Tennessee Sports Betting Preparation Advances: Eyes Set on November 1 Launch Date for Sportsbook Services
Sports Betting Comes to Tennessee on November 1
After a year of anticipation, sports betting is finally coming to Tennessee on November 1, 2020. The Tennessee Education Lottery (TEL) has approved four operators to launch mobile sports betting in the state: BetMGM, DraftKings, FanDuel, and Tennessee Action 24/7.
The TEL has accelerated its timetable for launching sports betting operations since hiring Danielle Boyd as Vice President of Sports Gaming Operations in July. Boyd's arrival marked a significant step forward in the state's efforts to establish a regulated sports betting market.
Tennessee Action 24/7, one of the approved operators, is the only Tennessee-owned and operated sportsbook. Tina Hodges, a Tennessee businesswoman, owns Tennessee Action 24/7 and a payday loan company. Hodges aims to make Tennessee Action 24/7 the local choice, offering tailored offerings to specific regions of the state. The entrepreneur operating the only one of the four licensed online sportsbooks located in Tennessee is Casey White.
Better Collective Tennessee, which owns this website, is among the approved vendors. Last week, the TEL approved a large list of vendors, including payment-processing companies and affiliates.
Tennessee was the first state to legalize digital-only sports betting in July 2019. The TEL has imposed a "payout cap" requiring operators to hold at least 10% of handle and pay out no more than 90% to patrons. This means that for every $100 wagered, operators are required to keep at least $10 and pay out no more than $90 to winners.
Three additional operators (Churchill Downs, William Hill, and Wynn) have started the application process for sports betting in Tennessee. Colorado is the only other state that launched its operators as a group, but it did so during the height of pandemic restrictions when few sports were being played.
On Sunday, the NFL, PGA, ATP, and numerous international sporting events will be taking place, potentially presenting challenges for operators starting operations on the busiest day of the week. It remains to be seen how these events will impact the initial days of sports betting in Tennessee.
Tennessee Action 24/7 is offering promotional bonuses ranging from $5-$125 to potential bettors. With the launch of sports betting just around the corner, it's time for sports fans in Tennessee to get ready for some exciting action. Sports betting is coming to Tennessee on November 1, and Tennessee Action 24/7 is the only legal, local sportsbook.
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