states, the emerging sports betting operator will soon be adding states to the portfolio as Wynn has been approved to operate in Virginia and will be looking to enter Tennessee as well.

What also helps is the recent partnership Wynn created with NASCAR. The sport has a huge presence in Virginia and will help Wynn expand in the state. Wynn partnering with NASCAR could be a lucrative long-term move if more southern states legalize sports betting as NASCAR is a popular sport in the south.

The expansion started in August when Wynn launched WynnBet in New Jersey. The move wasn’t too public, but Wynn Interactive generates $20 million in revenue thanks to the BetBull partnership.

Wynn working in the sports betting market could help overall business. The casino took a hit in the third quarter bringing in $370.5 million in revenue. That is down 77.5% from the $1.65 billion it saw in the third quarter of 2020.

Entering sports betting when Wynn did was most likely a strategic move by the company. They have launched in two states in the third quarter while also partnering with NASCAR this week and getting accepted into Virginia when sports betting launches.

Gaming companies have taken a hit with in-person gambling in 2020 due to COVID-19, but Wynn had the foresight to steer the ship in a positive direction as they shift to more of an online gaming and sports betting presence.

What Could WynnBet Look Like?

An additional $80 million invested in the sports betting business could be big for Wynn. There is a chance that they are operating in four states by the beginning of 2021, with more to come. A partnership with NASCAR also shows the commitment to gaining market share in a growing market like sports betting.

The rapid expansion in U.S. sports betting could also turn around the entire Wynn gaming business. Casinos are getting hard while online gaming continues to hit record highs with the coronavirus restricting foot traffic.

Wynn understands that they need to move in the sports betting landscape as quickly as possible. Now is the perfect opportunity to dump money into a new venture like what is happening with sports wagering. They are also looking at markets like Tennessee and Virginia, where they will be one of the first entrants in the state capitalizing on early market share.

There is a lot of work to do, but WynnBet could start to enter the sports betting radar.

Edited by: @MaiaDigital www.zonadeazar.com