Who in the world saw this coming? For a while now, a major player for Las Vegas sports betting has no question been Wynn Resorts and its easy to use mobile functions. Millions and millions of users have made their way to Wynn to check out all the different kinds of odds and place a bet. However, it looks like things could change soon, as Wynn Resorts is looking to sell its sports betting app.
This news was broken by the New York Post, as they dropped this monster story on Sunday, with reporter Josh Kosman’s sources giving him the tip on things. According to Kosman’s sources, less than a year ago, Wynn Resorts believed the sports betting app had a valuation of around $3 billion. However, the company has suffered some serious losses of late and now they’re in some financial issues.
Because of this, per Kosman, Wynn is now looking to sell its sports betting app for anywhere between $300 million and $500 million. This really is a massive surprise, as it had felt like the company was doing so well just a few months ago. They had even brought in NBA legend Shaquille O’Neal as a brand ambassador, which had plenty of people talking about Wynn. It figured to have more people sign up.
With that said, there’s simply no denying that the COVID-19 pandemic has had quite the impact on countless Las Vegas sportsbooks out there. With the mobile apps taking a bit of a hit as well, this has put Wynn in a bit of a difficult position. Now, more and more reports are coming out about people who could potentially come in and purchase the sports app. Which major player will come in and do this?
The #SportsBettingWars are even more intense – the marketing spend to capture your betting $'s is getting crazier by the day
"Wynn Taps Shaq, Ben Affleck in $100 Million Push for Sports-Bet App"https://t.co/Kfp6uMCtaI
— Rich Greenfield, LightShed 🔦 (@RichLightShed) August 30, 2021
Who will end up buying the Wynn Resorts sports betting app?
From the moment this report went live from the New York Post, people have been asking who will end up buying the Wynn Resorts sports betting app? That’s a fair question, as you’d figure one of the main giants out there would jump at the opportunity to try and snatch this up. The big shock in this case is that Wynn could end up selling things for only around $300 million.
This is way less than what you’d think something so big and powerful would go through, but again, this just shows the kinds of financial problems that Wynn is currently facing. According to local experts, there’s going to be plenty of interest from the top companies out there to try and put in a bid and get a purchase locked up sooner than later. There will be plenty of competition for a sale to get done.
“The operators are constantly telling us they have the mathematical models that give them the intelligence that they are spending money wisely — and the Street doesn’t believe them,” Gaming analyst David Katz told The New York Post. “The way the Street sees the future has changed in the last three to six months — there was certainly a lot of enthusiasm but the winds changed swiftly.”
Right now, companies like Fanatics and Penn are being linked to a potential purchase of the Wynn sports betting app. As more time passes, you know that more companies are going to get involved to try and get something over the finish line. This is of course something that countless people are going to follow closely, as it has massive ramifications for the sports betting world as a whole.
— Josh Kosman (@joshkosman) January 24, 2022
New York will surely be following this sale closely
It goes without saying, but New York will surely be following this sale closely. In case you missed it, New York sports betting was officially made legal earlier this month and the popularity has been through the roof. In the opening weekend alone, more than $150 million in bets were recorded. As of this writing, around $600 million in total has been changed for the bets.
Is that not wild? This shouldn’t be a major surprise, though, as the expectation was that people would rush to take advantage of the new rules. With sports betting in New Jersey being so big, people knew citizens all over New York would be fired up to place wagers as well. With Fanatics being interested in buying the Wynn Reports sports app, this really is intriguing.
Don’t forget that back in August, Jay-Z and Fanatics teamed up to increase the overall efforts for New York sports betting. When you have someone as powerful as Jay-Z in your corner, you know that things are going to end up moving swiftly. Now, we could maybe see the rap legend get even more involved in New York’s gambling endeavors. And hey, if he likes Wynn Resorts betting app, then that is huge.
Fanatics has only been linked to a purchase and Kosman’s sources saying it doesn’t look like anything is imminent in this case. However, New York adding more sportsbooks is going to happen in the near future. It wouldn’t be a surprise if the Wynn Resorts sports betting app also joins in on the fun over in the Empire State.