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Wynn Resorts, Limited’s WYNN online sports betting app — WynnBET — recently opened its mobile sports book in Indiana, reflecting its constant focus on expanding presence.. Notably, this marks WynnBET mobile sports book launch in a fifth state.
Ever since, the first launch in New Jersey in July 2020, WynnBET has expanded its footprint to Colorado in December 2020, Michigan in January 2021, Virginia in March 2021, and Indiana in April 2021. WynnBET also has access opportunities in Iowa, Massachusetts, Nevada, Ohio, and Tennessee, subject to approvals by regulatory authorities in each jurisdiction.
Sports Betting to Drive Growth
On the development front, Wynn Resorts has made significant progress with respect to Wynn Interactive. The company has invested nearly $80 million so far onto Wynn Interactive. The company also has access to nine U.S. gaming markets. Based on January and early February 2021 results, the 71% owned online gaming and sports betting subsidiary generated annual gaming revenues of approximately $50 million.
According to the American Gaming Association, about $150 billion is wagered illegally on sports through the likes of bookies and offshore sites every year. Data Bridge Market Research projects global sports betting market to witness a CAGR of 9.99% in the forecast period of 2020 to 2027. Growth in the gambling market is likely to be driven by increase in smartphone adoption and improving Internet infrastructure globally.
Shares of the company have surged 72.3% in the past six months compared with the industry’s rally of 42.1%. Wynn Resorts, one of the leading companies in the gaming and lodging industry, is well-poised to grow strategically. Given its strong brand name, Wynn Resorts is better positioned to command a premium rate compared to its peers in the gaming and lodging industry.
Wynn Resorts, which shares space with MGM Resorts International MGM, Las Vegas Sands Corp. LVS and Boyd Gaming Corporation BYD, carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Las Vegas Sands Corp. (LVS) : Free Stock Analysis Report
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