Sports Betting ETF Adds Wynn Resorts to Its Roster

Sports Betting ETF Adds Wynn Resorts to Its Roster

The new Roundhill Sports Betting & iGaming ETF BETZ has started making adjustments to its roster within 2 weeks of its launch. This time it has added Wynn Resorts.

New adjustments

Roundhill’s ETF made some adjustments to its roster because of “extraordinary demand” for some securities. The BETZ debuted on June 4 as the first exchange-traded fund that is dedicated to growing the sports betting landscape rapidly. It also became the first ETF to offer prominent positions to investors in newly public companies in the gambling sector like GAN Ltd. and DraftKings.

Sports Betting ETF Adds Wynn Resorts to Its Roster

On June 12, the BETZ ETF product had already gained attention and over $70 million in assets under management. It achieved this feat within 7 trading days only, which means that the average inflow of money to the ETF was about $10 million per day during its first week in the market. This is an exciting figure for any new ETF, especially one which comes via an independent issuer.

What adjustments did the ETF do?

The ETF product sees GAN gaining the top spot followed by DraftKings. The gaming software provider holds 6.61% weightage in the lineup while DraftKings holds 6.50%. The largest percentage increased were for GVC Plc and Kindred Group Plc, both of which are sportsbook operators. Both stocks now hold 12.64% weightage in the lineup. Note that GVC is partnering with MGM Resorts International for the ROAR Digital Betting app.

The product did not delete any company during the rebalancing. However, it reduced the weightage of smaller and less liquid firms like PointsBet, Kami, and Betmakers. It added new companies like Wynn Resorts, Gamesys, and two Swedish companies- NetEnt and LeoVegas. Wynn is the sixth traditional casino operator in the list. Its peers, Caesars Entertainment, MGM, Boyd Gaming, Penn National Gaming, and Eldorado Resorts were already listed in the ETF.

Interestingly, Wynn has the smallest exposure to the sports betting sector. It is present in Las Vegas but is still adding its sports betting markets in Indiana and Colorado. However, its biggest entry into the industry could be via Massachusetts where it owns the Boston Harbor.

About sherlock

Sherlock Gomes loves to write and express his views on anything related to Gaming, Gambling, & Casino. He has been covering Gaming for more than two years now.