One of the world’s leading gaming operators, Caesars Entertainment, has agreed on a deal to purchase the WynnBET gaming license in the state of Michigan, with the operator set to leave the market pending regulatory approval.
The license, which was issued to WynnBET by the Sault Ste. Marie Tribe of Chippewa Indians will be transitioned over to Caesars, who plan to launch a brand new online casino under the license before the end of 2024.
According to Caesars press release, the purchase will include both the online casino and the online sports betting product and will be completed as soon as the Michigan Gaming Control Board approves of the transition, which should be a matter of formality.
Caesars to Add another Casino Product in Michigan
The new purchase is now all but complete, but it will not be Caesar Entertainment’s first push into the Michigan market, as the company already owns a gaming license and operates multiple brands in the state.
At this time, the company already runs both Caesars Palace Casino Michigan and the Caesars Sportsbook Michigan, which also includes a unique online casino offering on top of the sports betting product. It also runs WSOP Michigan as its Michigan online poker app.
The current plan is to launch another online casino platform under the WynnBET license by the end of 2024, which would mean three separate apps powered by Caesars would be made available to Michiganders.
According to Matt Sunderland, SVP and Chief igaming Officer for Caesars Entertainment, the company plans to transition WynnBET to one of the flagship products as part of the overall Caesars Entertainment online gaming portfolio.
“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, said Sunderland.
New Push for Market Share in MI
While Caesars is far from being the number one igaming operator in Michigan, it has had reasonable success in the past, and its market share in the market has been growing as of late.
In January 2024, Caesars set a new market share record, generating $10.2 million in revenue, 5.6% of the overall market share for the month.
The operator has managed to generate more than $9 million in revenue for three months straight now and has amassed $176.4 million in revenues overall since launch.
WynnBET, on the other hand, has also managed to accumulate $156.9 million in revenue since launch but has been on a downward trajectory, generating just $3.3 million in revenues in January.
At its peak, the operator was able to generate 3.7% of the market share back in February last year, showing some promise before the company deciding to leave the igaming space altogether.
With WynnBET now all but withdrawn from the online gambling business, their Michigan license will help Caesars push for new records and new slices of market share in the Wolverine State.
Once the new online casino product launches in the latter half of 2024, it will be interesting to see as Caesars makes a push for new pieces of the market and attempts to get closer to BetMGM, FanDuel, and DraftKings, its main competitors in the MI market.
