- WynnBET has received online sports betting licensing in Virginia.
- The WynnBET mobile app should launch soon for Virginia players.
- WynnBET is currently live in New Jersey, Colorado and Michigan with market access deals in place for a number of other states.
WynnBET—the online gaming and sports betting division of Wynn Resorts (NASDAQ: WYNN)–continues their active pace at building out their business presence in the US. WynnBET got off to a bit of a slow start relative to their competitors in the space but they’ve done a nice job catching up to the curve with the development of their sports betting brand. Earlier this week, we reported on WynnBET’s promotional partnership with the NBA Detroit Pistons and as part of that report we indicated that they had a Virginia license application pending. Earlier today, WynnBET sent out a press release indicating that they have now been officially licensed in the Commonwealth of Virginia.
The WynnBET app is now live in Colorado, Michigan and New Jersey and they’ve got market access in seven other states (Indiana, Iowa, Massachusetts, Nevada, Ohio, Tennessee, Virginia). They’ve also picked up the pace of their marketing and promotion partnerships with arguably the biggest deal being one with NASCAR. At the same time they announced the NASCAR partnership they also announced a couple of Virginia-centric partnerships with the Richmond Raceway and Martinsville Speedway racetracks.
WynnBET is making NASCAR wagering a focus which should serve them well as they look to build a business in Virginia. Part of the NASCAR partnership involves an upgraded live betting experience:
WynnBET will expand the portfolio of bet types offered on its mobile app throughout the NASCAR season, including pre-race and in-play bets. Bet types currently being explored include top-finishing drivers, driver matchups, stage winners and bets tied to the number of the winning car (over/under), among others. Beginning in 2021, WynnBET will offer live, in-play betting through a partnership with Genius Sports and live betting product, Betgenius, as the sport continues to strengthen its position around in-play sports betting.
This is also a good move from the NASCAR perspective. They likely want to emulate what the PGA has done by embracing the betting ecosystem resulting in a huge boom in popularity. NASCAR has always been a great betting sport that was for whatever reason ‘under the radar’ and this should help change that.
In the press release announcing their licensing in Virginia WynnBET gave a special shout-out to NASCAR and NASCAR fans via Wynn Resorts President Craig Billings:
“We appreciate the confidence the Virginia Lottery has in our ability to deliver a world-class, online betting experience for the people of the Commonwealth of Virginia. We value our close relationship with NASCAR and look forward to creating a new and exciting online betting offering for NASCAR fans.”
The press release indicated that their app would launch in Virginia ‘soon’. With NASCAR having back to back races in Virginia in early April I’d imagine that it’ll be up before this made to order marketing opportunity at Martinsville and Richmond:
At the time of publication, Ross Everett has a long position in WYNN.
