- Wynn Interactive cost Wynn Resorts $80 million as they merged with BetBull to form the mobile and internet sportsbook.
- The sports betting platform has already gone live in the New Jersey market as of August.
LAS VEGAS – A partnership deal that started in October 2018 between Wynn Resorts and BetBull Limited that set Wynn back $80 million is finally ready to start making waves in the world of sports betting.
BetBull was an internet sports wagering company based out of the UK while Wynn Resorts was until now a more resort-centric operation, not yet branching out into sportsbooks.
That all began to change in 2018 when Wynn decided to get into business with BetBull as the US repealed PASPA that year and the sports betting industry was projected to surge in popularity across the nation, which it has.
Wynn Interactive is the brainchild that was created through the partnership of the two companies, seemingly ridding the world of BetBull as it has since been absorbed by Wynn with the finalization of this deal.
The platform for gambling on sporting events also known as Wynn Interactive gives Wynn the majority hold with 71% ownership, allowing for previous BetBull shareholders to claim 29% of the new business.
The merging of these companies took about two years to get done and launch their application to the US market, beginning with New Jersey sports bettors in August.
This deal was an attractive one for those on each side of it as it gave both the boost needed to jumpstart a presence within the United States sports wagering market, putting their strengths together into one entity; Wynn with their name and BetBull with their sports betting experience.
The growth of the sports betting industry in the US has been astronomical considering it received its official start two years ago. Future projections see a further rise in activity as more states make sports betting legal.
This puts Wynn Interactive in a very conducive spot to flourish within the market.
The platform has made about $20 million in revenue in three months’ time. They are slowly making their way into sports betting with their online and mobile sportsbook but have been receiving pressure to try and gain licenses to launch land-based sportsbooks at their resort locations.
Currently, Wynn Interactive has been given the green light to be offered in nine states with seven more pending, totaling sixteen states where sports bettors could see the sportsbook open for wagers in the near future.
The Future Of Wynn Interactive
Wynn Interactive has already received access to launch in Colorado, Florida, Illinois, Indiana, Iowa, Michigan, Nevada, New Jersey, and Rhode Island where and when such markets are legally applicable.
They are pending licensure in Tennessee and Virginia and are in talks with California, Georgia, New York, Ohio, and Pennsylvania. With all of the possibilities for state access in the future, an $80 million endeavor is a small price to pay in such a competitive industry when the potential for profits is anyone’s bet.
News tags: BetBull Limited | California | Colorado | Florida | Georgia | Illinois | Indiana | Iowa | Matt Maddox | Michigan | Nevada | New Jersey | New York | Ohio | PASPA | Pennsylvania | Rhode Island | Tennessee | Virginia | Wynn Interactive | Wynn Resorts
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.