WynnBet Ties-In with NASCAR While Applying for Virginia Sports Wagering License

WynnBet Ties-In with NASCAR While Applying for Virginia

  • WynnBet deal with NASCAR will help overall exposure of the brand throughout the US
  • Obtaining VA license is a strategic move with two NASCAR tracks located in the state
  • The partnership is a big plus for NASCAR with new wagering options planned like PGA golf

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In a groundbreaking move, Wynn Resorts’ WynnBET unit announced a multi-year national sports betting partnership with NASCAR. The news will be part of how the casino resort is eyeing a larger-scale rollout across the country in the future. The action will allow bettors across the US to wager upon NASCAR racing through WynnBet.

WynnBET is the operator’s digital gaming unit, serving as the platform for internet casinos and mobile sports wagering offerings.

Opportunity for Wynn in Martinsville, VA

Both NASCAR and WynnBet made the announcement in Martinsville, Virginia, the location for the second-to-last race of the NASCAR season. The strategic timing was made primarily to inform racing fans and bettors there is an option for NASCAR betting on WynnBet, however, no financial information has yet been presented by either party.

Wynn is based in Las Vegas but has a few other motivations for publicizing its pact with NASCAR at the Martinsville track, also known as the “Paper Clip.” The commonwealth is seen as fertile ground for sports betting, and on Election Day November 3, voters there are considering potentially massive gaming expansion.

The company disclosed in a statement:

WynnBET is formally submitting an application to become a legal gaming operator in the state of Virginia. Earlier this year, the Virginia state legislature passed a bill that will legalize sports betting and could grant up to 12 online sports betting licenses by the end of the year.

Wynn and Virginia

The WynnBet move followed the passing of a recent bill by the legislature in Virginia legalizing sports wagering.  As stated by Wynn executives, Wynnbet is aiming to provide a leading experience for sports bettors in Virginia both digitally and at NASCAR facilities. This cannot be achieved unless they have a license from Virginia.

The site locations will be critically important as part of the strategy. That begins at two of NASCAR’s leading tracks located within Virginia, Richmond Raceway and Martinsville Speedway. A license approval for WynnBet will include being the official sportsbook for both sites. Also, plans will include creating a WynnBet lounge at each track. A key asset, as Virginia leads the way on the yearly NASCAR circuit, hosting four major NASCAR Cup series events.

A Big Plus for NASCAR

The WynnBet deal with NASCAR is a big boost for the sport, in a similar way to how the PGA and professional golf have embraced sports wagering with tie-ins to corporate sportsbook sponsors. It has subsequently grown television ratings for PGA events.  A few months ago, BetMGM became the official sponsor of the PGA Tour.

The partnership should prove beneficial for NASCAR as the portfolio of bet types offered through WynnBet’s mobile app will also be expanded. WynnBet is planning to offer in-play bets, which will allow bettors to actively wager during any race.

Both NASCAR and Wynn are excited and cannot wait to get underway with the upcoming 2021 season. Both well-known brands want to create ongoing, loyal experiences for fans and bettors, believing in the importance of customer hospitality.

Wynn’s Strategy

At this juncture, Wynn has been a relatively smaller and slower-moving player within the US sports wagering sector compared to most other competitors. They have a partnership with Full House Resorts, Inc., allowing them access to both Colorado and Indiana. Both states have come on in 2020 as emerging sports wagering markets.

During August WynnBet announced they would be entering New Jersey, currently the nation’s largest sports wagering hub. Last week’s announcement with NASCAR should help boost their status and provide more overall recognition for the brand.

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Larry Gibbs

Expert on Sports Betting Industry

Larry Gibbs is both a seasoned journalist and a respected online gaming industry consultant. His wry commentary & sharp analysis have appeared in numerous top gaming and sports wagering publications. He has also served as Vice President of US Gaming Services, a marketing research organization with 15 years of experience in US online wagering. He has spoken at noted gaming industry conferences including G2E, GiGSE, and NCLGS.

Email: larry.gibbs@wsn.com