Wynn almost sold Wynn Interactive to a SPAC in 2021, but it backed away from the deal in November 2021. Media reports in January 2022 indicated the company was again seeking a buyer. Former CEO Matt Maddox had said that the economics for online sports betting aren't favorable because competitors are spending too much on customer acquisition costs. In 2022, the company lost $98.5 million in adjusted property EBITDAR on Wynn Interactive after losing $267.4 million in 2021. PENN Entertainment shares skyrocketed early on the pandemic as investors were impressed by its moves into online gambling. However, the stock has cooled off since then as the online gambling boom has faded, and Penn has given up essentially all of its pandemic-era gains. 5. DraftKings.
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