Wynn Sports Interactive Gets Serious About US Online Sports BettingCommercial Content | 21+ | T&Cs Apply
Most of the major gaming corporations are making major investments in the legal US sports betting industry. These strategic alliances are designed to strengthen their market position in the land-based segment while also venturing into the rapidly expanding online segment of the industry.
When sports betting became legal in New Jersey, Wynn Resorts, out of Las Vegas bought a 71 percent equity stake in BetBull Limited, soon to launch the BetBull bonus code. The two sides merged to form an online and mobile-based sportsbook.
These two companies formed this strategic alliance in October of 2018 in order to establish a presence in online and mobile sports betting. It has been slow going up until now. The first collaboration was in the New Jersey market with a sports betting platform that went live in August.
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BetBull built its business as a UK-based internet sports wagering company. While heavily established in the casino gambling sector, Wynn Resorts was one of the last major gaming companies to expand its sports betting operations.
The two sides came together after the US Supreme Court opened the way for legal sports betting on a state-by-state basis paving the path for operators like Bet365, AmWager and PointsBet. Although they have been relatively quiet since that point, it appears that this is about to change.
Wynn Sports Interactive (WSI) may have gotten a slow start out of the game but it has the market clout and deep financial resources to quickly close the gap with competition.
Along with New Jersey, this new venture is also up and running in its home state of Nevada. The mobile sports betting app is called WynnBET.
Plans are underway to enter Tennessee as the newest online sports betting market. This state launched on Nov. 1.
It also has its sights set on Virginia as the next possible state to offer legal online sports betting within its borders. WSI has already secured licensing in that state for its WynnBET app. The target date for that launch is early 2021.
Taking an aggressive approach to expansion, Wynn Sports Interactive plans to double its current market share by the end of next year. Its parent company, Wynn Resorts has already committed to invest at least $80 in the emerging US sports betting market.
BetBull has been described as a “product-focused online gaming company” that utilizes free play capabilities as the social component of its overall marketing plan. Wynn CEO Matt Maddox saw this as a perfect fit when looking for a sports betting partner.
WSI will represent all of the company’s online digital business. This includes all iGaming efforts such as Wynn Slots. Former BetBull shareholders will receive a 29 percent stake in the new company. BetBull will continue to do business in the UK under its company name.
Wynn has also taken measures to expand its online casino business. A recent partnership with Evolution is designed to offer live casino content and services across the US market. The first market for live casino games will be New Jersey with more states to follow.
It is obvious that Wynn has big plans for expansion into the online sector for all iGambling activities. Corporate reports indicate lofty ambitions as they pertain to gaining share in this fast-growing segment of the gaming industry.