Wynn Resorts Forges Sports Betting PartnershipCasino Giant Eyes Sports Books Outside Of Las Vegas |
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Las Vegas-based casino giant Wynn Resorts has found a partner for U.S. sports betting.
Wynn Resorts announced Thursday that it has entered into a strategic partnership with BetBull Limited, a Europe-based digital sports betting operator.
According to a press release, the strategic partnership will position both firms to “capitalize on the developing U.S. opportunity by combining Wynn Resort’s nationally recognized brand with BetBull’s digital sports betting operations capabilities and technology.”
The arrangement includes Wynn Resorts making an investment in BetBull. The casino developer will own 22.5 percent of the technology company, per the press release.
BetBull is a three-year-old startup with “a presence” in Malta and the United Kingdom. The firm is “backed” by former CEOs of 888 Holdings and Bwin, “as well as several other prominent investors,” Wynn Resorts said in the press release.
Wynn Resorts’ deal follows similar moves by MGM Resorts and Caesars Entertainment.
Sports betting has never been more lucrative for Nevada casinos, which prompted gambling facilities in New Jersey to challenge a 1992 federal law that banned the activity outside of Nevada. In May, the high court struck down that law, paving the way for the casino giants to forge deals to bring sports betting to regional casinos and racetracks.
Americans are said to bet $150 billion each year on sports, with some 97 percent coming on the black market, according to the American Gaming Association.
Wynn’s deal with BetBull positions the casino developer to offer sports betting in Massachusetts, upon completion of a $2 billion casino outside Boston. Encore Boston Harbor, despite its current legal troubles, is still expected to open in mid-2019. Massachusetts has yet to legalize sports betting, but lawmakers already began to look at the industry in the form of a study bill.
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