Caesars Entertainment acquired WynnBET’s MI iGaming business
Caesars Entertainment, Inc. announced Tuesday they have agreed to acquire WynnBET’s Michigan iGaming business from Wynn Resorts. As part of the deal, Caesars will enter a long-term extension of iGaming market access rights with the Sault Ste. Marie Tribe of Chippewa Indians.
WynnBet was operating its online casino and sportsbook in Michigan through a partnership with the Sault Tribe. Caesars will now enter a partnership with the tribe to provide iGaming services.
Caesars already has a partnership with tribal casino operators Grand Traverse Band of Ottawa and Chippewa Indians to operate its Caesars Palace Online Casino and Caesars Sportsbook in Michigan.
The Sault Tribe owns and operates five land-based Kewadin Casinos in the Upper Peninsula of Michigan.
As part of the WynnBET transaction, Caesars gains access to the Sault Tribe’s iGaming skins, enabling Caesars to operate additional digital brands in Michigan. Caesars said existing WynnBET customers will be transitioned to Caesars’ Michigan iGaming platform, pending regulatory approvals. Caesars has been operating an online casino in Michigan since January 2021.
“Wynn and Caesars will receive non-cash consideration, including extinguishment, reductions, and assignment of certain contractual obligations related to both parties’ businesses,” Caesars said in a company press release.
Acquiring WynnBET’s iGaming operations provides Caesars with the unique opportunity to expand further into one of the largest iCasino markets in the U.S. while continuing to operate both Caesars Sportsbook and Caesars Palace Online Casino.
“The assumption of WynnBET’s iGaming operations in Michigan allows us to tap into a significant market and customer base, providing a crucial step forward in growing our digital products and offering players more ways to play,” said Matt Sunderland, SVP & chief iGaming officer for Caesars Entertainment.
Caesars intends to transition the WynnBET iCasino operations in Michigan later this year to one of the flagship gaming brands within the Caesars portfolio.
All WynnBET Services Closed
WynnBET’s market share in sports betting never really got off the ground. For example, the company held a 0.33% market share in Virginia between January 2023 and November 2023. The state has handled over $13 billion in bets since launching mobile sports betting in January 2021.
In August 2023, WynnBET started to pull the plug on sportsbook services in several states. Working with its regulators and patrons, WynnBET first ceased operations in eight U.S. states, Virginia being one of them.
In February, WynnBET ceased sports wagering services in Massachusetts and announced it had sold its New York license to Penn Entertainment. Penn will now use the license to launch ESPN BET sportsbook in New York.
WynnBET’s Michigan online casino will be the last service to be closed for the company.
