Earnings Call Details Wynn Gaming Plans in Michigan

GAN, an iGaming software supplier, announced in October a 10-year agreement with Wynn Resorts to become the enterprise software platform for Wynn’s entrance into the Michigan online casino gaming and online sports betting business.

A month after the initial announcement, we have an even better picture of what Wynn’s online gaming presence may look like in Michigan thanks to Wynn’s recent third-quarter earnings call.

During the call, Wynn announced its new venture with U.K.-based BetBull and detailed what made BetBull an attractive partner to help bolster its online gaming presence in the U.S. Two years ago, Wynn partnered with BetBull to pursue sports betting. This new venture combines BetBull’s online betting operations with Wynn’s sports betting and social games in the U.S. Wynn Resorts invested $80 million into the joint venture that formed Wynn Interactive after acquiring BetBull.

Finding a company that prioritized product was a key point in Wynn’s acquisition of BetBull. The U.K. betting firm made its mark by focusing on the social aspect of the sports betting community by allowing its customer to find and place bets among friends and groups and then watch the bets together in chat rooms.

“The founders and operators of that company, we had a great cultural fit,” Wynn CEO Matt Maddox said during the call. “They were the founders of Bwin.Party and understand this intimately, and they built a product in the U.K. that was really very social.

“So the engagement that they had with their customers was quite extraordinary. And therefore, their KPIs were really, really good. So when you see your friend making a bet, it will pop up on your phone. Do you want to follow your friend? It’s very parlay-heavy. It moves you into chat rooms quickly. It’s a lot of fun.”

With the BetBull partnership, in the U.S., Wynn’s app will be called WynnBET. At present, Wynn Resorts owns 71% of the joint venture with 29% belonging to former BetBull shareholders.

Launching in Michigan

Michigan is one of nine states Wynn Interactive has gained market access. And while Michigan still awaits the next steps in its online casino gaming and mobile sports betting launch, Wynn is prepared to go live in the state.

“Over the next two quarters, we anticipate going live in Colorado, Michigan and Indiana,” Maddox said.

Wynn gained online access to Michigan through its partnership with Kewadin Casinos, which has five facilities across the Upper Peninsula of Michigan: Sault Ste. Marie, St. Ignace, Christmas, Hessel and Manistique.