WynnBET Lands NASCAR Betting Deal, Applies for Virginia Sports Betting License

Posted on: October 30, 2020, 09:55h. 

Last updated on: October 30, 2020, 11:00h.

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

Today, Wynn Resorts’ WynnBET unit announced a multi-year national sports betting partnership with NASCAR. The casino resort is eyeing a larger scale rollout across the country in the future.

Martinsville
Scenes from the October 2018 race at Martinsville Speedway. NASCAR and Wynn announced a betting deal there today. (Image: Getty Images)

The two sides revealed the deal in Martinsville, Va., home to the fabled track and site of the second-to-last race of the 2020 NASCAR season. The financial terms of the agreement weren’t disclosed. WynnBET is the operator’s digital gaming unit, serving as the platform for internet casinos and mobile sports wagering offerings.

Las Vegas-based Wynn has some other motivations for publicizing its pact with NASCAR at the Martinsville track, also known as the “Paper Clip.”

WynnBET is formally submitting an application to become a legal gaming operator in the state of Virginia,” said the company in a statement. “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.”

The commonwealth is seen as potentially fertile ground for sports betting, and on Election Day, voters there are considering potentially massive gaming expansion.

Slowly Building a Roster

To this point, Wynn has been a smaller, if not slower-moving player in the burgeoning US sports wagering landscape. It has a partnership with Full House Resorts, Inc. granting its exposure to Colorado and Indiana. The states have two of the fastest-growing sports wagering markets.

In August, the operator said it’s entering New Jersey, an announcement that seemingly generated little fanfare relative to the brand recognition Wynn has and the Garden State’s status as the biggest sports betting market in the country.

To date, the operator’s announcement with NASCAR qualifies as arguably its splashiest sports betting pact, and perhaps one so-called expert didn’t see it coming. Some industry observers note Wynn probably isn’t the first gaming or hotel brand traditional NASCAR fans think of.

Wynn is typically known for some of the most luxurious integrated resorts in the world.

Benefits for NASCAR

The largest stock car auto racing league is diligently working to bolster its profile among bettors, and is just over two months removed from inking a pact with BetMGM. It also has a sports wagering accord with Penn National Gaming.

For years, NASCAR dwelled in the “other” category among sports wagers. The classification is reserved for fewer bet sports, such as golf and tennis. While auto racing may never reach the heights of football or basketball, NASCAR and gaming operators see opportunity because the sport is conducive to scores of unique bets, propositions, and live wagering.

In Virginia, a state steeped in auto racing tradition, pending regulatory approval, Wynn will become the official online sportsbook operator of Martinsville Speedway and Richmond Raceway. WynnBET lounges will be built at both tracks, each of which hosts two races per year.