Wynn Resorts will power an online and mobile sports betting in Indiana and Colorado in partnership with Full House Resorts. Sports betting is already up and running in Indiana while Colorado voters are expected to approve a statewide referendum on November 5, 2019. If all goes as planned, sports betting could be up and running in Colorado by early 2020.
In Indiana, Wynn will be able to offer online services under Full House’s gaming license held by the Rising Star Casino Resort. In Colorado, Wynn will operate under the license held by Full House at Bronco Billy’s Casino and Hotel in Cripple Creek. Here’s what Daniel R. Lee, President and Chief Executive Officer of Full House Resorts, had to say about the deal with Wynn Resorts:
“We are excited to partner with Wynn Resorts, allowing them to conduct mobile sports wagering throughout Indiana and Colorado. Wynn Resorts is renowned for its unparalleled focus on guest service and as the premier operator in the gaming industry. We are thrilled to see them bring their unique vision to the online space, beginning with the residents of — and many visitors to — Indiana and Colorado.”
For now at least, Full House Resorts has filled their allotted limit of online sports betting partnerships. Both Indiana and Colorado have an insipid limits on the number of ‘skins’ a licensed casino can operate. There’s never a good rationale for this type of anti-competitive proviso in gaming regulations. To the contrary, limiting entry and access to gaming markets often ends up being a tool for corrupt politicians with no benefit to the state’s economy and particularly the gaming industry ‘end users’ in a state. Assuming that a state’s regulatory body is doing their job in licensing third party sports betting providers there’s no reason for this type of silly limit. The gaming industry in general and sports betting in particular benefits from a dynamic, competitive marketplace.
Full House has already brokered a deal with BetAmerica to operate the in-person sports betting operation at the aforementioned Indiana and Colorado properties. They’ll also have their own online/mobile betting presence in both states. BetAmerica is owned by Churchill Downs Incorporated, parent company of the iconic Louisville horse racing facility. In addition, Full House also has a deal with UK based exchange wagering company Smarkets. Initially at least, Smarkets will deploy their traditional sports betting platform called ‘SBK’ but how awesome would it be if they eventually bring exchange wagering to the US?
Full House is a small but growing Las Vegas based company that owns gaming properties in Colorado, Indiana, Mississippi and Nevada. They also operate the Grand Lodge Casino at the Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village, Nevada. They trade under the ticker symbol FLL on the NASDAQ Capital Market.
We’ve become guardedly optimistic about the future of sports betting in Colorado. Assuming that voters ratify the taxation framework of the sports betting regulation–and nothing else gets screwed up between that point and implementation–Colorado could quickly become one of the most exciting sports betting jurisdictions in the US. If all goes well, right out of the gate the state could have more independent ‘outs’ than any state in the country other than Nevada (and possibly New Jersey). Furthermore, Colorado has enacted what are for the most part intelligent regulations that will create a great environment for bettors and attract jobs, industry and investment to their state. They could be in the top three or four ‘best states for sports bettors’ at launch.