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Wynn Resorts' (WYNN) WynnBET Boosts Online Betting in Virginia

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Zacks Equity Research
·3 min read
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Wynn Resorts, Limited WYNN recently received the Virginia Lottery’s approval for operating its online sports betting app — WynnBET — in Virginia. Notably, this marks the 10th state of its online gaming footprint expansion.

Notably, the company tends to remain bullish on the back of its ultra-intuitive and highly-responsive interface offerings that are likely to boost experiences for both aficionados and beginners alike.

In this regard, Craig Billings, president of Wynn Resorts, stated, "We appreciate the confidence the Virginia Lottery has in our ability to deliver a world-class, online betting experience for the people of the Commonwealth of Virginia."

Meanwhile, WynnBET (authorized gaming operator of NASCAR), has been further recognised as the official online sportsbook of two racing venues — Martinsville Speedway and Richmond Raceway — in Virginia. However, the company did not disclose the date of launch for its online application.

Virginia Online Sports Betting Market: A Hot Spot

Following the approval of sports betting by the Virginia state legislature (on April 2020), the state has increased its focus on developing and approving regulations on an accelerated basis.

Per PlayVirginia, sports betting wagering in January 2021 totaled nearly $59 million. Notably, the figure represents operations for 11 days with limited sportsbooks. Despite lower figures (compared with the industry’s level), it bodes well for future prospects and are likely to include Super Bowl betting figures (in February).

Going forward, the state is likely to enhance online betting permits and sportsbooks, thereby reducing promotional expenses related to customer acquisition and ensure growth in adjusted gross receipts. Apart from WynnBET, other sportsbooks operations in Virginia include the likes of FanDuel, DraftKings, BetMGM, BetRivers and William Hill.

Shares of Wynn Resorts have gained 19.9% in the past three months compared with the industry’s 16.4% growth.

Zacks Rank & Key Picks

Wynn Resorts currently carries a Zacks Rank #4 (Sell).

Some better-ranked stocks in the Zacks Consumer Discretionary sector include Crocs, Inc. CROX, Corsair Gaming, Inc. CRSR and Full House Resorts, Inc. FLL. Crocs sports a Zacks Rank #1 (Strong Buy), while Corsair Gaming and Full House Resorts carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Crocs has a three-five year earnings per share growth rate of 15%.

Corsair Gaming has a trailing four-quarter earnings surprise of 52.8%, on average.

2021 earnings for Full House Resorts are expected to surge 1,350%.

Zacks Names “Single Best Pick to Double”

From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.

You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.

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Wynn Resorts, Limited (WYNN) : Free Stock Analysis Report

Crocs, Inc. (CROX) : Free Stock Analysis Report

Full House Resorts, Inc. (FLL) : Free Stock Analysis Report

Corsair Gaming, Inc. (CRSR) : Free Stock Analysis Report

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Zacks Investment Research