Joelson recently advised luxury hotel company Wynn Resorts (Wynn) on its strategic partnership with BetBull Limited (BetBull), the European digital sports betting operator. The move, which saw Wynn take a minority equity investment in BetBull of 22.5%, will allow the business to pursue sports betting opportunities in the US market, following the recent overturn of the Professional and Amateur Sports Protection Act (PASPA) in May 2018. The partnership will place both Wynn and BetBull in a position to capitalise on this growing area of the market, which is set to be the world’s largest sports betting market by 2023. Joelson’s Corporate team was led by partner Phil Hails-Smith, with support from fellow partners Paul Chiappe and David Grossbard and solicitors Maria Michael and Kate Morter handling the European elements of the transaction, alongside our gambling sector Partner Richard Williams. We led on the investment terms for Wynn in the European business of BetBull and were instrumental in co-ordinating the transaction from a European perspective.
Phil Hails-Smith, Corporate Partner at Joelson said:
“At Joelson, we’re proud to work with some of the world’s best-known online and land-based gambling operators and this deal is no exception. Our Corporate and Licensing teams were well placed to assist Wynn on this deal, and we look forward to seeing Wynn and BetBull conquer the US sports betting market.”
Craig Billings, CFO at Wynn Resorts said:
“Thanks to the Joelson team for their advice and assistance on our investment in European sports betting business, BetBull Limited. We needed a firm who could deal with all of the Europe-facing aspects of the transaction and the team at Joelson delivered in a tight timeframe.”