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Wynn Resorts' (WYNN) WynnBET Expands, Gets Louisiana Approval

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Wynn Resorts, Limited’s (WYNN - Free Report) WynnBET announced that it recently received approval to operate in Louisiana. Notably, this marks the 17th state of its online gaming footprint expansion.

In addition to Louisiana, WynnBET is currently operating in Arizona, Colorado, Indiana, Michigan, New Jersey, Tennessee and Virginia. Also, the company has significant market access in 17 states, covering almost 46% of the U.S. population and it is in the process of entering seven more states. This would cover nearly 77% of the U.S. adult population through WynnBET’s access.
    
Notably, the online sports betting industry’s regulatory frameworks are changing very fast. WynnBET’s access to different markets will be much more effective if the regulatory and requirements and standards are met. For entrance in each market, WynnBET needs approvals from regulatory authorities in that jurisdiction.

Sports Betting Driving Performance

Wynn Resorts, one of the leading gaming and lodging industry companies, is well poised for growth. Its strong line-up of Wynn Interactive products, operating under the WynnBET, WynnSLOTS and BetBull brands, is digitally well-crafted to enhance the overall guest experience at the  Wynn Resorts.

Wynn Resorts is focusing on sport-betting expansion to drive growth. In a bid to focus on online betting, the company announced the merger of Wynn Interactive with Austerlitz Acquisition Corp. To fuel growth, the company will invest $640 million.

During the second quarter of 2021, the company made progress with new product delivery and marketing program, particularly for the NFL 2021 football season. This includes web application launches in Indiana, Colorado, Tennessee, New Jersey and Virginia. It strengthened third-party partnerships through agreements with the Detroit Lions, the Colorado Rockies and Cumulus Media. Additionally, the company collaborated with several engaging content creators to develop a unique sports-themed program. As of July 2021, Wynn Interactive generated annualized gross revenues of $110 million. Going forward, the company anticipates solid revenue generation on the back of new product features and a unique marketing campaign.

Shares of Wynn Resorts have surged 15.8% in the past year, compared with the Zacks Gaming industry’s 8.4% growth.

Currently, Wynn Resorts carries a Zacks Rank #3 (Hold).

 

Zacks Investment ResearchImage Source: Zacks Investment Research

3 Gaming Stocks Worth Buying

A few better-ranked stocks in the same industry space include Boyd Gaming Corporation (BYD - Free Report) , Super League Gaming, Inc. (SLGG - Free Report) and Accel Entertainment, Inc. (ACEL - Free Report) , each sporting a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Boyd Gaming has a three five-year earnings per share growth rate of 40.8%.

Super League Gaming has a trailing four-quarter earnings surprise of 40%, on average.

Accel Entertainment’s 2021 earnings are expected to surge 957.1%.