Wynn Resorts has confirmed that its sports betting division (WynnBET) has received a conditional license to start offering sports betting in Tennessee.
Wynn Resorts said the Sports Wagering Committee (SWC) which comes under the Tennessee Education Lottery Corporation which is the gaming regulator in the state approved its conditional license.
The conditional license means that WynnBET still needs to prove to the gaming regulator that it is fully compliant with regulatory and statutory requirements. When WynnBET gets its full license approval from the Tennessee regulator, the sportsbook will then be operational in nine states.
Wynn Resorts has been eager to expand its sports betting reach and capitalize on this lucrative gaming market. Wynn Resorts which has a strong land based casino presence in Las Vegas and Macau has suffered significant financial losses in 2020 due to the COVID-19 shutdown.
Wynn Resorts like most land based casino operators is keen to offset those losses and bring in as much revenue as possible in 2021. The online sports betting market provides Wynn Resorts with a great opportunity to do just that. Wynn Resorts has been keeping a close watch on Tennessee and will be keen on launching its mobile sports betting app at the earliest.
Wynn Resorts has made it clear that it is serious about its sports betting expansion plans. The Las Vegas casino operator acquired BetBull in 2020 which allowed the casino operator to get access to a high tech sports betting platform. Wynn Resorts shelled out $80 million to acquire BetBull and the joint venture has worked out well for the company.
Wynn’s foray into the online sports betting market wasn’t done on the spur of the moment. The BetBull acquisition talks started in 2018 when Wynn owned a 22.5 percent stake in the company. After the acquisition was completed in 2020, Wynn has a 71 percent stake in the company. The joint venture goes under the name of Wynn Interactive.
The WynnBET app offers sports betting and casino gaming, and received a positive response so far. The mobile sports betting app is currently available in Michigan, Colorado and New Jersey. Wynn also has access to Nevada, Ohio, Iowa, Massachusetts and Indiana. The operator has also submitted a sports betting license in Virginia and is currently waiting for approval.
About The Author
