Xpoint receives licence in Tennessee

The geolocation technology company has been approved by the Tennessee Sports Wagering Advisory Council (SWAC).

US.- The geolocation technology company Xpoint has been granted a licence to provide its services in Tennessee. The approval by the Tennessee Sports Wagering Advisory Council (SWAC) expands Xpoint’s presence in North America, where it has already launched in Ohio, New Jersey and in Canada.

Xpoint CEO Marvin Sanderson said: “I would like to thank the members and executive staff of the Tennessee Sports Wagering Advisory Council for approving our application for licensure to provide geo-verification services in Tennessee.

“To be licensed to provide our geolocation technology solutions in another legalized sports betting US state is a huge honor, and we are looking forward to working with multiple partners in Tennessee to help their players gamble safely, securely, and free from any fraud.”

Recently, Xpoint announced that Xpoint Verify entered the US with online casino brand PlayStar, which recently launched in New Jersey. Developed for sportsbooks and igaming, Xpoint Verify is a real-money gaming geolocation product. In June, Xpoint announced that Xpoint Verify had gone live in the Ontario market with online casino operator SkillOnNet.

Earlier this year, Xpoint became a board-level member of the American Gaming Association (AGA). Xpoint co-founder and chief executive Marvin Sanderson joins the AGA board of directors, and members of the firm’s leadership team will serve on various committees.

Tennessee sportsbooks report $405m in wagers in October

Bettors in Tennessee wagered $405m on sports in October, according to Tennessee’s Sports Wagering Advisory Council (SWAC). That’s a 20.3 per cent increase from September’s $336.9m and up 8 per cent compared to the same month in 2021. It’s also a new state record, breaking the previous high of $386m set in January.

Adjusted gross income generated by the state’s sportsbooks was $34.8m. Given the 20 per cent tax rate on sports betting net revenue, the state collected $6.9m in taxes, its second-highest monthly haul to date and easily surpassing the $3.4m in taxes reported for the same month last year.