Business By The Books: Sports Betting Drives Signups For Wynn

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Wynn Resorts did not jump into sports betting to compete with the biggest operators in the US.

That was obvious from then-Interactive CEO Craig Billings‘s statement when the company won its New York sports betting license:

“New Yorkers represent a significant portion of the Wynn Las Vegas and Encore Boston Harbor databases, and we look forward to giving those customers more ways to earn and use Wynn Rewards. We also look forward to meeting and engaging with new customers in the state via WynnBET.”

Wynn’s Las Vegas experience led the company to treat sports betting as an amenity for its customers more than anything else. It is also turning out to be a pretty good customer acquisition tool in Boston, the company reported on its first-quarter earnings call.

Sports betting brings new Boston customers

WynnBet accounted for just 3.3% of Massachusetts online handle in March, according to the monthly state report. That equaled $18.2 million in handle compared to the market-leading DraftKings, which handled $257.6 million the same month.

Its in-person sportsbook, though, is far and away the most popular because of its proximity to Boston. Wynn led the state with 67.3% of the $20 million bet in-person during March.

That sportsbook accounted for 20% of all of Wynn’s customer loyalty program signups year-to-date, now company-wide CEO Billings said.

“I expect the book will continue to be a significant driver for new customer acquisition over time,” he added.

Circa guarantees FLL $5 million annually

Full House Resorts added about $5 million in annual EBITDA with its Circa Sports partnership in Illinois, FLL CEO Dan Lee said on the company’s first-quarter earnings call.

That will cover a “good chunk of our interest expense,” Lee said.

Circa expects to launch online in August, in time for a customer acquisition push before NFL betting starts in September.

Kindred sports betting platform live in NJ

Kindred launched its proprietary sports betting platform in New Jersey for the Unibet brand last week.

The new platform will allow Kindred to better target customers with promotions and improve the overall customer experience.

Kindred recently announced it is undergoing a strategic review that could include a sale of part or all of the company.