Welcome back avid readers and happy Wednesday!
It’s a short week so let us dive right into some of the top gambling stories currently making the rounds. Wynn Resorts prepares to launch its mobile app in seven states, Iowa sports betting continues to set records, and the Louisiana gaming industry takes a hit.
On the rewind:
WynnBET plans to launch in seven states
Our final story deals with Wynn Resorts and the companies plan to launch its mobile app in seven states.
WynnBET, which is currently available in New Jersey and Colorado, announced it has gained market access to Indiana, Iowa, Michigan, Massachusetts, Nevada, Tennessee, and Virginia.
The company also announced a multi-year partnership with Elite Casino Resorts in Iowa, which, as mentioned below, saw 70% of sports bets placed online. Additionally, with the recent news that Michigan online sports betting is set to launch any day now, WynnBET appears to be in a prime position for good returns in both states.
The takeaway: Although the company is several months behind other top operators like DraftKings and FanDuel, WynnBET is launching at the right time in places like Michigan and Iowa. The online market isn’t going anywhere. With market access to Virginia and Tennesse (two mobile-only states), Wynn Resorts’ road map could be beneficial.
Louisiana gaming industry takes a massive hit
Much like other industries across the US, the Louisiana gaming industry also suffered significant loss due to the coronavirus pandemic.
According to data from the state gaming board, the industry, which includes: video gaming terminals, racetracks, land-based casinos, combined to lose upwards of $830 million in 2020. To make matters worse, roughly 4,790 hard-working employees were laid off.
The lifeblood of Louisiana gaming, the riverboat casinos, lost around 31.6% of revenue or about $525.7 million. In the Bayou State, the gaming industry is divided into specific regions. The Lake Charles area was hit extremely hard, where properties combined to lose around $218.7 million.
The takeaway: The losses suffered in Louisiana can not be underestimated. The gaming industry is key to economic growth in the state. If revenue loss continues, it could make for a very rough year. However, vaccination plans are in place across the US. So, it’s only a matter of time before the gaming, hospitality, and tourism industries get some life back into them.
Iowa sports betting trending upwards
Residents of the Hawkeye State continue to embrace sports betting, this time, to the tune of $100 million.
According to figures released by the Iowa Racing and Gaming Commission, sports betting handle in Iowa hit a record $104.8 million in December, up from the $87.17 million the previous month. And much like New Jersey, more than 70% of sports bets were placed online.
Additionally, the $100 million for December translated to $7.5 million in gaming revenue for casinos.
As a whole, bettors in Iowa have wagered a little over $400 million on sports in the first six months of the fiscal year, which is impressive for a state with a population of 3.1 million.
The takeaway: The $100 million mark in December is impressive. However, but the key metric is that 70% of bets were through mobile and online platforms. The future is undoubtedly mobile. It must be reassuring to the gaming industry that a midwest state like Iowa embraces online sports betting.
