Wynn Resorts teams up with European sports betting operator
Wynn Resorts is not letting the sports betting mania pass it by.
The casino operator announced Thursday it has teamed up with European operator BetBull Ltd. to provide sports betting services around the U.S., becoming the latest gaming company to strike an industry deal.
“The strategic partnership will position both parties 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 casino operator said in a statement.
Wynn Resorts has a small physical footprint in the U.S., operating two properties in Las Vegas and launching a third in Boston next year. The deal will enable Wynn to potentially capture a piece of the sports betting growth throughout the U.S.
As part of the partnership, Wynn Resorts will take a 22.5 percent stake in BetBull, the Las Vegas-based company said. Wynn Resorts did not state how much it will pay for the stake.
Foreign sports wagering companies and U.S. casino operators have been rushing to strike deals ever since the U.S. Supreme Court overturned a ban on wagering in most states in May
Eldorado last month signed a partnership with U.K.-based William Hill that will give the casino operator a 20 percent stake in the sports betting company’s U.S. business.
MGM Resorts International in July set up a joint venture with U.K.-based GVC Holding to offers sports betting operations around the U.S.
Dublin-based bookmaker Paddy Power Betfair in July completed the acquisition of FanDuel, the New York-based daily fantasy sports site, to grab U.S. market share.
Credit Suisse forecasts sports betting could be legal in 20 states by 2023 and generate $4.5 billion in profits.
Contact Todd Prince at 702-383-0386 or tprince@reviewjournal.com. Follow @toddprincetv on Twitter.
