- Tennessee now has four fully licensed sportsbook operators that will launch on November 1.
- The internet/mobile sports betting market for the Volunteer State will be open to anyone that is 21 and over and within state lines.
NASHVILLE, Tenn. – A fourth sports betting operator has been approved for licensure in Tennessee by the Tennessee Education Lottery (TEL) and its Sports Wagering Advisory Council. Tennessee Action 24/7 received their license to be an official sportsbook provider by the committee on Monday.
The Volunteer State legalized sports wagering via mobile and internet platforms (no land-based facilities) in May 2019. On November 1, eighteen months after its legalization, they are finally scheduled to launch their industry.
Mobile Sports Betting Platforms In Tennessee
Per state law, there is no limit to the number of licenses that the TEL can hand out to potential sportsbooks. This could result in a market saturated with options for joining various platforms to gamble on sporting events.
However, there are presently only four licensed businesses slated to open on November 1; BetMGM, DraftKings, FanDuel, and Tennessee Action 24/7.
“We will continue to work with all parties involved to protect the consumer, promote fairness in sports and regulate this new Tennessee industry that provides critical funds to the state and local governments,” said Rebecca Hargrove, TEL President and CEO.
The next meeting of the TEL’s Sports Wagering Advisory Council is set for November 16. This will occur about two weeks after the expected launch date. Licenses are approved for operators as well as vendors and suppliers during meetings held by the committee.
Fifty-four vendors have received their licenses along with six suppliers that are all now eligible to work with the four approved operators in the Volunteer State. While there is no set maximum for licensees, all applicants must meet state requirements in order for their applications to be approved.
The TEL has 90 days after receiving an application to either approve or deny it for licensing. Any businesses currently applying wouldn’t see a final decision made until 2021.
What’s Next For The Volunteer State
For a strictly online sports betting structure, Tennessee has laid out some pretty steep fees which may deter many operators from trying to open in the state. Sportsbooks have to hand over $800,000 with their application. Suppliers have to pay the TEL $125,000 and vendors are required to pay a $7,500 application fee.
The tax placed by law on revenue for all sports betting is 20%. They also have a set 90% payout cap that potentially takes more money out of the pockets of businesses trying to provide sports wagering services in the state.
Yet none of that stopped Tennessee Action 24/7 as they paid the fees and have complied to meet all of the rules and regulations of the TEL, which has now added them to the list of companies that will launch a sports wagering platform on November 1.
Those interested in Tennessee sports betting to be within state lines and 21+ to join and access these outlets. After what seemed like an eternity, Tennesseans will be able to gamble on sports and more importantly, the NFL and the Tennessee Titans, using local sports betting options for the first time in the history of the Volunteer State.
Christina has been writing for as long as she can remember and does dedicated research on the newly regulated sports betting market. She comes from a family of sports lovers that engage in friendly bets from time to time. During the winter months, you can find Christina baking cookies and beating the entire staff at Mario Kart…the N64 version of course.