Caesars Entertainment will take over WynnBET’s iGaming operations. The move is a part of obtaining a long-term market access deal with the Sault Ste. Marie Tribe of Chippewa Indians. The partnership will allow Caesars to access the tribe’s iGaming skins, allowing the company to expand its digital brand offerings in Michigan. This expansion comes at a time when Michigan iGaming sets a new GGR record of $175.3M.
Caesars’ fourth-quarter 2023 financial figures were released along with the announcement. Comparatively, net revenues increased significantly from $2.82 billion during the same period in 2022 to $2.83 billion. As of the third quarter, the figure had decreased to $3 billion.
In accordance with the agreement, WynnBET customers in Michigan will be transferred to the Caesars iGaming platform. At this time, anticipation is awaited for the regulatory body to issue its green light. Wynn and Caesars have entered into a transaction encompassing non-monetary benefits. These benefits consist of specific contractual obligations pertaining to their respective businesses being discharged, reduced, or assigned.
As stated by the Senior Vice President and Chief iGaming Officer at Caesars Entertainment, Matt Sunderland, the partnership with WynnBET will enable the company to expand its operations into additional Michigan markets and increase its user base exponentially. Insofar as their relationship with the tribal community is concerned, this will be a turning point. They also operate five Kewadin Casinos on the Upper Peninsula of Michigan.
This takeover will enable Caesars to venture into one of the most widespread iCasino markets in the U.S. The company will then have the facility to introduce its sportsbook and Palace Online Casino.
Plans are afoot to incorporate WynnBET’s iCasino operations into Caesar’s brand collection sometime in 2024. As per the company, Caesars will contribute their very best to enhancing the overall iGaming arena in Michigan, a move closely watched by top online casinos anticipating developments in the state’s iGaming landscape.
Chairman of the Sault Ste. Marie Tribe of Chippewa Indians Austin Lowes also commented on the significance of the partnership, stating that it is impressive that their next iGaming partner has a solid track record of establishing successful alliances in Indian territory and possesses extensive knowledge of the U.S. iGaming market.
The declaration occurred following Wynn’s interactive segment selling its New York sports wagering certification to Penn Entertainment for $25 million, opening the doors for ESPN BET to venture into New York.
