- Wynn Interactive will be a part of the Nasdaq Stock Market by the end of 2021.
- The sports betting company will be known as WBET to shareholders.
- Billions of dollars are expected to be gained by merging the sports wagering platform into a stock-style framed company.
NEW YORK – Wynn Resorts will now put their internet sportsbooks up on the Nasdaq Stock Market by the end of the year after merging with another company in order to do so. Wynn Interactive announced on Monday that they would combine their business with Austerlitz Acquisition Corp. I. Austerlitz is a blank-check conglomerate created by the title-insurance tycoon William P. Foley II.
Once the merger is complete, which should happen before the end of 2021, WBET will be seen in the stock market for interested buyers.
Following Other Big Sports Betting Operations
The Golden Nugget Online Gambling Inc., DraftKings Inc, and Rush Street Interactive have all joined the stock market scene, becoming publicly traded companies. In doing so, their businesses have soared to new heights because regulated sports betting in the United States continues to be a growing industry.
Wynn Interactive is the company’s mobile sportsbook platform. They are slowly becoming a household name in states where they have a presence in the sports wagering market. With this new move, they have plans to become that much more popular among sports bettors nationwide.
“We are confident that this transaction will unlock the tremendous potential of Wynn Interactive to further accelerate growth and enable the business to capture the massive opportunity in North America. Bill Foley is the ideal partner to ensure continued success – his track record with business combinations, extensive experience growing marquee consumer brands and partnering to maximize value in businesses like ours will be invaluable as we continue scaling,” said Matt Maddox, CEO of Wynn Resorts and Chairman of Wynn Interactive.
The Excitement Behind This Merger
Wynn Interactive will be able to capitalize on the amount of revenue and profits overall through this merger. The platform is live in six states but will be able to open up in more markets after becoming a publicly owned company. It is expected to grow by 32% in a ten-year time frame which equates to $45 billion in overall worth.
“Wynn Interactive is rapidly establishing a leadership position in what will ultimately be a $45 billion North American online sports betting and iGaming market through our relentless focus on product features, user experience, and customer service. We look forward to working with Bill Foley and Austerlitz I to support Wynn Interactive’s long-term growth,” said Craig Billings, President and Executive Director of Wynn Interactive.
At the time the merger is set to close, the value of the company should be $3.2 billion.
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News tags: Austerlitz Acquisition Corp.I | Craig Billings | DraftKings Inc. | Golden Nugget Online Gambling Inc. | Matt Maddox | Nasdaq Stock Market | Rush Street Interactive | SPAC | WBET | William P. Foley II | Wynn Interactive | Wynn Resorts | WynnBET
Christina has been writing for as long as she can remember and does dedicated research on the newly regulated sports betting market. She comes from a family of sports lovers that engage in friendly bets from time to time. During the winter months, you can find Christina baking cookies and beating the entire staff at Mario Kart…the N64 version of course.