Full House Resorts Goes All-in on Indiana Mobile Sports Wagering, Bets on Colorado Approval With Wynn Resorts

Posted on: October 19, 2019, 02:30h. 

Last updated on: October 20, 2019, 09:00h.

Todd Shriber @etfgodfather Read More
Expertise: Financial, Gaming Business, Mergers and Acquisitions.

Full House Resorts, Inc. (NASDAQ:FLL), which runs five casinos in four states, is betting expansion of its sports wagering offerings and partnerships with Wynn Resorts Ltd. (NASDAQ: WYNN) will add fuel to a rally that has carried the gaming company’s shares almost 44 percent from the July lows.

Full House Resorts is teaming with Wynn on sports betting deals in Indiana and Colorado. (Image: Colorado Springs Gazette)

On Friday, Las Vegas-based Full House said it inked two deals for mobile sports betting in Indiana and Colorado with a Wynn entity known as WSI US LLC. WSI is the holding company for Wynn’s sports and interactive gaming businesses.

In a recent filing with the Securities and Exchange Commission (SEC), Full House noted it “has now utilized all of its allowed sports wagering opportunities” in Indiana.

We are excited to partner with Wynn Resorts, allowing them to conduct mobile sports wagering throughout Indiana and Colorado,” said CEO Daniel Lee in a statement.

Full House’s Hoosier State property is the Rising Star Casino Resort in the town of Rising Sun, which is located about two hours southeast of Indianapolis.

Getting In On Indiana’s Action

In addition to the Rising Star Casino, Full House currently has some sports betting exposure through its two Nevada properties and its Silver Slipper Casino in Bay St. Louis, Mississippi.

For its part, Indiana is a new, fast-growing entrant to the US sports betting fray. As Casino.org reported earlier this month, 10 sportsbooks opened in the Hoosier State in September, the first full month of sports wagering there. Those books combined for a total handle of $35.2 million and revenue of $8.6 million, according to data from the Indiana Gaming Commission (IGC).

Full House did not specifically articulate what Wynn’s role will be in Indiana. But executives from the regional gaming company have previously highlighted the importance of increasing the firm’s sports betting presence in that Midwest market.

Sports betting was legalized in Indiana on Sept. 1. Rising Star currently is the only land-based venue in the state that has approval for a retail sports betting license that has not opened a brick-and-mortar sportsbook. Full House plans to do that, but the company hasn’t revealed a time frame for that opening.

Betting On Colorado

Forecasting how the Full House/Wynn partnership will play out in Colorado is difficult at this time because sports betting isn’t yet permitted in the state. On Nov. 5, voters in the Centennial State will consider Proposition DD, a ballot initiative aimed at legalizing sports betting under the auspices of generating revenue to plug the state’s water budget shortfall.

Prop DD is enjoying bipartisan support while contending with criticism from groups with both left and right leanings. Polls indicate the vote on Prop DD could go either way, with over a third of Coloradans currently  undecided on the issue.

While there are no guarantees regarding the fate of Prop DD, Full House is one of several gaming companies betting Colorado will approve sports wagering next month. The company operates Bronco Billy’s in Cripple Creek, located just over two hours south of Denver.