Wynn recently announced its plans to invest $80 million in an updated joint venture that will allow the operator to pursue online betting in the U.S. Wynn has enjoyed a multi-year partnership for close to 2 years with BetBull Limited as covered here, a European based gaming operator to pursue sports wagering in the country.
Wynn’s partnership with BetBull means that the company will now have the might of BetBull’s wagering businesses overseas which will allow it to establish a dominant sports betting network in the country. The new online gaming joint venture between BetBull and Wynn will go under the name Wynn Interactive and will launch first in New Jersey with plans to expand to Indiana, Colorado, and Michigan in the coming months.
To certain analysts and investors, it may seem as though the iGaming market is too unpredictable and explosive. To a huge extent, it is as online gaming is bounded by a variety of laws and regulations in different states. Fortunately, the betting and gambling industry is experiencing a shift.
With large numbers of physical sportsbooks and gambling establishments working at reduced capacity during this outbreak, online casino sites are flourishing. The future of the industry is digital, so it’s only sensible for Wynn to invest significant amounts in its online gaming operation.
Online gaming numbers demonstrate the market’s all outgrowth
The lockdown may have hit the crick and mortar casino industry harder than most. Impacted by lockdowns and state-imposed curfews, the physical casino market experienced its worst year yet with revenues plummeting by the double digits. And yet, it appears as though the lockdown was a great year for iGaming; the best one it’s had so far.
Brick and mortar casinos across the country were forced to shut operations in the spring and were not allowed to resume business until much later during the summer. Even though business has resumed, it’s anything but usual. Operators now have to observe various safety and health regulations in a bid to curb the outbreak.
This effectively meant that some treasured comforts such as poker and other card games have been off the table as casinos work to stay afloat at reduced capacities. The re-openings have been a great boost to businesses that need help, but it will hardly compensate for the loss of revenue experienced during the lockdown months of spring.
The total revenues of brick and mortar casinos across the country plummeted by almost half year on year. The drop in revenue was felt across all verticals including table games, as well as slot machines. Things took a turn in sports wagering revenues once live sports returned over the summer.
The monthly revenue of sports betting has shown substantial progression thanks to the jam-packed schedule of sporting events. The reopening of physical casinos caused a slight growth in the revenue numbers, which is great news as it shows that the process of recovery is underway. The progress is slow, but at least it is steady.
IGaming, alternatively, has proven its staying power and that it is much more recession-proof compared to the commercial casino business. After all, online gaming provides individuals with the perfect way to enjoy their favorite pastime at a time when social distancing has become a requirement. Even better, online casinos don’t have a mask requirement, and players don’t even have to leave the comfort of their couches or beds unless they don’t want to.
So what does the future of online gaming look like?
Land-based casinos have always been a mainstay and a familiar feature of the gaming industry having dominated the market for years. In the last several years so, these casinos have been overshadowed by cutting-edge online gaming versions that allow punters to take part from the comfort of their homes or on the move without having to visit a physical venue. These online gaming operations also allow gamblers to play and interact with other punters in other parts of the world.
As a result, punters now enjoy more variety than ever. There is an online gaming venture out there to suit everyone and the choices are widening by the day as evidenced by Wynn’s new online gaming undertaking. The varieties run the gamut from the type of online casinos that are available to the genres of games that these casinos house.
The boom has also been felt in mobile betting platforms. The ability to wager on the go on one’s phone is what will largely pave the way for the development of more socially integrated online gaming systems. In the future, the iGaming industry will keep advancing at an incredible pace. Even today, innovations such as AI, the Internet of Things, and VR are already reshaping the online gaming landscape.
The lockdown may have hit the brick and mortar casino business harder than expected but it did amazing wonders for iGaming revenues across the board. As such, it’s not shocking that operators such as Wynn are now looking to make significant investments in online gaming ventures.
The online gaming industry has remained steadfast and resilient despite setbacks relating to app regulations, troublesome regional legislation, and lack of reliable payment systems. But the industry is constantly on the lookout for innovations and fresher streams of revenue, which is why it has managed to stand strong even in the wake of a pandemic. There has certainly been a refreshed desire for online gaming, which should lead to the creation of new and bigger initiatives intended at bettering the industry.
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