NASCAR has found a new partner with WynnBET signing up a milestone partnership in Virginia and planning to launch dedicated betting lounges at Richmond Raceway and Martinsville Speedway.
WynnBET Enters NASCAR Partnership for Virginia
Wynn Resorts has taken its offer to the next level signing a multi-faceted partnership with NASCAR in Virginia and vowing to make mobile sports betting a reality before long. WynnBET, the namesake Wynn brand, will offer dedicated in-race markets through its proprietor app and introduce dedicated betting lounges at Richmond Raceway and Martinsville Speedway, ahead of confirmed shake-up for the 2021 season.
This decision will add to what is already a significant footprint across the United States for the company and its app, with WynnBET already operational in other jurisdictions across the country, including Indiana, Colorado, Michigan, and New Jersey.
The expansion coincides with WynnBET’s ambitions to be an early entrant into all markets where sports betting is on the tip of legalization, said CFO Craig Billings. Yet, Mr. Billings believes in quality over quantity, and has confirmed that the company would seek to create a high-value product above all else.
Localizing Interest and Driving Revenue
Commenting on the partnership and cited by Sportico, Mr. Billings said that localization is the way to go because Wynn can successfully identify initiatives and locations that can drive revenue. By one estimate, the Virginian sports betting market could generate $400 million in revenue, a massive amount for a relatively small state.
Wynn is planning to vie for a sizeable chunk of that market once it matures, Mr. Billings confirmed cited by the media outlet. He expects up to 12 licenses to be granted in the state, and WynnBET should be one of those to claim an operating license.
According to NASCAR SVP and Chief Digital Officer Tim Clark agreed that the deal would have been impossible to negotiate had it not been for the International Speedway Corporation which opened a dialogue between track operators and sports regulators.
“That has created a really unique opportunity in allowing deals that merge physical and digital tie-ups”
-Chief Digital Officer Tim Clark
Wynn and NASCAR are two unique brands with long, rich histories, Mr. Clark commented and bringing them together was a logical development. NASCAR was the first sports league to back the American Gaming Association (AGA) initiative on responsible gambling.
Earlier this year in August, the company signed a partnership with BetMGM, with the latter becoming the league’s first authorized betting sponsor. WynnBET is now making its mark, too.