In an effort to expand its presence in the iGaming and online sports betting market, Wynn Resorts has partnered with U.K.-based BetBull. Wynn hopes to double its access by the end of 2021.
The latest pronouncement comes after the company said earlier in November it would reorganize certain assets (including BetBull) into a new majority-owned subsidiary for online sports betting and iGaming. Known as Wynn Interactive, the arm will offer digital gaming in both the U.S. and abroad. Wynn Resorts, which owns 71 percent of the new venture, invested $80 million in BetBull to fuel growth, according to SportsHandle. Former BetBull shareholders will receive a 29 percent stake in the new entity.
BetBull calls itself as a social sports betting community, where patrons can place bets alongside friends and groups, then cheer on the bets in a chat room.
“The founders of (BetBull) were a great cultural fit,” Wynn CEO Matt Maddox said. “They were the founders of Bwin and Party and understand this intimately. And they built a product in the U.K. that was really very social. When you see your friend making a bet, it will pop up on your phone. Do you want to follow your friend? It’s very parlay heavy.”
The partnership brings Wynn’s digital ventures under one umbrella, iGaming will remain BetBull in the U.K., but in the U.S., the app will be called WynnBET. The company also owns the social casino operations of Wynn Slots.
Wynn Interactive launched its first digital sports betting platform in August in New Jersey. It currently has access in nine markets, and expects to add seven more, including Tennessee and Virginia. WynnBET has partnered with Martinsville Speedway and Richmond Raceway as a way into the Virginia market.
In early October, Wynn announced a 10-year deal with GAN to furnish the software platform in Michigan. This pact follows Wynn’s agreement with the Sault Ste. Marie Tribe of Chippewa Indians in Michigan, who operate five casinos under the Kewadin Casinos brand.
According to a third quarter corporate report, Wynn Interactive is also working to enter California, Georgia, New York, Ohio, and Pennsylvania. When Wynn has access in all its states it is soliciting it will have a reach across half the U.S. sports betting market, according to Legal Sports Report.
“We’re learning a lot as we have product releases every two weeks,” Maddox said. “We’ve had lots of interest from various people wanting to co-invest, wanting to be a part of it.”
Wynn Interactive currently generates around $20 million in revenue, mainly via BetBull, Maddox said. That will “increase exponentially” as WynnBET launches in new states.
