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This is a developing story and will be updated.
Wynn Resorts took one of its first visible steps toward capitalizing on the emerging US sports betting market.
The company announced Thursday it entered into a “strategic partnership” with European sports betting company BetBull.
Details on how the partnership would work or would be deployed were scant. Here is what Wynn said in a brief release:
The strategic partnership will position both parties to capitalize on the developing U.S. opportunity by combining Wynn Resort’s nationally recognized brand with BetBull’s digital sports betting operations capabilities and technology.
Wynn Resorts also said it would make a minority equity investment in BetBull for a 22.5 percent ownership stake in conjunction with the partnership.
Wynn already has sports betting via its Las Vegas properties, Wynn and Encore. Its mobile in Nevada sports betting is powered by Miomni.
The company is also constructing a Massachusetts property called Encore Boston Harbor in Everett, Mass.
Sports betting is not legal in Massachusetts, but the state legislature may take a serious look at in 2019. That might especially be true if both MGM Resorts — which recently opened MGM Springfield — and Wynn signal their interest to legislators.
The deal could also signal Wynn’s desire to get involved in sports wagering in other states as well.
BetBull is certainly not a well-known entity in the US, and not a major operator currently in Europe.
According to Wynn’s release, BetBull has a presence in Malta and the United Kingdom and counts the former CEOs of 888 Holdings and Bwin among of its financial backers. It was founded in 2015.
BetBull says it creates a “social and gamified betting experience that is tailored to the personal needs” of bettors.