Wynn Resorts' online betting platform goes public via SPAC

[The Buzz]

Wynn Resorts announced this week that its online betting platform, Wynn Interactive, will merge with Austerlitz Acquisition Corp., a special purpose acquisition company. Wynn will retain 58% ownership of the gambling platform and will have 70% of the voting rights.

Austerlitz is led by Bill Foley, an investor who also owns the Vegas Golden Knights, the NHL franchise.

After the deal closes, the sports betting and iGaming entity will be called Wynn Interactive and trade under the stock ticker WBET.

From the press release:

The business combination will provide Wynn Interactive with additional capital and expertise to accelerate its vision as a standalone company. Beyond its base of live operations in six U.S. states, together with Austerlitz I and Wynn Resorts, the Company is well-positioned to capitalize on opportunities to scale in the highly complementary and rapidly expanding online sports betting and iCasino markets, which brokers expect to grow at a 10-year CAGR of approximately 32% to $45 billion by 2030, driven in part by legislative momentum in the U.S. and Canada.

Wynn Interactive plans to accelerate growth through customer acquisition initiatives, executing a broad-based, national marketing and branding campaign, including investment in mass media and partnerships, and continued product enhancements leveraging BetBull’s proprietary technology.

Read more here: https://www.gpwa.org/article/wynn-in...company-239883