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Wynn's Sports Betting Unit to Merge with Bill Foley SPAC

Las Vegas casino and hospitality operator Wynn Resorts, young online sports betting operator, special purpose acquisition company (SPAC) Austerlitz Acquisition Corp. Combining with I, the news came out on Monday.

Austerlitz is a blank check company founded by Texas-born businessman William “Bill” Foley. Under the terms of the agreement, Wynn will value the combined business% 58 of approximately $3.2 billion.

This is the latest in a series of mergers announced last year between SPACs and US-facing online sportsbook and iGaming companies. Recently, Super Group, the owner of Europe's leading digital bookmaker Betway, Sports Entertainment Acquisition Corp. connecting with and the New York Stock Exchange.

Agreement between Wynn and Austerlitz Cash for $ 640 startups million. Mr Foley's Cannae Holdings Inc. is also expected to invest.

Combined entity Wynn Interactive Ltd. and will trade on the Nasdaq with the abbreviation symbol WBET. The company will manage the WynnBET online sports betting brand. The transaction is expected to be completed by the end of the year.

Wynn Interactive's digital betting operation currently offers its services where sports betting is legal. in six states offers and gained access to a total of 15 items.

How to Unlock Wynn Interactive “Enormous Potential”

Commenting on their announcement, Wynn Resorts CEO Matt Maddox said they are confident the SPAC merger will happen. “To further accelerate growth and in North America Unlock the enormous potential of Wynn Interactive to enable it to seize the enormous opportunity.”

It should also be noted that the new entity will operate physical sportsbooks on Wynn's premises, in addition to its online sports betting business. Las Vegas.

Gaming and hospitality powerhouse predicts to exceed $ million by 2023 , USA digital gambling market. The company's Internet betting revenue is currently around $100 million.

There has been a surge in SPAC deals in the US last year. According to industry watchers, many gambling executives are seeing a potentially greater increase in funding and reduced complexity. More so than the traditional IPO process as the US regulated sports betting space continues to grow rapidly.

DraftKings acquired Diamond Eagle Acquisition Corp. last April. merged with Rush Street Interactive and Golden Nugget Online Gaming have closed their ties with dMY Technology Group and Landcadia Holdings II, respectively, in late 2020.

As noted above, Betway's holding company is expected to merge into a SPAC as it expects to enter the US sports betting market later this year.

Source: Wynn to Take Online Betting Business Public in SPAC Merger, Bloomberg, May 10, 2021