Wynn has been making good on its promise to invest and expand in online gambling as we’ve previously covered here. WynnBet, which was formed by the international luxury hospitality brand, Wynn Resorts has its work cut out for it in the supersaturated New Jersey sports betting market. However, this hasn’t spoiled its plans for market domination in the rest of the country.
Unlike other operators that usually launch their products in pomp and circumstance, WynnBet’s launch last year was very quiet as we’ve covered here. Because Wynn did not have a physical casino property in the Atlantic City casino market at the time of the launch, it struck a deal with Caesars Entertainment to become the 4th skin on Caesars’ license.
Though it’s had a lot to prove in the New Jersey betting market, WynnBet has a great standing in other parts of the country. In particular, it is one of the most popular online casinos in Nevada. As a matter of fact, the Wynn sports betting app was one of the first ones to launch in Nevada but it hasn’t had an opportunity to expand beyond Nevada and New Jersey until now.
Part of the reason that WynnBet has had such a difficult time expanding into some of these newer markets is because of its apparent lack of physical casinos in these states. 5 of Wynn’s properties are in Las Vegas and Macau; the other remaining property is situated in the Encore Boston Harbor. Even though Massachusetts has been talking about legalizing online wagering, it is yet to do so.
Back in 2010, Wynn had plans to build a new casino on the Philadelphia riverfront but these plans were absconded before the state of Pennsylvania made its sports betting market legal. So far, operators that have experienced a lot of success in the country’s legalized sports market have been online-only operators such as DraftKings and FanDuel or operators with a strong local presence such as Golden Nugget in the Garden State.
Brick and mortar casinos such as MGM and Caesars, have both experienced great success as well, even though they trail behind. This proves that WynnBet can indeed succeed even though other operators have been at it for much longer. It’s already proven its might in the Colorado and New Jersey markets so it shouldn’t have too many problems replicating its success in other states.
As a result of its continued plans for expansion, Wynn Resorts’ shares have soared over the last few weeks. Expanding its presence in additional states has signaled it as a big player to watch. As such, all other operators need to watch WynnBet as it will soon be a big contender in the legal sports betting industry in the country.
Wynn’s emphasis on online operations makes sense
Even though Wynn is one of the most highly recognized brands in the casino business, it has opted to focus its attention on the sports vertical for its online offerings. Wynn doesn’t have a casino app. However, it offers customers casino games as a tab within the Wynn sports apps. And even though New Jersey is a conventional starting point for most operators looking to get an edge in the iGaming market, Wynn is doing everything in its power to expand into further states.
Wynn’s $80 million investment that we’ve covered here will go a long way in helping to ensure that the expansion plans are a success. Wynn currently has a multi-year partnership with BetBull Limited which will see it establish its dominance in the sports wagering network across the country.
Wynn recently announced its plans to expand its access to 7 more states this year. It’s already available in the Garden State, as well as Colorado, and will soon open operations in Michigan. WynnBet also recently entered into a partnership with Elite Casino Resorts, the leading resort operator in Iowa. This multi-year partnership will give sports betting fans in the Hawkeye State access to mobile sports betting. Besides, WynnBet will also expand into Indiana and Massachusetts.
It has also submitted its licensureship application in Virginia and Tennessee. To meet the rapid changes taking place in iGaming, WynnBet is also in talks to fast track market access in more than 12 other large jurisdictions that are yet to be announced. By the end of the year, WynnBet hopes to reach approximately two 3rds of the online wagering population in the country.
By the end of last year, WynnBet had already signed a deal with a major sports league like most of its competitors. As a result, WynnBet is now NASCAR’s authorized gaming operator. Even though WynnBet is on track to continue its expansion this year, it has a lot of competition that it has to deal with. Case in point, MGM also has similar plans to expand operations in the rest of the country.
News of the vaccine has also been a great boost to WynnBet’s expansion plans. As you already know, inoculation of vaccines is already underway across many parts of the world and the country. This will continue to have a positive impact overall for the brick and mortar casino industry which has been struggling to survive under the weight of the contagion.
While casino operators such as Wynn and MGM have been able to re-direct their expansion plans online, many others haven’t been so lucky. The vaccine signals that there is hope to be had, which is great news for casino operators and punters all over the country.
Since it launched in the Garden State in March 2020, WynnBet has continued its plans to expand beyond New Jersey and Nevada. It will soon be available in Tennessee and has already been approved to expand in Virginia. So overall, WynnBet has had a great start in 2021. By the end of Q2, WynnBet is hoping to make itself available to customers in Indiana, Colorado, and Michigan.
Although the pandemic continues to affect brick and mortar operations across the country, the outlook is becoming more positive every day due to the vaccines available. As such, the future looks bright as more and more operators continue to fight for dominance in the burgeoning sports betting market in the country.