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Wynn Resorts' (WYNN) WynnBET Eyes Online Betting in Arizona

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Wynn Resorts, Limited’s (WYNN - Free Report) online sports betting app — WynnBET — recently partnered with the San Carlos Apache Tribe, which operates Apache Gold Casino and Apache Sky Casino, to secure online sports betting license in Arizona.

Following this partnership, WynnBET’s presence has expanded across 16 states. However, WynnBET online betting plan in Arizona is subject to license eligibility, and availability and regulatory approvals.

WynnBET has access to nearly 53% of the U.S. population and plans to increase the footprint to nearly 77%.  Since its launch in New Jersey in July 2020, WynnBET has expanded presence to Colorado in December 2020, Michigan in January 2021, Virginia in March 2021 and Indiana in April 2021. WynnBET is also available in Tennessee and New Jersey.

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.

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Price Performance

Shares of the company have surged 58.4% in the past year compared with the industry’s rally of 55.7%. Wynn Resorts, one of the leading companies in the gaming and lodging industry, is well-poised to grow strategically. Given its strong brand name, Wynn Resorts is better positioned to command a premium rate compared to its peers in the gaming and lodging industry.

Wynn Resorts, which shares space with MGM Resorts International (MGM - Free Report) , Las Vegas Sands Corp. (LVS - Free Report) and Boyd Gaming Corporation (BYD - Free Report) , carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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