WynnBET, the digital gaming division of Wynn Resorts Ltd., has entered into a multi-year, national sports betting partnership with the National Association for Stock Car Auto Racing (Nascar).
The partnership will see WynnBET become an authorized gaming operator of Nascar, and the two organizations will collaborate to create and promote new sports betting experiences for fans across the United States.
WynnBET is seeking to expand the portfolio of bet types offered on its sports betting mobile app through the partnership, including pre-race and in-play betting, which is expected to launch in 2021 through a further partnership with Genius Sports.
Nascar’s SVP and chief digital officer, Tim Clark, said: “We’re excited to partner with such a deeply experienced and innovative team to drive engagement and expand our sports betting offerings,”
“Wynn is a trusted and iconic brand and our new relationship advances NASCAR’s position in the rapidly evolving gaming space while delivering fans with yet another live-in race engagement tool.”
Wynn Resorts’ president, Craig Billings, added: “Like Wynn, NASCAR is an iconic brand. Together, Wynn Interactive and NASCAR will provide sports bettors in Virginia with one-of-a-kind experiences, both digitally and at NASCAR facilities in the Commonwealth.”
As the 2020 Nascar season nears its conclusion with its penultimate race in Martinsville, Virginia, WynnBET is formally submitting an application to become a legal gaming operator in the state.
A bill was passed through the Virginia state legislature this year to legalize sports betting, allowing the state to authorize up to 12 sports betting licences by the end of 2020.
If WynnBET’s gaming license application is approved in Virginia, it will become the official online sportsbook of both Martinsville Speedway and Richmond Raceway, resulting in the construction of WynnBET lounges in each venue.
“Richmond Raceway and WynnBET have a number of shared attributes. We are both strong, trustworthy brands that believe deeply in customer hospitality and creating incredible experiences. We wish the Wynn well in their future endeavors here in the great Commonwealth of Virginia and look forward to years of successful partnership”, said Dennis Bickmeier, president of Richmond Raceway.
Nascar racing resumed in May following a 2-month period of shutdown as a result of the novel coronavirus (Covid-19) pandemic.
Results published in August showed a loss of over a billion dollars for Wynn Resorts in the first half of 2020, after the Covid-19 pandemic resulted in the temporay closure of its venues in the US and Macau.
When accounting for expenses, including interest expense, loss before tax stood at $1.03bn, a stark contrast to a profit of $302.0m in 2019. Although Wynn did secure tax benefits totalling $156.7m for the period, this was effectively cancelled out by a loss $145.5m from non-controlling interests, leaving the operator with a net loss of $1.04bn, compared to a profit of $199.4m last year.