WynnBET: Tennessee Market’s Seventh Sportsbook Launches

Article ByStan Fox

May 16, 2021

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Posted in: Tennessee Gambling News, US Sports Betting News

WynnBET launched its mobile sportsbook in Tennessee on Friday, marking the seventh online sportsbook to arrive in the state. It comes after the Las Vegas-based Wynn Resorts’ digital sportsbook got approval from the Sports Wagering Committee of the Tennessee Education Lottery Corp. in February.

The Volunteer State is the sixth state where WynnBET has gone live in less than nine months, according to the news release. Its app is available for download anywhere across the state on Android and iOS devices.

Tennessee sports betting went live on Nov. 1 with four sportsbooks-FanDuel, DraftKings, BetMGM, and Action 24/7. A pair of TwinSpires and William Hill followed in March, going live around the time of the NCAA men’s basketball tournament.

WynnBET’s Better-Late-Than-Never Launch

WynnBET will have to compete with digital giants like New York-based FanDuel and Boston-based DraftKings. Both these companies claim a majority of the market share in US sports betting. What is left is grabbed by BetMGM, a joint venture of Las Vegas-based MGM Resorts International and UK-based Entain company.

WynBET will also have to catch up with Churchill Down’s TwinSpires, and Caesars Entertainment-owned William Hill, and locally owned Action 24/7.

From November to March, more than $900 million had been wagered through these operators in Tennessee’s online-only market.

Wynn Resorts’ online gaming division missed out on the March Madness event. But it’s better late than never to launch as the seventh operator in a lucrative market like Tennessee. The Volunteer State has not capped the number of licenses. A licensee must pay $750,000 annually to the state for the license to operate, in addition to a 20% tax on adjusted sportsbook winnings.

WynnBET-Grizzlies Partnership

WynnBET had previously inked a sports betting deal with the NBA’s Memphis Grizzlies. It will formally kick off during home games scheduled on May 10, 11, 13, and 14 at FedExForum. It will also include the debut of the WynnBET touring vehicle, a custom-built mobile experience that travels the country hosting exclusive events and special appearances, the news release said.

WynnBET and Grizzlies will prefer a digital-first approach, with integrations across a range of online and broadcast programs from the basketball team and Grind City Media, an on-demand media platform and digital content studio. In addition, both partners will collaborate on cross-promotional programs leveraging the NBA team’s digital footprint, according to a news release.

WynnBET, An Emerging Reality in US Sports Betting

WynnBET is currently live in New Jersey, Indiana, Colorado, Michigan, Virginia, and now Tennessee. The online sportsbook has also market access opportunities in six other states, in addition to several pending license applications in process.

The brand is also an authorized gaming operator of NASCAR, and Detroit Pistons, with more deals to be announced in the future, according to the release.

WynnBET announced a sports betting partnership with Memphis Grizzlies in February. FanDuel struck a similar partnership with Grizzlies last November.

As of Friday, the Grizzlies were 31-30, sitting in eighth place in the league’s Western Conference. The bettors should have a registered account to view WynnBET odds.