- Tennessee lawmakers approve high-risk flex loans for lenders to coincide with the Action 24/7 sportsbook.
- This will act as a store for sports bettors to deposit gambling funds as well.
- The annual interest rates are up to 279.5%.
NASHVILLE, Tenn. – In an interesting twist in the Tennessee sports betting world, regulators have approved high-risk bank loans to coincide with sports betting.
The bank loans are known as flex loans and are a way sports bettors can deposit directly into their gambling accounts at the Action 24/7 Tennessee sportsbook.
In addition, the Tennessee Education Lottery Corporation (TELC) board approved 12 new vendors for sports betting in Tennessee, as well as a new sportsbook operator which could launch in time for the Super Bowl.
Flex Loans And Expanded Sports Betting
With the flex loans, sports bettors are able to essentially take out a line of credit that directly goes to the Action 24/7 sportsbook. Similar to applying for a store credit card, the loan can only be used at the sportsbook.
This is a unique system that Tennessee is approving as no other sports betting market has a similar process. In addition, this is only available at the Tennessee run Action 24/7 sportsbook and not at the other betting operators in the Volunteer State.
As Tennessee has already seen early success in its sports betting market, the TELC could be looking to further capitalize on the momentum.
The flex loans do come with an up to a 279.5% annual APR, so sports bettors should air on the side of caution when exploring this option.
More TN Sportsbooks Before The Super Bowl?
Tennessee will also be seeing new sportsbooks launch in the coming weeks following the approval of Churchill Downs’ BetAmerica sportsbook (to be renamed TwinSpires) and 12 sports betting vendors
With the NFL postseason incoming as well as the Super Bowl on the horizon, it makes sense the Volunteer State would be looking to expand as quickly as possible.
The Super Bowl is the most wagered on sporting event in the country every year. With the added sportsbooks, Tennessee may even see more betting activity than their record-breaking first month.
Legal sports betting in Tennessee in a growing market, but early success bodes well for the future of Tennessee betting.
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Coming from a background in narrative-based writing, Giovanni strives to write stories that will keep the reader engaged. Although he does pride himself in being accurate, how the story is told is also very important to him. When he’s not keeping readers up to date on sports betting laws and legislation, you can find him writing and recording music, playing videogames, or engaged in heated sports debates with his friends.