Wynn eyes Tennessee & Virginia markets

Categories: News, Tennessee, Virginia | Published by: Alex W

09/11/2020

Wynn Resorts is looking to expand its sports betting options in Tennessee & Virginia

Following the launch of its online casino and sports betting app in New Jersey in August, Wynn Interactive is now eyeing up Tennessee and Virginia. The news comes following the third-quarter earnings call last week. Matt Maddox, CEO of Wynn Resorts Limited, commented on the steps the company has taken with Wynn Interactive, its sports betting and iGaming arm. Wynn joined the list of current NJ online sportsbooks available in the Garden State following a soft launch.

Wynn Interactive was formed last month through a merger between their online gaming and sports betting business, social casino entity, and their U.K. partner, BetBull Limited. Wynn Resorts owns around 71% of Wynn Interactive and has invested $80 million in the company to assist with expansion plans.

Maddox mentioned the casino app’s launch during the earnings call and how that will encourage an initial customer response. Maddox also highlighted that the company has secured market access in several other states and is in the middle of applying for licenses in Tennessee and Virginia. Sports betting has been legal for several weeks now and has so far been a success. With no casinos in Tennessee, all sports wagering must be done online.

Potential partnerships were another discussion topic, and Maddox confirmed that Wynn is in talks with potential partners to gain access to other jurisdictions. He believes that the Wynn brand will stand them in good stead to secure a seat at the table of “this important, fast-growing business” over the next few years.

Tennessee Sports Betting is Live

Tennessee sports betting launched on November 1 with four operators going live: BetMGM, DraftKings, FanDuel, and local company Action 247. Other operators have applied for licenses to launch their platforms in the Volunteer State. Maddox has revealed that Wynn is one of the operators currently going through the licensing process. No timeframe has been given on when the outcome of the application will be determined. Things have looked very positive in the state so far as reported on the Gamble Tenn website, especially on the available sports betting apps.

In October, WynnBet and NASCAR announced a multi-year sports betting partnership and have their eyes on Virginia to get the ball rolling. WynnBET is an authorized gaming operator of NASCAR and applied to become a legal operator in the Old Dominion State, which is the home to some of the biggest races in NASCAR.

If approval is given from Virginia state regulators, WynnBet will become the official online sportsbook of two prestigious racing venues in the state: Richmond Raceway and Martinsville Speedway. There will be WynnBet lounges placed at each venue with live race betting beginning next year.

Wynn Also Looks to Online Casino

It is not just sports betting that Wynn is looking to expand operations. The company has recently made strides to improve its online casino offering. Wynn Interactive announced a deal with casino content supplier Evolution in October to bring live casino content and services to the U.S. industry. The content will be available through New Jersey online casinos, to begin with, and the company plans to launch in more states soon after.

The live games Evolution offer include Three Card Poker, Ultimate Texas Hold’em, Blackjack, Infinite Blackjack, and Roulette.