Wynn Sports App Quietly Goes Live in Increasingly Competitive New Jersey Market
Posted on: August 5, 2020, 09:29h.
Last updated on: August 5, 2020, 02:05h.
Wynn Sports, a unit of Wynn Resorts (NASDAQ:WYNN), is live with a mobile sports wagering application in New Jersey, becoming the 18th sports betting app in the Garden State.
The app debuted Tuesday following a five-day “soft launch” period required by the New Jersey Division of Gaming Enforcement (DGE). Las Vegas-based Wynn doesn’t operate a land-based casino in the state and brought its new sports betting product to market via the Caesars Interactive skin.
In New Jersey, Wynn Sports lines will be provided by Germany’s BetBull, meaning odds Garden State bettors see on the app could differ from what gamblers see at the company’s retail sportsbook at the Wynn and Encore on the Las Vegas Strip.
Obviously, the product is in its infancy. But some gambling experts on social media noted pricing is fine, though there were some mild complaints about pricing on totals for some Major League Baseball (MLB) games last night.
Bottom line is Wynn is entering what has rapidly become the largest regulated sports betting market in the US, and one that’s hyper-competitive. In June, the last month for which data is available, Garden State sportsbooks won $12.6 million, and that was against the backdrop of a limited sports calendar.
Growing Sports Betting Profile
Among US-based gamin.g companies, Wynn is rarely mentioned as a significant player in the sports betting fray. Nor is it on par with the likes of rivals such as MGM Resorts International or Penn National Gaming.
However, in addition to New Jersey, the Encore operator has a partnership with Full House Resorts, Inc. (NASDAQ:FLL). This gives it exposure to Colorado and Indiana — two of the fastest-growing sports wagering markets in the country.
Likewise, Wynn previously stated it favors legalizing sports betting in Massachusetts. The company owns Encore Boston Harbor.
Any plans the operator has to increase its sports betting footprint are being kept quiet for now. On Tuesday, Wynn reported second-quarter results, and on a conference call with analysts and investors, there was no mention of the app debuting in New Jersey. For that matter, there was no talk of sports betting at all.
Fixing Some Kinks
One thing that could eventually catch the eyes of analysts and investors is Wynn Casino, an online offering that also debuted in New Jersey. The state is also home to a rapidly growing iGaming market, with operators there winning almost $85 million in June, as land-based casinos were shuttered.
For now, the Wynn offers is missing some standard table games. Likewise, the Wynn Sports app has a few kinks to be ironed out.
For example, as of Tuesday, there’s no desktop version of the app, meaning it’s only accessible via iPhones or Android-powered devices. Experts also pointed out that as of Tuesday evening, Wynn Sports lacked odds on the PGA Championship. The first major of 2020 starts tomorrow and will likely be the most heavily bet golf event to this point in the season.
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