American betting group Wynn Resorts has revealed that they've opted to merge its online sportsbetting business by merging it with (SPAC) Austerlitz Acquisition Corp., taking the venture public.
The company will form the new venture and will bring about $640 million in cash to the business. It's expected to be named Wynn Interactive Limited and will be listed on the Nasdaq stock exchange under the ticker WBET. It's expected that this transaction will close later this year and is subject to regulatory approvals.
Commenting on the deal Wynn Resorts CEO Matt Maddox said, "(This merger will ) unlock the tremendous potential of Wynn Interactive to further accelerate growth and enable the business to capture the massive opportunity in North America."
Regulated sportsbetting has been growing in the United States over the last few years after the Supreme Court authorized the activity. Multiple states are now offering the activity, and if Wynn can get its act together it stands to be a premier betting brand in the country.