Wynn Interactive Going Public on Wall St’s NASDAQ ticker

Leading New Jersey online sportsbook, WynnBet, will see its parent company, Wynn Interactive merging with Bill Foley’s Austerlitz Acquisition Corporation to become an independent public company. The Wynn online sportsbook and online casino arm will trade on the NASDAQ technology stock index under the ticker “WBET.”

The move is yet another sign that Wynn Resorts International is becoming determined and aggressive in its aims to become a big player in the gaming industry across North America. Matt Maddox, Chief Executive Officer of Wynn Resorts and Chairman of Wynn Interactive, has indicated that he believes the industry will produce “a $45 billion North American online sports betting and iGaming market.”

Wynn Interactive Going Solo a long-term goal achieved

Wynn Resorts has made no secret of its wish to spin-off Wynn Interactive as a standalone company. The deal is expected to provide a cash injection into Wynn Interactive via the Austerlitz group and a gaggle of other potential investors. Gaming industry experts have speculated that Wynn Interactive will be valued at $3.2 billion at closing once the entry into the NASDAQ is complete. The Wynn Interactive “spin-off” is expected to be finalized before the end of 2021.

Wynn Interactive has entrenched itself as a leader in online gaming with “a world-class collection of casino and sports betting mobile options for discerning players who understand the difference between placing a bet and experiencing a bet,” according to a media release provided by Wynn Resorts earlier this month.

The pride of the Wynn Interactive line-up is WynnBet, an online sportsbook and mobile sports betting app currently available in the states of ColoradoIndianaMichiganTennessee, and Virginia, in addition to the flagship sportsbook and casino site in the Garden State of New Jersey. The six states as a collective group are expected to grow at a 10-year Compound Annual Growth Rate (CAGR) of approximately 32% to $45 billion by 2030, triggered in part by the favorable legislative changes in the U.S. and Canada. WynnBet is the proud Authorized Gaming Operator of NASCAR, in addition to other exclusive partnerships with professional sports teams across the North American continent.

Overall, Wynn Interactive currently has market access to 15 states (including those states yet to complete their respective legalization processes) covering approximately 51% of the U.S. population and eventually expects to gain access to additional states in the future, resulting in a business footprint that may well eventually cover up to 77% of the population across the nation.

“We are confident that this transaction will unlock the tremendous potential of Wynn Interactive to further accelerate growth and enable the business to capture the massive opportunity in North America. Bill Foley is the ideal partner to ensure continued success – his track record with business combinations, extensive experience growing marquee consumer brands and partnering to maximize value in businesses like ours will be invaluable as we continue scaling,” said the CEO of Wynn Resorts and Chairman of Wynn Interactive, Matt Maddox.

“Wynn Interactive is rapidly establishing a leadership position in what will ultimately be a $45 billion North American online sports betting and iGaming market through our relentless focus on product features, user experience and customer service. We look forward to working with Bill Foley and Austerlitz I to support Wynn Interactive’s long-term growth,” added Craig Billings, Executive Director and President of Wynn Interactive.

Bill Foley, owner of the successful NHL franchise, the Vegas Golden Knights formed the Austerlitz Acquisition Corporation, a special purchase acquisition company expressly for the purpose of this deal with Wynn Interactive. Once the deal is finalized, Foley is expected to sit in the position as a member of the board with Wynn Interactive.

NJ Legal Betting Sites

Betting Site
Bonus
Brand Features
Review
Bet Now
888Sport
Risk Free First Bet up to $500
Risk Free First Bet up to $500
Read Review
Sugar House Sportsbook
100% Up to $250
100% Up to $250
Read Review
FanDuel
Get A $1000 Risk Free Bet
Get A $1000 Risk Free Bet
Read Review
Borgata Sports
Get $100 When You Bet $20
Get $100 When You Bet $20
Read Review
BetMGM Sports
Risk Free First Bet Up To $600
Risk Free First Bet Up To $600
Read Review
Caesars Sportsbook
First Deposit Bonus up to $300
First Deposit Bonus up to $300
Read Review
Unibet Sportsbook
$20 Free Bets
$20 Free Bets
Read Review
BACK TO TOP