Caesars Obtained WynnBET’s Michigan Online Casino License
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The Wolverine State was one of the last online bastions of WynnBET after the operator started a nationwide process of closing its online casinos and sportsbook apps. The suspense surrounding WynnBET’s future in Michigan is finally resolved following the announcement from Caesars Entertainment, revealing that the popular gambling brand has agreed to purchase Wynn Resorts’ online gaming rights in Michigan.
No financial details about this deal have been revealed by any of the two Las Vegas-based companies. The buy will be finalized after the Michigan Gaming Control Board approves the acquisition. Existing WynnBET players will transition to the new Caesars’ Michigan online casino platform after the completion of the takeover.
New Online Casino Brand on the Horizon
Caesars Entertainment's official announcement indicates that the brand plans to grow its customer base in Michigan by assuming WynnBET's online casino operations and increasing its portfolio of digital products. The preliminary information indicates that Caesars will launch a new online casino in Michigan by the end of 2024 to work alongside its Caesars Palace and Caesars Sportsbook & Casino brands.
Caesars Entertainment has been active in the Great Lakes State since 2021, and last year, it launched a stand-alone casino app, Caesars Palace, which works in tandem with the casino section attached to the Caesars Sportsbook.
Apart from the online casino, Caesars does not have a land-based casino available for Michigan players. Instead, it partners with Turtle Creek Casino, operated by the Grand Traverse Band of Ottawa and Chippewa Indians.
With the acquisition of WynnBET's license, Caesars will gain a new partner in the Sault Sainte Marie Tribe of Chippewa Indians, who were previous partners of WynnBET. The Chippewa Indians operate five tribal Kewadin Casinos in Michigan, meaning Caesars' land-based presence will also be boosted.
Tale of Two Diverging Operators
Historically, Caesars and WynnBET do not rank high in the Michigan market, measured according to revenue figures. These two brands lag behind the trio of dominant operators BetMGM, FanDuel, and DraftKings, which collectively account for 70% of the market revenue. WynnBet accumulated $156.9 million in online casino revenue in Michigan over its lifetime. This operator did not manage to change its revenue trajectory and continually stayed at the bottom half of the market.
On the other hand, Caesars has a $176.4 million lifetime revenue in Michigan. Unlike WynnBET, Caesars Entertainment recognizes the market's potential, which is evident from the $1.9 billion in collective revenue amassed by the 15 licensed Michigan operators in 2023. Caesars constantly invests in its game lobby via partnerships with renowned software vendors and competitive Michigan online casino promotions.
Last year in August, WynnBET announced plans to exit markets in eight states, with Michigan placed "under review." The epilogue of that "review" arrived on Tuesday with Caesars Entertainment's announcement.
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