Caesars Announces Acquisition of WynnBet’s Michigan Business
LISTEN TO THIS ARTICLE:Caesars Entertainment has signed an agreement to purchase WynnBet’s Michigan iGaming business and secure extended market access rights with the Sault Ste. Marie Tribe of Chippewa Indians.
Pending regulatory approvals, the deal will see Caesars gain access to the Sault Tribe's igaming skins, which will allow it to operate additional gaming brands in the state. The Sault Tribe currently owns and manages Kewadin Casinos, featuring land-based casinos situated in the Upper Peninsula of Michigan.
It was paramount that our next partner in iGaming possessed both expertise in the U.S. iGaming market and a history of strong partnerships in the Indian country. We believe we found that with Caesars and look forward to being part of their new iCasino offering.
WynnBet Scales Down US Operations
WynnBet’s sale of its Michigan business aligns with its plans of scaling back its online gaming operations across the United States. Earlier this month, the brand signed a similar deal with Penn that will see the latter acquire its New York sports betting licenses for $25m.
Last week, the brand announced its exit from Massachusetts. It is also planning to cease operations in Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia, and West Virginia.
As we continue to grow our iGaming franchise, 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. We are honored to work with the Sault Ste. Marie Tribe of Chippewa Indians and look forward to growing with them in Michigan.
January iGaming Receipts Set Records
According to the January betting figures released by the Michigan Gaming Control Board, internet casino gaming and sports betting gross receipts in the month amounted to $229.6m. The figure marked a 5.4% decrease compared to December's $242.5m.
iGaming contributed the highest amount to the gross receipts at $181.9m, while sports betting accounted for $47.7m. Consequently, January's iGaming stash represents the highest-ever monthly iGaming receipts since the state launched its online gaming market.
Recently, the American Gaming Association (AGA) released a report on US gambling, which revealed that Michigan is now the top online gaming destination in the US, surpassing the previous market leader, New Jersey, in revenue.
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