• Loading stock data...
Saturday, May 18, 2024

Wynn Wants to Sell Sports Betting Unit for $500M

  • Wynn Resorts intends to sell its online sports betting business.
  • The company is asking for $500 million after the business received a $3 billion valuation last year.
WynnBet/Design: Alex Brooks

Wynn Resorts intends to sell its online betting unit, Wynn Interactive, for $500 million — and that’s after it received a $3 billion valuation last year, according to the New York Post. 

High marketing costs associated with acquiring new customers, despite recent growth in revenue and reach, is reportedly spurring the decision.  

  • The company’s WynnBET sportsbook has market access in Arizona, Colorado, Indiana, Michigan, New Jersey, Tennessee, Virginia, Louisiana, and New York.
  • It’s inked multiyear partnerships with the NFL’s Indianapolis Colts, Detroit Lions, and New York Jets.
  • Over the past year, it’s added NBA legend Shaquille O’Neal, former USMNT goalkeeper Tim Howard, and former NFL star Chad Johnson as ambassadors. 

Wynn posted $994.6 million in revenue in Q3 2021, up from $370.5 million for the same period a year prior. The company reported a net loss of $166.2 million during the quarter, down from a net loss of $758.1 million in Q3 2020.

Change of Plans 

Last September, Wynn entered an agreement with the Bank of China to obtain a $1.5 billion line of credit. Reports suggested that the company planned to use $100 million of the capital to market its sports betting app during this year’s football season.

Wynn planned to take its online sports betting division public via a SPAC merger with Austerlitz Acquisition Corporation but scrapped the deal last November.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Sponsored

Major League Rugby’s Vision for American Rugby

How Major League Rugby is leading the Rugby renaissance in the U.S.

ESPN Narrowly Avoids Disaster on Hurricanes-Rangers Broadcast

The network briefly switched playoff games in crunch time of Canes-Rangers.

Iowa Athletes Sue State, Citing ‘Unconstitutional’ Tracking of Gambling

They claim investigators didn’t get warrants, misled about the purpose of questioning.

Shaq Took a Ton of Money Off Charles Barkley

O’Neal correctly predicted Miami’s margin of victory before tip-off.
podcast thumbnail mobile
Front Office Sports Today

MLB, NBA, NHL Broadcasting Future Goes to Court

0:00

Featured Today

February 5, 2019; Washington, DC, USA; The grounds of the Capitol Building empty out following the conclusion of President Donald Trump's State of the Union speech on February 5, 2019.

‘A Breathtaking Lobbying Campaign’: The NCAA’s Sophisticated Effort to Save Amateurism

Inside the carefully coordinated, multimillion-dollar operation to end the athletes’ rights era.
May 14, 2024

The WNBA Was Forged in Houston. Why Won’t It Go Back There?

Houston’s a perfect fit for expansion. The league isn’t considering it yet.
May 9, 2024; Indianapolis, IN, USA; Indiana Fever guard Caitlin Clark (22) stands with the team during the national anthem on Thursday, May 9, 2024, during the preseason game against the Atlanta Dream at Gainbridge Fieldhouse in Indianapolis.
May 12, 2024

‘Perfect Storm’: The Rise of Local WNBA Broadcast Pacts

With national attention reaching new heights, regional coverage could dictate the future.
Mar 29, 2023; New York, New York, USA; American actors and comedians Chris Rock (left) and Ben Stiller sit court side during the third quarter between the New York Knicks and the Miami Heat at Madison Square Garden.
May 11, 2024

The Haves and Have-Nots: How the Knicks’ Celebrity Row Works

Unwritten rules, an expectation of quid pro quo, and nothing is free.

Careers

Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Live Nation
Multiple - USA Careers
Adidas
Multiple - USA Careers
FanDuel
Multiple - USA Careers

Former Ohtani Interpreter Pleading Guilty to Bank Fraud, False Tax Return

Ippei Mizuhara faces up to 33 years in federal prison for his crimes.
Mystic Dan
May 6, 2024

Kentucky Derby Roars Back With Big TV Numbers, Inks NBC Extension

The Triple Crown horse race posts an extended set of audience and betting increases.
May 7, 2024

Commissioners Grapple with Power Limits Amid Sports Betting Boom

The NBA’s Adam Silver acknowledges ‘we only have so much control.’
Sponsored

Major League Rugby’s Vision for American Rugby

How Major League Rugby is leading the Rugby renaissance in the U.S.
May 5, 2024

Can ESPN Bet Get on Solid Footing Before Football Season?

Penn Entertainment missed its quarterly estimates.
May 2, 2024

ESPN’s Pat McAfee Jokes About ESPN Bet’s Poor Performance

‘You get knocked down, you come back!’ he said.
May 1, 2024

New Report Shows How Bookie Laundered Ohtani’s Stolen Cash

Ohtani’s stolen money wound up in a Las Vegas casino.
April 17, 2024

NBA’s Lifetime Ban Highlights Surge in Gambling-Related Incidents

The NBA’s lifetime ban on Jontay Porter marks a crescendo of escalating incidents across the industry.