The sports betting market in Tennessee now has another new operator as WynnBET officially launched on Friday. WynnBET was approved for a license in early 2021, but a number of issues delayed the launch.
Tennessee sports betting officially launched on November 1 with four online sportsbooks. WynnBET is now the 7th online sports betting option, and more are on the way.
WynnBET is the sports betting arm of Wynn Resorts, a big name in the gaming industry. This company has been aggressive in the sports betting industry, and launching in Tennessee will keep up with that trend.
Tennessee is the first state to have an online-only sports betting industry and there are no plans to launch retail sportsbooks. Other states have since copied this plan from Tennessee as mobile sports betting is the most popular form for sports bettors.
With the launch in Tennessee, WynnBET now offers sports betting in six states. The other states that already have a WynnBET Sportsbook are: Colorado, Indiana, Michigan, New Jersey, and Virginia.
WynnBET has also gained market access in a handful of other states, but it is not clear where it plans to launch next.
Partnering With Grizzlies
Before the online sportsbook launched in Tennessee, WynnBET had already made a big splash in the Volunteer State. WynnBET became the official sports betting partner of the Memphis Grizzlies in a deal that was announced earlier in 2021.
Now that WynnBET has been approved to offer sports betting, upcoming home games at FedEx Forum will allow this partnership to take off. Signage and other promotional opportunities are available for WynnBET, and the Memphis Grizzlies are one of the top teams in the state.
WynnBET is also set to unveil its touring vehicle that will provide a mobile sports betting experience at big sporting events throughout the country.
March Handle Almost a Record
Tennessee has posted some impressive numbers since launching sports betting in November, evidenced by the March totals that were recently announced. The total sports betting handle in March was $205.9 million after it fell below the $200 million mark in February.
The record for sports betting handle was set in January 2021 as sportsbooks saw $211.3 million in bets made. Tennessee set a record in November when it became the first state to reach at least $100 million in betting handle in the first month.
TEL Hoping For No Issues
The Tennessee Education Lottery is hoping that a new operator does not lead to new issues in the sports betting industry. Two of the current sportsbooks have been under investigation by the TEL for illegal activity.
William Hill was the latest online operator to join the market, and that company is one of the best in the US. Unfortunately, William Hill offered a prop betting option on a college game, which is illegal based on the current rules.
Action 24/7 Sportsbook had its license suspended by the TEL after having a number of issues with accounts and illegal activity. That license has since been reinstated through a court order.