Michigan is about to have another player on the iGaming scene. Wynn Resorts is partnering with GAN to launch online gaming in the state beginning next month, capitalizing on the latter’s existing relationship with the Sault Ste. Marie Tribe of Chippewa Indians. This marks another expansion into iGaming by Wynn, which introduced an online gaming solution in New Jersey this past August.
Gan, a company specializing in online gaming software, has signed a ten-year agreement with Wynn to launch iGaming and an online sportsbook in Michigan. As long as regulators don’t stand in the way, the new platforms will go live next month and will be backed by the five casinos operated by the Sault Ste. Marie tribe under the Kewadin Casinos brand. Brought into the fold is Betbull Limited, a sports gambling content provider and current Wynn partner, which will provide additional content for the sports gambling side of the house.
At the end of last year, Michigan Governor Gretchen Whitmer gave the final signature needed to introduce online gaming operations in the state. Then, this past July, operators were allowed to start submitting applications to get the market rolling. Next on the list is online poker, and Michigan is said to be considering trying to connect with other states that offer the card action in order to create larger player pools.
This latest partnership is going to give a huge boost to GAN as it continues to grab more pieces of the U.S. gaming market. Wynn has a large database of customers in Michigan that will now be accessed by the company, and GAN Chief Commercial Officer Jeffrey B. Berman said of the new deal, “We are pleased to onboard Wynn, with its national casino brand and substantial Michigan-region patron base, as a major operator client and are excited at the opportunity presented by potential roll-outs in multiple additional states in the future.”
GAN launched an initial public offering (IPO) this past May that turned out to be a huge win for the company. Initially expecting to see a return of around $30 million, it ultimately found $62 million in investment money. Since then, trading has been a little sporadic, as is the case with all gaming-related stocks, but it continues to rebound. It peaked on July 1 at $27.55 after having fallen to $13.00 on May 13, and the news of the tie-up with Wynn has served the company well. After remaining relatively steady at a little more than $16 last month, the NASDAQ-listed company saw its stock jump to $19.28 yesterday morning. By the end of trading, it closed at $18.19.
Wynn has seen a lot of ups and downs, as well. It was trading at $83.80 on September 14 before falling to $70.69 a week later. Since then, however, it has rebounded and closed yesterday at $73.85. However, that’s still much lower than the 2020 high of $152.21 it saw on January 16.
