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Wynn Resorts (WYNN) WynnBET Expands Online Betting Presence

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Most of the gaming companies have been trying to capitalize on sports betting, following its legalization outside Nevada. It comes as no surprise that Wynn Resorts, Limited’s (WYNN - Free Report) is leaving no stone unturned to strengthen presence in sports betting. Recently, Wynn Resorts’ WynnBET has expanded its online gaming division footprint to seven states.

Currently, WynnBET is available in New Jersey and Colorado. Moreover, the company will open its virtual doors in Michigan very soon. WynnBET has also secured market access in Indiana, Iowa, Nevada and Massachusetts. It has applied for license in Tennessee and Virginia.

With increase in demand for iGaming industry, the company has been looking to expand presence across more than a dozen other large jurisdictions. Recently, it has also reached a multi-year market access partnership with Elite Casino Resorts — the leading integrated resort company in Iowa. This partnership will provide sports lovers in the Hawkeye State access to WynnBET.

Moreover, Wynn Resorts has made significant progress with respect to Wynn Interactive. The company also has access to nine U.S. gaming markets.

Shares of the company have gained 32.8% in the past six months, compared with the industry’s rally of 40.6%.


Sports Betting: A Hot Spot

According to the American Gaming Association, about $150 billion is wagered illegally on sports through the likes of bookies and offshore sites every year. Data Bridge Market Research projects global sports betting market to witness a CAGR of 9.99% in the forecast period of 2020 to 2027. Growth in the gambling market is likely to be driven by increase in smartphone adoption and improving Internet infrastructure globally.

Zacks Rank & Key Picks

Wynn Resorts currently has a Zacks Rank #4 (Sell).

Some better-ranked stocks worth considering in the same space include Monarch Casino & Resort, Inc. (MCRI - Free Report) , Red Rock Resorts, Inc. (RRR - Free Report) and Corsair Gaming, Inc. (CRSR - Free Report) . While Monarch Casino & Resort and Red Rock Resorts sport a Zacks Rank #1 (Strong Buy), Corsair Gaming carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Monarch Casino & Resort has an impressive long-term earnings growth rate of 13%.

Shares of Red Rock Resorts have gained 135.1% in the past six months.

Shares of Corsair Gaming have soared 167.6% in the past six months

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