American casino operator Wynn Resorts Limited has announced that it has entered into a ‘strategic partnership’ with European digital sportsbetting operator BetBull Limited in order to take advantage of the budding sports wagering market in the United States.
Acquiring a minority stake:
The Las Vegas-headquartered firm used an official Thursday press release to detail that the deal will also see it spend an undisclosed amount of cash in order to acquire a fully-diluted 22.5% stake in the United Kingdom-licensed sportsbetting operator.
Read a statement from Wynn Resorts Limited…
“In conjunction with the formation of the strategic partnership, Wynn Resorts Limited will make a minority equity investment in BetBull Limited. Wynn Resorts Limited will own 22.5% of BetBull Limited on a fully-diluted basis upon closing of the investment, which will occur in due course subject to customary closing conditions.”
Pair to target ‘developing United States opportunity’:
Nasdaq-listed Wynn Resorts Limited is responsible for the Wynn Las Vegas integrated casino resort in Nevada as well as Macau’s Wynn Palace Cotai and Wynn Macau developments and is hoping to open its $2.5 billion Encore Boston Harbor venue before the end of June. It declared that the arrangement with BetBull Limited will allow it to amalgamate its ‘nationally-recognized brand’ with its new partner’s ‘digital sportsbetting operations capabilities and technology’ in order to ‘to capitalize on the developing United States opportunity’.
Sportsbook offers ‘a truly unique experience’:
Wynn Resorts Limited described BetBull Limited as a ‘next-generation betting company’ that combines free-play game mechanics with ‘a mobile-first and truly social design’ to offer aficionados ‘a truly unique experience’. It stated that the firm was established by ‘serial entrepreneur’ Sadok Kohen in 2015 and has since received support from the former bosses of Bwin and 888 Holdings as well as ‘several other prominent investors’.