Wynn to take online business public in SPAC merger
Wynn Resorts and Austerlitz Acquisition Corporation have announced that they have entered into a definitive agreement under which Austerlitz I will combine with Wynn Interactive a subsidiary of Wynn Resorts, to create an independent public company.
Upon closing of the proposed transaction, the combined company will retain the “Wynn Interactive, Ltd.” name and relist its shares on the Nasdaq Stock Exchange under the new ticker symbol “WBET.”
Wynn Interactive, the online gaming division of Wynn Resorts, offers a world-class collection of casino and sports betting mobile options to consumers across the U.S. and U.K. through its WynnBET, BetBull and WynnSLOTS brands.
The Company delivers one-of-a-kind experiences in digital gaming that drive enhanced user acquisition and retention through unique social betting mechanics, a proprietary tech stack and high-quality user interface. Wynn Interactive currently has market access to 15 states covering approximately 51% of the U.S. population and expects to gain access to additional states in the near-term, resulting in its footprint covering approximately 77% of the U.S. population.
“We are confident that this transaction will unlock the tremendous potential of Wynn Interactive to further accelerate growth and enable the business to capture the massive opportunity in North America. Bill Foley is the ideal partner to ensure continued success – his track record with business combinations, extensive experience growing marquee consumer brands and partnering to maximize value in businesses like ours will be invaluable as we continue scaling,” said Matt Maddox, CEO of Wynn Resorts and Chairman of Wynn Interactive.
“Wynn Interactive is rapidly establishing a leadership position in what will ultimately be a $45 billion North American online sports betting and iGaming market through our relentless focus on product features, user experience and customer service. We look forward to working with Bill Foley and Austerlitz I to support Wynn Interactive’s long-term growth,” said Craig Billings, President and Executive Director of Wynn Interactive.
William P. Foley, II, Founder of Austerlitz I, commented, “I am excited to be a partner and future owner of Wynn Interactive. Wynn is the premier brand in gaming and luxury resorts and we believe our investment in Wynn Interactive fits the criteria for the type of company and management team with which we like to co-invest. I’m optimistic about the future of U.S. online casino gaming and sports betting and am confident in the ability of Matt and the Wynn Interactive team to execute the business plan and exceed their financial projections against what will be a massive addressable market.”
The business combination will provide Wynn Interactive with additional capital and expertise to accelerate its vision as a standalone company. Beyond its base of live operations in six U.S. states, together with Austerlitz I and Wynn Resorts, the Company is well-positioned to capitalize on opportunities to scale in the highly complementary and rapidly expanding online sports betting and iCasino markets, which brokers expect to grow at a 10-year CAGR of approximately 32% to $45 billion by 2030, driven in part by legislative momentum in the U.S. and Canada. Wynn Interactive plans to accelerate growth through customer acquisition initiatives, executing a broad-based, national marketing and branding campaign, including investment in mass media and partnerships, and continued product enhancements leveraging BetBull’s proprietary technology.