Wynn Resorts Limited (NSDQ: WYNN) had a troublesome 2020 but is looking to reverse its fortunes early in 2021. The company’s online sports betting platform, WynnBET, is preparing to launch in seven new states. Currently, WynnBET is available in New Jersey and Colorado.
The newest additions will include Michigan, which is preparing to launch online sports betting in the coming days. It will also add Indiana, Iowa, Nevada, and Massachusetts where they have secured a license. WynnBET has also applied for a license in Tennessee and Virginia.
The opportunity to significantly increase revenue in 2021 is crucial after a difficult 2020. In 2020, Wynn experienced major losses due to the COVID-19 pandemic. However, Wynn stock has continued to grow despite the pandemic forcing mass shutdowns.
This is due in large part to $3 billion in liquidity to keep the company stable for more than a year despite operating losses. As Wynn pushes forward, its stock is now trading just over the century mark. Prior to the pandemic, a share of Wynn stock was over $130 per share.
This recent announcement gives Wynn a stellar opportunity to move past this number despite the difficult climate that our economy has been in.
When Will WynnBET Launch In My State?
Michigan: Est. Jan. 2021
The only thing stopping WynnBET from launching in the Michigan sports betting market is the market itself. WynnBET has already secured licensure from the state so the expectation is that they will launch the day that Michigan officially launches sports betting. The expectation is that Michigan launches within the next seven days,
Indiana: Est. Q1 2021
WynnBET also has an official license in the Indiana sports betting market. WynnBET has an official partnership with Rising Star Casino Resort which helped the operator gain access to Colorado, where they have already launched.
Iowa: Est. Q1 2021
As part of its announcement to launch in seven new states, Wynn confirmed a partnership with Elite’s Riverside Casino and Golf Resort in Iowa. This helps the sportsbook operator gain access to Iowa sports betting.
Nevada: Est. Q1 2021
WynnBET has secured market access to “Sin City” most likely through its own property Wynn Las Vegas. It is expected that they launch as a Nevada online sportsbook in the coming months.
Massachusetts: Est. Q1 or Q2 2021
According to the Boston Herald, Massachusetts online sports betting could be expected to launch in Quarter 1 of 2021. Assuming that this timeline stays consistent, WynnBET could be expected to launch on time.
Tennessee: Est. Q2 or Q3 2021
WynnBET has applied for a Tennessee sports betting license but has yet to receive one. Wynn will look to launch well before the 2021-22 NFL season starts, which is primetime for sportsbooks.
Virginia: Est. Q2 or Q3 2021
Virginia is another state that has yet to grant Wynn a license but could in the coming days. Virginia is relatively new to sports betting, so it could take a bit of time before Wynn is authorized to launch in the Old Dominion State.