Tennessee Looking into Peer-to-Peer Wagering
Sports betting in Tennessee could get a new option as the state considers adding Peer-to-Peer betting.
The Tennessee Education Lottery (TEL) has revealed it is currently considering approving five new online sports betting sites, including two that offer customers peer-to-peer betting. If the sportsbooks gain approval, they will start life as traditional online sportsbooks. The decision to approve could be given by the Volunteer State’s new regulatory authority, the Sports Wagering Advisory Council. The council would gain regularity authority in Tennessee under legislation that has recently been passed.
During a Sports Wagering Advisory Council meeting earlier last month, the names of the two peer-to-peer operators were not given, but we know that ZenSports has applied for a sports betting license in the state. Initially, the peer-to-peer operators would be approved as online sportsbooks. However, this would only change when rules regulating peer-to-peer wagering have been created and verified.
ZenSports operates as a traditional online sportsbook. Additionally, the company also says it “offers a peer-to-peer sports betting marketplace,” which is states on its website. The peer “exchange” allows customers in legal markets globally to develop and accept wagers that remove the need to rely on bookmakers’ odds and terms.
There is currently no peer-to-peer wagering in the U.S; however, during the meeting this week, lottery officials decided that peer-to-peer was legal under the Sports Gaming Act passed in 2019. The current active legislation (HB1267, SB0588) gives the advisory council regulatory powers. This includes amending rules and enforcing disciplinary action against a licensee.
Tennessee April Handle
According to figures released by the lottery, Tennessee posted $172 million in total sports betting handle with $2.8 million in privilege tax for April. This was a decrease of 16.4% from March’s $205.9 million, which was significantly boosted by the March Madness tournament. The lottery will release the official numbers for April in the coming weeks.
Tennessee Market has Generated Over $1 Billion Since Launch
Since the online betting industry launched in Tennessee on November 1 with four sportsbooks, the state has taken in $1.077 billion in total handle. Additionally, the state has generated $18.5 million in tax revenue during the first six months of operation.
There are currently seven sportsbooks live in the Tennessee sports betting market, which is an online-only industry. WynnBet is the newest sportsbook to join, launching on April 30. WynnBet entered a market already containing BetMGM, FanDuel, DraftKings, TwinSpires, William Hill, and Nashville-based Action 24/7.
Check back for more TN sports betting updates and the latest sports news in The Volunteer State.
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