Slowly but surely the nascent Tennessee sports betting market is growing.
On Friday, WynnBET, a product from Las Vegas-based Wynn Resorts, launched in Volunteer State cyberspace. It was the seventh online sportsbook to arrive, following four that launched in November and a pair that went live in March around the time of the NCAA men’s basketball tournament.
WynnBET will have some catching up to do with the likes of BetMGM, FanDuel, and DraftKings, which combined for the vast majority of the handle in March. Churchill Downs’ TwinSpires, William Hill, and locally owned sportsbook TN Action 24/7 are trailing far behind.
Through March, more than $900 million had been bet through the state-licensed operators.
WynnBET missed out on the NCAA’s lucrative March Madness, but it’s better late than never for the book. Tennessee is WynnBET’s sixth state. It has market access in several others.
There’s no hard cap on the number of sportsbooks that can be licensed in Tennessee.
WynnBET must pay $750,000 annually to Tennessee for the license to operate, in addition to a 20% tax on adjusted sportsbook winnings.
Making use of partnership with the Grizzlies
WynnBET and the Memphis Grizzlies have an active marketing deal for sports wagering. The deal will effectively kick off with fan-facing activations during home games May 10-14 at FedExForum. That will include the debut of the WynnBET “touring vehicle” to promote the brand.
The partnership was announced in February. FanDuel has a similar partnership with the Grizzlies.
As of Friday, the Grizzlies were 31-30, sitting in eighth place in the NBA’s Western Conference.
It appears that a registered account is required to view WynnBET odds. DraftKings currently has the Grizzlies at +15000 to win the title.
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