TWO OF A KIND. If the house always wins in both casinos and special-purpose acquisition companies, then Wynn Resorts (WYNN.O) should be sitting pretty. The $15 billion company plans to merge its online gambling unit with Austerlitz Acquisition Corporation I (AUS.N). Separating the digital assets will reap fees and shares for the SPAC’s architects, and in theory lead to a richer valuation for Wynn’s fledgling internet business. DraftKings (DKNG.O) and gaming software provider Gan (GAN.O) are each valued at around 20 times historical sales, while Wynn fetches less than 7 times. Wynn shareholders are placing a big bet. Their stake in the interactive business will shrink from 71% to 58%, or less as warrants allow for additional dilution later. Although digital wagers are growing fast read more , controlling as much as 15% of what Wynn Interactive reckons will be a $45 billion total addressable market sounds ambitious. If it can win that much of the pot, though, Wynn Resorts may not be playing its online cards right. (By Katrina Hamlin) On Twitter http://twitter.com/breakingviews Earlier in Capital Calls: Sabers down for Project JEDI read more Italy dynasty coughs up for road buyout read more French music IPO hits a minor key read more Fintech will have to do trustbusters’ job on banks read more Chinese e-insurance IPO warns Wall Street read more