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Caesars Entertainment acquires WynnBET's Michigan iGaming business
Caesars Entertainment, Inc., (NASDAQ: CZR), has announced the acquisition of the operations of WynnBET’s Michigan iGaming business. This will extend its iGaming market access rights with the Sault Ste. Marie Tribe of Chippewa Indians, subject to regulatory approvals.
This acquisition allows Caesars to tap into a significant market and customer base, marking a crucial step forward in growing its digital products and offering players more ways to play. “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,” said Matt Sunderland, SVP & Chief iGaming Officer for Caesars Entertainment.
New chapter for iGaming in Michigan
The deal also includes access to the Sault Tribe’s iGaming skins, enabling Caesars to operate additional digital brands in Michigan. Existing WynnBET customers will be transitioned to Caesars’ Michigan iGaming platform, pending regulatory approvals. Both Wynn and Caesars will receive non-cash consideration, including the extinguishment, reductions, and assignment of certain contractual obligations related to both parties’ businesses.
WynnBET’s iGaming operations provide Caesars with a unique opportunity to expand further into one of the largest iCasino markets in the U.S. while continuing to operate both Caesars Sportsbook and Caesars Palace Online Casino. Caesars intends to transition the WynnBET iCasino operations in Michigan later this year to one of the flagship gaming brands within the Caesars portfolio.
“We are honoured to work with the Sault Ste. Marie Tribe of Chippewa Indians and look forward to growing with them in Michigan,” Sunderland added.
Austin Lowes, Chairman of Sault Ste. Marie Tribe of Chippewa Indians, echoed this sentiment, stating, “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 Indian country. We believe we found that with Caesars and look forward to being part of their new iCasino offering.”
The Sault Tribe currently owns and operates Kewadin Casinos, which consist of five land-based casinos located throughout the Upper Peninsula of Michigan.
In conclusion, this strategic move by Caesars Entertainment represents a significant milestone in the evolution of the iGaming industry in Michigan. With this acquisition and partnership, Caesars is set to redefine the online gambling landscape, offering a more diversified and seamless gambling experience to its customers.
Recent acquisitions and partnerships in dynamic iGaming industry
A number of similar recent acquisitions and partnerships have significantly reshaped the iGaming landscape, creating powerhouses that have been hard to rival.
| Company/Event | Description | Year |
|---|---|---|
| Entain CEE’s Acquisitions | Acquisition of STS Holding in Poland for £750m and completed the €450m acquisition of BetCity in the Netherlands. | 2023 |
| Sun International’s Acquisition | Epanded its iGaming portfolio by acquiring Peermont Group. | 2023 |
| Pariplay and Slots Temple Partnership | Partnered with Slots Temple to enhance its offerings in the UK market. | 2023 |
| Rocky Mountain Gaming’s Expansion | Grew its portfolio by acquiring Cripple Creek Casinos. | 2023 |
| Scientific Games’ Acquisition of Bally | Made a significant move in industry consolidation by purchasing Bally Technologies for $5.1B. | 2014 |
| Amaya Gaming’s Acquisition of PokerStars & Full Tilt | Acquisition of two major online poker platforms, PokerStars and Full Tilt Poker, for $4.9B. | 2014 |
The above provides a clear overview of some similar significant events and acquisitions within the iGaming industry.
————-Stop Press: the next SiGMA Eurasia Summit takes place in Dubai between 25 – 27 February. The next SiGMA Africa Summit takes place in Cape Town between 11-13 March ! The fourth edition of SiGMA Eurasia will once again be held at the InterContinental Dubai Festival City. Held between the 25 and 27 February 2024, the summit provides invaluable networking opportunities for industry professionals, gain exposure to the latest tech and innovations in the sector, meet key decision makers, and gain insight into new markets. SiGMA Africa event kicks off in Cape Town, South Africa on the 11 March. Building on the success of its inaugural edition in Nairobi, Kenya, in January 2023, SiGMA Group recognizes the need to foster collaboration and innovation within the industry.
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