Wynn Resorts has announced that it has entered into a strategic partnership with BetBull in an endeavor to pursue the company’s development opportunities in the legalized sports betting market in the United States.
BetBull, a leading digital sports betting operator based in Europe, will now furnish Wynn with its digital wagering technology and capabilities with Wynn planning to operate these services as a “nationally recognized brand” in the United States.
In terms of the deal signed by the parties, Wynn will make a minority equity investment to acquire a 22.5% stake in the company. This will be made on a fully-diluted basis upon closing of the investment which, according to the companies, will “occur in due course”, subject to customary closing conditions.
Almost fully based in Nevada, Wynn has been offering legal sports betting for a number of years. Its Wynn Las Vegas and Encore Las Vegas land-based amenities in the state both offer sports wagering.
Wynn is endeavoring to increase its services outside of Nevada with its continuous Encore Boston Harbor project in Massachusetts at a cost of $2.4bn / £1.82bn / €2.08bn.
The state is, however, still to legalize sports betting and it therefore remains unclear when or if the company will be allowed to offer their services.
In August of this year, Wynn appointed Philip Satre as its new vice-chairman after he stepped down as chairman of the board at IGT while Johnny Avello left Wynn this month in order to join the betting management team at DraftKings.
