• Loading stock data...
Saturday, July 12, 2025

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

Jan 24, 2017; Davidson, NC, USA; The Davidson Wildcats student section cheers during the first half against the Duquesne Dukes at McKillop Court at John M. Belk Arena. Davidson defeated Duquesne 74-60.

Every College Wants a Flashy Basketball GM Hire Right Now

The role is more important than ever, and the definition is ever-evolving.
Aaron Rodgers

Aaron Rodgers Finally Agrees to Deal With Steelers

The one-year deal is reportedly set to be signed Friday.
Hosts of Inside the NBA on TNT
exclusive

Inside ‘Inside the NBA’ Transition to ESPN

Sources say ESPN management will take a hands-off approach to the show.

As TNT NBA Era Ends, Charles Barkley Calls ESPN Move an ‘Honor’

TNT’s final NBA game was Pacers–Knicks on Saturday night.

Featured Today

Bobbleheads are seen at Vintage Indy Sports, Tuesday, April 29, 2025 in Speedway. The local sports memorabilia store opened recently.

Baseball’s Bobbleheads Are the Center of the Collectibles Universe

Baseball’s most important keepsake drives long lines—and big business.
Rimouski, QC - JUNE 1: Final Game of the 2025 Memorial Cup between the Medicine Hats Tigers and the London Knights on June 1, 2025, at the Colisée Financière Sun Life in Rimouski, Qc.
July 11, 2025

CHL Is Facing a ‘Pandora’s Box’ of Questions Amid NCAA Talent Departure

As players defect to college, the Canadian Hockey League won’t cede ground.
Jun 28, 2025; Arlington, Texas, USA; Seattle Mariners catcher Cal Raleigh (29) bats during the game between the Texas Rangers and the Seattle Mariners at Globe Life Field.
July 9, 2025

The Torpedo Bat Business Is Still Going Strong: ‘Here to Stay’

Demand for the oddly shaped bats has stayed strong across the sport.
July 6, 2025

American Celebs Want to Be Sports Owners. Soccer Is Where They Start

As U.S. team prices climb, investors set their sights abroad.
July 8, 2025

Betway Parent to Complete U.S. Exodus, Blames Tax Volatility

“Recent regulatory developments” were cited. 
Mar 16, 2024; Las Vegas, NV, USA; The BetMGM Sportsbook at the Mandalay Bay resort and casino.
July 11, 2025

Support Grows to Repeal Gambling Tax in Trump Budget Bill

A new bill has been introduced in the Senate.
Sponsored

Game On: Portfolio Players Stories, Brought to You by E*TRADE from Morgan Stanley

Dealmaker Jeffrey Kaplan maps the evolution of sports as an asset class
Sports are shown on TVs behind a bar as guests enjoy the grand opening of DraftKings Sports & Social in Ohio.
July 7, 2025

California AG Has Declared Daily Fantasy Sports Are Illegal. Now What?

The opinion might spark a broader DFS conversation in the state.
Dec 29, 2024; Philadelphia, Pennsylvania, USA; Dallas Cowboys quarterback Cooper Rush (10) passes the ball against the Philadelphia Eagles during the first quarter at Lincoln Financial Field.
July 3, 2025

California AG Says Daily Fantasy Sports Are Illegal

The AG rejected arguments that DFS are games of skill, not chance.
Jun 9, 2025; Cleveland, Ohio, USA; Cleveland Guardians starting pitcher Luis Ortiz (45) throws a pitch during the first inning against the Cincinnati Reds at Progressive Field.
July 3, 2025

Guardians Pitcher Luis Ortiz Put on Paid Leave Amid MLB Gambling Probe

Reports say the investigation is tied to gambling.
Jun 19, 2025; Indianapolis, Indiana, USA; Indiana Pacers guard Andrew Nembhard (2) drives to the basket against Oklahoma City Thunder forward Chet Holmgren (7) during the third quarter during game six of the 2025 NBA Finals at Gainbridge Fieldhouse.
July 1, 2025

‘Existential Threat’: Underdog Sports Sues to Stop AG’s Fantasy Sports Opinion

The California AG is expected to release his opinion by Thursday.