Casino company and, recently, online sports betting operator Wynn Resorts (NASDAQ: WYNN) issued a press release Friday saying it has been approved to offer digital sportsbook services in the state of Virginia. After receiving the permit, company president Craig Billings said Wynn “[appreciates] the confidence the Virginia Lottery has in our ability to deliver a world-class, online betting experience.”
© Provided by The Motley Fool Wynn Adds Virginia, Its 10th State, to Its Online Sportsbook Roster
Wynn hasn’t activated its WynnBET sports betting platform in the Old Dominion yet, but says it’s planning to do so “soon.” The WynnBET app is currently available in three states — Michigan, New Jersey, and Colorado. It now has approval for seven other states: Massachusetts, Tennessee, Ohio, Indiana, Iowa, and Nevada, plus Virginia — bringing its total current or upcoming sports betting states to ten.
© Getty Images A racetrack official waving two checkered flags against a blue sky.
Billings notes Wynn’s personnel “look forward to creating a new and exciting online betting offering for NASCAR fans” now that the Virginia sports betting permit is secured. This highlights the fact Wynn is an “Authorized Gaming Operator” for NASCAR as the result of a multi-year partnership announced last October.
Virginia is home to two of the main NASCAR facilities, the Richmond Raceway and the Martinsville Speedway, each of which host two NASCAR races annually, Casino.org reports. The casino and resort company plans to construct a “WynnBET lounge” at each racetrack, which will apparently also feature gambling according to Sportico, though the details are sketchy.
Wynn Resorts appears to be pushing forward development in the booming online sports betting sector as traditional gambling continues to struggle in the wake of COVID-19. Macao, an important gambling location and industry bellwether, witnessed a 136% revenue jump in February but remains below pre-pandemic levels, revealing just how far physical in-casino gambling still has to rebound before normality returns.
Rhian Hunt has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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