Wynn Now Aiming for A Spot IN Tennessee and Virginia Sports Betting Markets

Wynn Now Aiming for A Spot IN Tennessee and Virginia Sports Betting Markets

Wynn Interactive is looking to make its presence felt in the sports betting markets of Virginia and Tennessee, after launching its online betting offering in New Jersey.

Wynn makes slow strides

During the third quarterly earnings call last week, Wynn Resorts CEO Matt Maddox commented on the company’s progress with Wynn Interactive. The online gaming and sports betting subsidiary of the casino behemoth opted for a soft launch in New Jersey in August. It was formed after the merger of the US online sports betting business and social casino business with BetBull Limited, their UK-based partner.

Wynn Now Aiming for A Spot IN Tennessee and Virginia Sports Betting Markets
Photos taken at Las Vegas.

Wynn Resorts invested $80 million in Wynn Interactive to help the company grow and expand its operations. It owns 71% of the new company and is also planning to consolidate in the future. Commenting on their roadmap, Maddox said, “During the third quarter, we launched online sports and casino offerings in New Jersey to encouraging initial customer response. Beyond New Jersey, we have secured market access in numerous other states, and are in the process of applying for licenses on a standalone basis in Tennessee and Virginia.”

Moving beyond NJ

Maddox also noted that the company is in discussion with potential partners for additional access agreements in other states. He added that the national recognition of their brand and their product-led strategy will help in capturing a fair share of the fast-growing online sports betting business.

The company also reported a decrease in operating revenues. In the third quarter, the operating revenue was $370.5 million which is a striking 77.5% fall from the $1.65 billion earned in the third quarter of 2019. At such a time, the thriving market of Tennessee could be crucial for the company.

As of November 1, Tennessee has four operators- Action 247, FanDuel, DraftKings, and BetMGM. Some other operators have also applied for a license with the state lottery, alongside Wynn. In Virginia, the company is focusing on WynnBET, an authorized gaming operator for NASCAR. It has submitted an application to make its operations legal. Once done, it would also host wagers on some of the biggest NASCAR races.

sherlock

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.

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