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Wynn Resorts Continues Try For More Sports Betting Markets

Wynn Resorts is continuing to make advancements in the sports betting industry. The luxury Resort and Gaming company is publicly traded and was founded by real estate investor Steve Wynn in 2002.

The company maintains its headquarters on the Las Vegas Strip. Through a spokesperson, Wynn Resorts indicated that they are in the process of sealing several sports betting deals in various cities across the US.

The ultimate goal of the company is to increase its already very impressive sports betting portfolio. The new investment amount the company has spent to expand their brand is $80 million, the spokesperson said. In early October 2020, Wynn acquired BetBull, a sports betting company in the United Kingdom.

Since that acquisition, it’s been full steam ahead for Wynn Resorts sports betting arm, WynnBET. The two companies have been working as a partnership in their joint quest to acquire more sports betting partnerships.

CEO Matt Maddox Says Big Deals Are Coming

The current CEO of Wynn, Matt Maddox, said that BetBull is the perfect partner for the current goal of expanding their sports betting interests. According to Maddox, several of the BetBull employees stayed on with the company as they merged with Wynn. Maddow added that no employees were laid off, as they were given options for future opportunities.

Wynn currently has sport betting licenses in two states, but they were also recently granted a license to operate in Virginia. They are also in the final stage of a sports betting deal in Tennessee.

A huge advancement in Wynn’s quest for more of a presence in sports betting was an exclusive partnership with NASCAR made not long ago. NASCAR has a huge fan base in Virginia, and the Wynn team is banking on that fan base.

A WynnBett source said, “We feel very strongly that the fan base in Virginia will allow us to easily increase our sports betting portfolio in the state.”

Some of the strategies that Wynn employed with their alliance with NASCAR is the South, as the NASCAR franchise has a deep rooted history in the South. More southern states are expecting to legalize sports betting, just like Louisiana did on November 3rd.

As more southern states come on board and legalize sports betting, that will offer Wynn more opportunity to create a sports betting presence in those states.

Wynn Expansion Campaign Started in New Jersey

It will come as no big surprise to sports betting aficionados that Wynn started their expansion campaign in the Garden State. New Jersey currently has the largest sports betting market in the country.

The New Jersey launch was done a bit under the radar, but it has been proven to be extremely lucrative, bringing in $20 million in profit since August. The Wynn Casinos took a huge hit in 2020 due to COVID-19. This is not breaking news, as there isn’t even one industry that hasn’t been devastated by the pandemic.

The profit margin was down over 77% in the third quarter compared to the third quarter of the previous year. The revenue generated from these new sports betting partnerships will certainly offset some of the other losses’, the source added.

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