There are now four sportsbooks ready to go once Tennessee introduces sports betting in November
Tennessee looks to launch its sports betting market before November 1. In a special meeting of the Tennessee Education Lottery (TEL) Corp. Sports Wagering Committee, local operator and Nashville-based Tennessee Action 24/7 was granted a conditional license. They announced that a seventh sports betting operator had applied for a wagering license on October 2. Six vendor applicants were also approved during the meeting.
On September 23, BetMGM, DraftKings and FanDuel, each of which applied for sports wagering licenses were reviewed and conditionally approved to go live on November 1. BetMGM announced they would be Tennessee Titan’s official sports betting partner, which makes them the state’s first official partnership between a professional sports team and sports betting platform.
Tennessee is launching the first all-mobile market in the Unites States, with both casinos and racetracks prohibited in the state. The new sports betting law took effect in July 2019. The Tennessee Lottery has been criticized by the gaming industry for regulations it adopted, including a high hold cap and a licensing fee of $750,000. The board had passed a resolution last month saying it would issue $25,000 fines for violations of the 10% cap regulation, but that it could also suspend licenses for more serious violations.
The national hold average is about 7.5%, according to a study of Tennessee’s proposed cap by industry analysts Eilers & Krejcik Gaming. The study was released as regulations were being considered by the state in the spring. The legislation approved in Tennessee sets a tax rate of 20% and requires the use of official data from sports leagues. In-play betting on college sports will not be allowed. The committee will hold a follow-up meeting on October 16, to review all the proposals.