WynnBET Enters Seventh State With Iowa Launch
WynnBET announced on Friday it has increased its market access to seven states after securing approval for the launch of its betting app in Iowa. The premier casino and sports betting app from the Nevada-based luxury hospitality company, Wynn Resorts, signed a multi-year access partnership with Elite Casino Resorts, the leading integrated resort company in Iowa. This provides Hawkeye State residents access to WynnBET for mobile sports betting licensed by Elite’s Riverside Casino and Golf Resort.
WynnBET, both an online casino and a sports betting app, is currently available in New Jersey and Colorado and will make its digital presence felt in Michigan soon. The online sports betting company has also secured market access in Indiana, Nevada, Iowa, and Massachusetts, while it awaits license approvals in Tennessee and Virginia.
WynnBET’s Market Expansion
WynnBET is operated by Wynn Interactive, a joint venture between Wynn Resorts and UK-based BetBull in which 71% is owned by the Nevada-based company. According to its third-quarter earnings conference call, Wynn Resorts has already invested $80 million in the joint venture and is heavily invested in its expansion plans.
To meet the demands of the ever-expanding iGaming industry, the parent company is fast-tracking discussions regarding WynnBET’s market access in over a dozen other jurisdictions. Overall, Wynn Interactive’s prospective market access would position the app to extend to as much as two-thirds of the addressable digital bettors in the US. Sportsbooks are now operating in 19 states, in addition to Washington DC. Some more US states are set to launch regulated sports betting during this year, while others are still debating the legalization process.
Wynn Interactive, A Formidable Merger
Besides becoming an official gaming operator of NASCAR (in October 2020), WynnBET said it has other such partnerships in the pipeline. The online betting company launched its first platform in August 2020 in the Garden State, and within five months has spread to seven US states.
Wynn Interactive, a joint venture between Wynn Resorts and BetBull, was agreed in November 2020. The deal made the US company fully acquire the British company for an undisclosed price. Wynn Resorts shareholders have a 71% stake in the new company, with the remaining 29% are held by BetBull shareholders. The British company’s UK-facing digital gambling operations and social casino offering Wynn Slots also include in Wynn Interactive.
Iowa Sports Betting
Sports betting was legalized in Iowa in 2019, with the requirement for bettors to register in-person for an online sports betting account. However, the requirement expired recently on January 1, 2021. Even before this welcoming news, the Hawkeye State smashed back-to-back sports betting handle records. December 2020 brought a huge number of $104.8 million in handle, with the lion’s share coming from online betting. Overall revenue for sportsbook operators climbed to 76% year-on-year to $7.5 million and shows no signs of slowing down.
WynBET’s partner in Iowa, Elite Casino Resorts, owns and operates three casino properties in the state: the Riverside Casino and Golf Resorts, and the Grand Falls Casino and Golf Resort, the Rhythm City Casino Resort. In addition, Betfred USA Sports and Bally’s Corporation have recently also finalized deals to kick off their online sportsbooks in Iowa via partnerships with Elite Casino Resorts properties. The casino also launched its own sports betting operation, Elite Sportsbook, in the Hawkeye State.
Inspired by Wynn Resort’s unrivaled expertise, the WynnBET app provides an ultra-intuitive and extremely responsive interface that delivers hundreds of sports wagering options to both experts and beginners alike. With its recent acquisition of BetBull, the app is built on a foundation of highly social sports wagering technology and unique experiences so that the betting and winning can be a shared experience.