Getting ready for launch
WynnBET is already the official online sportsbook for the Richmond Raceway and Martinsville Speedway in Virginia. Both of these facilities host NASCAR races; WynnBET is also an official sports betting partner of NASCAR.
creating a new and exciting online betting offering for NASCAR fans”
Wynn Resorts President Craig Billings thanked the Virginia Lottery for approving WynnBET for a sports betting license in Friday’s announcement. He also spoke about the operator’s appreciation for its association with NASCAR, saying that WynnBET is looking forward “to creating a new and exciting online betting offering for NASCAR fans.”
Focusing on expansion in 2021
WynnBET is a part of Wynn Interactive, the online gambling division of Wynn Resorts. Its sports betting offering leverages the expertise of UK-based BetBull, which WynnBET acquired last year.
The operator is looking to rapidly expand its reach in the US in 2021. WynnBET sportsbooks are now open in Michigan, Colorado, and New Jersey. It also has an online casino live in New Jersey and Michigan under the same brand.
Other states where WynnBET has sports betting market access include Iowa, Indiana, Nevada, Tennessee, Ohio, and Massachusetts. Launching in these states will be subject to the legalization of sports betting and/or getting licensing approval from the relevant authorities. Tennessee, Indiana, and Virginia launches are all coming soon.
Virginia sports betting landscape
Sports betting became legal in Virginia last summer, with operators able to start launching sportsbooks from January 2021. FanDuel was the first operator to go live after launching on January 21. For the initial 11 days of legal sports betting, the total betting handle in Virginia was $58.9m, with operators earning total gross revenue of almost $3.6m.
DraftKings, BetMGM, BetRivers, and William Hill each now offer sports betting in Virginia. Operators can get a license in the state by partnering with a professional sports team or by getting one of the eight licenses that the Virginia Lottery can issue. NASCAR venues are able under state law to partner with a sports betting operator.
FanDuel is partners with the Washington Football team, which has its headquarters in Virginia. The other professional sports team still eligible to enter a betting partnership is the DC United of MLS, which has both its headquarters and a practice facility in the state.
With no commercial casinos open at the moment in Virginia, it is the second state to have online-only sports betting, alongside Tennessee. The two NASCAR tracks can apply to offer retail sports betting, but they do not currently have licenses to do so. A number of commercial casinos are on their way to Virginia after getting the green light for development last year. Upon launch, these facilities will be also able to offer retail sports betting.