Tennessee sports betting market gets another player. State regulators approved WynnBET’s sports betting license. However, the operator needs to pass the license requirements and security checks first before starting its operations in the state.
WynnBET will be the fifth sportsbook in Tennessee, alongside DraftKings, BetMGM, Action 24/7, and FanDuel. WynnBET can still get its fair share of the market. According to bookie PPH reports, the sportsbook is part of the Wynn Resorts group.
In 2018, Wynn Resorts ventured into the mobile sports betting industry through a partnership with BetBull. The result of their deal is WynnBET. Also, it is not the first-time casino resort companies launched sportsbooks. Sports betting gives casino resorts a chance to expand their brands.
Tennessee Sports Betting Market
WynnBET is live in Colorado, Michigan, and New Jersey. According to PricePerPlayer.com Pay Per Head Solution, WynnBET secured market access to Indiana, Massachusetts, Ohio, Nevada, Iowa, and Tennessee.
WynnBET is targeting Virginia for its next license application. The company has a steady growth rate that makes it competitive against other sports betting companies in the US. Part of its strategy is to offer a permanent boost to its business that would remain even when the pandemic ends.
The sports betting company is launching in various states at a fast rate. Its accelerated growth plan is to maximize its market share before casinos reopen after the pandemic. Also, they try to set sports betting odds that are competitive.
It takes a long time to build a casino resort. However, it is easy to venture into new markets with the sports betting app. They continue to make money even after the pandemic, and players return to casinos.
However, Wynn Resorts is not betting all their money on bettors returning to casinos. WynnBET expanded the company’s reach throughout the US. Also, the app brought new sources of revenue.