Scientific Games, Wynn Resorts Add Colorado, Indiana to Sports Betting Partnership
Posted on: September 2, 2020, 10:29h.
Last updated on: September 2, 2020, 01:55h.
Wynn Resorts and gaming technology provider Scientific Games are bolstering a sport wagering relationship that will see the companies get together in two of the fastest-growing markets for that activity: Colorado and Indiana.
The news comes just over a month after Wynn launched the 18th sports betting mobile application in New Jersey — the largest US sports wagering market. The app uses Scientific Games technology, operating under the Wynn Sports brand.
Wynn Sports utilizes the Company’s sports betting and iGaming platforms, a managed sports trading service and its market-leading content aggregation system,” according to the companies.
In the two new states, Wynn will use Scientific Games’ OpenSports software and the OpenPlatform account management system. The financial terms of the deal weren’t disclosed.
Expanding Sports Footprint
Wynn is more synonymous with running glitzy, land-based casinos. The company owns three integrated resorts in the US — an eponymous Las Vegas Strip venue and the neighboring Encore, and the Encore Boston Harbor.
However, the operator is looking to increase its exposure to the rapidly growing domestic sports betting market. Last year, a Wynn entity known as WSI US LLC, the operator’s holding company for sports and interactive gaming businesses, inked deals with Full House Resorts in Colorado and Indiana. Wynn has also been vocal in its support of Massachusetts permitting sports wagering, which hasn’t happened yet.
For now, Wynn remains a bit player in the US online sports wagering landscape, as it doesn’t even command one percent market share. The arena is dominated by FanDuel and DraftKings, which combine for 62.56 percent of the industry, followed by William Hill at 9.62 percent.
Wynn does have levers to pull to bolster its sports betting footprint, including access to high-end clientele, robust brand recognition, and strong financial resources.
Although Wynn is somewhat late to the online sports betting game, exposure to Colorado and Indiana could speed the operator’s ascent. In less than a year, the Hoosier State’s handle swelled to $1 billion, and that’s with the multi-month coronavirus sports shutdown this year.
Additionally, Indiana could consider legalizing internet casinos next year, and it’s possible Wynn could get a piece of that action through an established presence in the state.
In Colorado, August was just the fourth month of live sports betting there, and data is available for the first three months. In July, the state posted a $59.18 million handle, an increase of 55 percent from June, indicating a potentially lucrative future for operators there as sports wagering ramps up.
As for Massachusetts, the sports betting outlook there is a bit murkier over the near-term after a related proposal was excluded from economic development legislation passed in July. However, market observers believe the debate could be taken up again later this year, and it’s just a matter of time before the Bay State joins the roster of legal sports betting wagering states.
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