Wynn Resorts is looking to unload its online sports-betting business at a steep discount as the fledgling niche faces painful losses from stiff taxes and costly promotions needed to lure customers, The Post has learned.
The Las Vegas-based casino giant is quietly shopping its Wynn Interactive unit — operator of the WynnBet online gaming app — and has slashed the asking price to $500 million after floating a $3 billion valuation less than a year ago, a source close to the situation told The Post.
Wynn Resorts is looking to unload its online sports-betting business at a steep discount as the fledgling niche faces painful losses from stiff taxes and costly promotions needed to lure customers. Shortly thereafter, Morgan Stanley analysts said they valued WynnBet at $700 million, adding that they only expected the app to win a 2.5% share of the North American market.
It’s a long way from last spring, when online sports betting companies were trading as high as 25 times projected revenues as tech investors including Cathie Wood’s Ark Invest hyped their stocks, arguing that the pandemic was poised to create an explosion in mobile gaming. A tipping point, Jonas said, was when DraftKings in September made an unsuccessful, $20 billion offer for British bookmaker Entain, indicating it wanted to gain more exposure outside the newer US market.
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