Could Wagr Test Its Brand in Tennessee?
A new sportsbook could be coming to the state of Tennessee, and it is a name that you have likely never heard of.
Wagr is the name of the company, and it aims to offer peer-to-peer betting in the Volunteer State.
The person behind the new sports betting app is Alexis Ohanian, and he is famous for being one of the co-founders of Reddit. Reddit is a growing and popular social media app, but Ohanian does not have any experience in sports betting.
So far, Wagr has applied for a sports betting license in both Tennessee and Virginia, and these are two of the newest states to offer sports betting. Neither application has been approved yet, but there is hope that it will happen in 2021.
Ohanian founded Wagr back in April 2020, just as the COVID-19 pandemic was affecting the United States. His goal was to bring new online opportunities to players that were looking for entertainment during the pandemic.
Peer-to-peer betting is much different from traditional sports betting, as players compete against friends rather than betting against the house. This is a concept that seems to work in theory, but it is not one currently offered throughout the US.
There is a solid business plan that has been introduced by Ohanian and his group, and it has already secured funding for the project. The next step is receiving approval, and that might be the biggest hurdle facing Wagr.
The plan for Wagr is to offer betting on all major sporting events when it launches, but there will be limited betting opportunities. Spread wagers will be the first to be offered before other options are rolled out.
Fees would be charged to players that are setting lines or taking some action. These fees would be small and are similar to what occurs now with traditional sportsbooks.
The Tennessee Education Lottery will ultimately take a look at the application before deciding how to proceed.
ZenSports Still Waiting
At some point, regulators in Tennessee are going to have to make a decision on peer-to-peer betting. ZenSports applied for a license back in November, and it has still yet to receive a decision.
ZenSports is another P2P sports betting platform, and it is a company that is already established in other parts of the world. It was hoping to break into the US in Tennessee, but the application is stuck without a result.
The California-based company has even been willing to offer traditional sports betting instead, but even that form of betting hasn’t been approved. The Tennessee Education Lottery has a number of different applications to review, and it needs to make a decision soon.
It seems highly unlikely that Wagr will be approved before ZenSports, but it could happen around the same time. This would create some competition in that part of the industry, and it would take away the opportunity for ZenSports to have a monopoly in the state.
Check back for more TN sports betting updates and the latest sports news in The Volunteer State.
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