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Tuesday, April 16, 2024
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Wynn Investing Millions Into Sports Betting App

  • Wynn Resorts is set to spend more than $100 million marketing its new sports betting app.
  • The operator of hotels and casinos will do so during football season.
WynnBet/Design: Alex Brooks

Wynn Resorts is set to spend more than $100 million on marketing for its new sports betting app this football season, according to Bloomberg.

Launched in 2020, WynnBet currently operates in six states: Indiana, Michigan, Colorado, Virginia, New Jersey, and Tennessee. 

The app also has market access opportunities in Iowa, Nevada, Massachusetts, and Ohio. These opportunities will become effective once regulatory and licensing requirements are met. 

Prior to 2018, federal regulations barred television networks from accepting commercials advertising sports betting. Since then, the race has been on.

  • Caesars Entertainment will be spending more than $1 billion over the next two-and-a-half years to bring in new users. 
  • Last year, FanDuel and DraftKings allocated $311 million combined toward TV ads, more than three times what was spent in 2019, according to Kantar. 
  • Nielsen Ad Intel reports that sportsbook firms spent nearly $154 million in the first quarter of 2021 on local TV commercials. In Q1 of 2019, sportsbooks spent only $10.7 million on such spots.

Shaquille O’Neal became a brand ambassador and strategic consultant for WynnBet earlier this month. As a result, the four-time NBA champion is selling his stake in the Sacramento Kings to comply with NBA rules. 

Wynn generated $990.1 million in revenue in Q2 2021, up from $85.7 million for the same period a year prior.

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