A regulator said Tuesday that mobile-only sports betting in Tennessee has taken in $18.5 million in privilege tax revenue in the first six months since wagers were approved.
Rebecca Hargrove, CEO, Tennessee Lottery revealed to the state’s Sports Wagering Advisory Council that Betts has crossed the $1 billion mark. The amount includes $2.8 million in revenue and a $172 million gross handle.
A total of seven sportsbooks are live and accepting bets at Tennessee. The revenue cycle on sports betting began on 1 November.
The revenue collected is further divided as – 80% of the total revenue goes into educational funds mostly towards post-secondary scholarships. Local governments share is 15% and the rest 5% goes towards the communities addressing relief for gambling addicts.
In other Tennessee news, the Memphis Grizzlies now have WynnBET Tennessee as an official sports betting partner. A multi-year marketing agreement between the NBA team and the sports betting operator has been announced. This is the second time the Grizzlies have partnered with a sports betting company. The first was in November 2020, when FanDuel Tennessee was created.
The Grizzlies’ relationship with WynnBET involves the use of a variety of digital content channels, including Grizzlies social media pages and web/mobile applications. “There will also be a physical venue at FedExForum for all fans to enjoy on event days and beyond,” according to the announcement press release. The Grizzlies and WynnBET will contribute to services provided by Grind City Media, an on-demand media channel and interactive production studio, as part of this partnership.
WynnBET has partnered with the network to host a number of series, including the Chris Vernon Show and the Odds Couple. WynnBET has now signed up as the GCM podcast’s official advertising partner. WynnBET opened its Tennessee sportsbook in April 2021, and it has been a hive of activity since then. We anticipate them launching a sportsbook app in Arizona, as well as Maryland and probably New York.
Wynn Resorts recently announced the spin-off of Wynn Interactive through Austerlitz Acquisition Corporation, a special-purpose acquisition firm. Wynn Interactive will be listed on the stock exchange, where it will be ideally positioned to compete with other big sports betting companies including FanDuel, DraftKings, William Hill, and BetMGM.