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Wynn Resorts has a global prominence in the gaming industry, but it’s been conspicuously absent on the sports betting front thus far.
That puts it in stark contrast to the path of many of its primary US competitors–entities such as Penn National Gaming, Caesars Entertainment and MGM Resorts. Those companies are among several that have gotten the jump on Wynn by proactively forging partnerships in states that have passed sports betting laws.
Those relationships were forged in the wake of the May 2018 Supreme Court decision to eradicate the Professional and Amateur Sports Protection Act (PASPA).
However, in the wake of last week’s developments, that’s projected to change.
Cutting-edge BetBull continues its rapid ascent
The Las Vegas, Nevada-based casino giant announced a “strategic partnership” with European digital sports betting operator BetBull Limited. According to the official press release, Wynn will take a 22.5 percent stake in BetBull on a fully diluted basis as part of the deal. The overriding purpose of the agreement is to “position both parties to capitalize on the developing U.S. opportunity by combining Wynn Resort’s nationally recognized brand with BetBull’s digital sports betting operations capabilities and technology.”
BetBull Limited was founded in 2015 by entrepreneur Sadok Kohen. It currently operates out of both Malta and the United Kingdom. The company’s betting app is available on both Apple and Android platforms. BetBull has separated itself in the sports betting industry with several unique aspects.
The company integrates a social/community component into its platform. Features include the ability to chat with other bettors. Additionally, bettors are able to both post and receive wagering tips. An internal ranking system lists the site’s top players and tipsters.
BetBull Limited offers wagers on multiple popular sports from around the world. As per its official website, it also features a live cash-out ticketing system.
A mutually beneficial partnership
Further details are scarce at this point. However, the agreement implies that Wynn is set to elevate its sports betting profile significantly over the next several months. Leveraging BetBull’s digital platform affords Wynn a solid foundation upon which to build offerings in the continually expanding space. Meanwhile, the joining of forces provides BetBull with its first entry point into the lucrative US sports betting market.
Wynn does not have any US-based properties outside the Silver State at present. However, its Encore Boston Harbor resort remains slated for a 2019 opening. This is despite recent controversy and rumblings about a possible sale in the wake of an investigation by the state’s Gaming Commission into sexual misconduct allegations levied against founder Steve Wynn. Sports betting is not yet legalized in Massachusetts, but a bill will reportedly be considered in next year.
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