Wynn Resorts looking to expand into TN & VA
Wynn Resorts has quietly started to grow its sports betting operations, and now the company is looking to expand into two other states.
Wynn Interactive is the sports betting and online casino arm of the company, and it launched in the state of New Jersey in August.
New Jersey is loaded with big-name sports betting operators, and Wynn didn’t make a huge splash when launching in that state. It now appears that Wynn Resorts is looking to launch Wynn Interactive in both Tennessee and Virginia, and the company could be a much bigger player in each market.
Wynn Interactive was recently formed last month after the parent company merged with BetBull Limited. Wynn Resorts owns more than 70 percent of Wynn Interactive, and they will be looking to consolidate that moving forward.
Now that the company is happy with what has transpired in New Jersey, although with limited success, Wynn Resorts is looking to apply for a sports betting license in the two states mentioned above. This could be a gamechanger for Wynn Results, and it will also bring a popular name to those two states.
Wynn Resorts announced that total revenues for the third quarter of 2020 were $370.5 million, which is a huge decrease from 2019. The shut down of several casino properties throughout the country was the biggest reason for the decline, and the company is hoping that sports betting can get them back on track.
Tennessee Sees Successful Launch
Tennessee sports betting officially launched on Nov. 1, and there were four operators ready to go on the first day. BetMGM, DraftKings, FanDuel, and locally owned Action 247 were the first to offer bets on opening day.
Tennessee is the first state in the country to launch a mobile-only market as there are no retail casinos in operation. This is extremely unique, but mobile wagering is the most popular way to bet throughout the country on the growing list of TN sportsbook apps.
Wynn Resorts has acknowledged that they have applied for a sports betting license through the Tennessee Education Lottery (TEL), but they have not yet been approved. The TEL has been slow in approving other applications in the past.
At the end of October, WynnBet and NASCAR reached an agreement, and that new partnership will look to get things going in Virginia. The multi-year sports betting partnership will make WynnBet the official sports betting partner of NASCAR.
Virginia state regulators have received an application from WynnBet, and they could issue a sports betting license soon if that occurs. WynnBet will be offering sports betting at Martinsville Speedway and Richmond Raceway, two of the most iconic venues in the sport.
In-race wagering could start as early as 2021 in both locations, and the company will be opening up WynnBet lounges at each location. NASCAR has been aggressive in its approach towards sports betting, which could be another huge win for the Wynn Resorts company.
It should be another big year for the sports betting industry in 2021, and Wynn Resorts could become a major player.
Check back for more TN sports betting news and the latest sports news in The Volunteer State.
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