Tennessee Set to Launch Sports Betting
Tennessee is set to officially launch its sports betting industry on Nov. 1, and the Tennessee Education Lottery Corp has been working hard to get things ready to go.
The Tennessee Sports Gaming Act legalized sports betting on April 30, 2019, but it has taken a long time to announce an official launch date.
Last week, the Sports Wagering Committee officially approved several applications, and things are in place to launch on Sunday. There won’t be a large number of operators set to launch, but some of the biggest names are ready to go.
BetMGM Sportsbook, FanDuel Sportsbook, and DraftKings Sportsbook all have things in place to be ready to launch on Sunday. Each operator was given a checklist that needed to be complete, and these operators have almost eliminated everything on the list.
Supplier Amelco and supplier Swish Analytics were both approved last Thursday at the meeting, and they will be ready on Nov. 1 as well. Operators must have all of their suppliers approved before they are able to offer bets.
Tennessee Action 24/7 is another sportsbook that was hoping to launch on Nov. 1, but it appears that the launch will be delayed. Action 24/7 is looking to offer sports betting for the very first time, and this operator has no plans to expand to other states.
Some of the biggest names have already started pre-registering customers throughout the state, and they are offering some nice promotions. The hope is that this will allow things to run smoothly on Nov. 1.
DraftKings is currently accepting customers in Tennessee, and the operator is giving out a $50 free bet to any customer that signs up now. That promotion will be available up until the industry launches next Sunday.
The state has missed out on revenue by delaying sports betting until Nov. 1. The 2020 NFL season is still just in Week 8, which could help get Tennessee off to a great start in the industry.
Sports Betting Rules and Regulations
The state of Tennessee will be the only state that features online-only betting options, and there are some other unique rules in the state as well. There are no restrictions on companies that wish to apply for a sports betting license, meaning there are an unlimited amount of skins available.
State lawmakers have also set a licensing fee at $750,000, which will likely keep some of the smaller sportsbooks from launching in the state. TN Sports betting revenue will also be taxed at a revenue of 20 percent, which is also extremely high compared to other markets
The state has also set a mandatory hold of 90 percent, which will cost bettors some money, and will cause a shift in the odds. Official league data is also required by sportsbooks that wish to offer live or in-play betting.
Tennessee got it right by legalizing mobile betting, but the above rules will make things difficult for sportsbooks to launch. Industry experts will be keeping an eye on how many other operators choose to launch in Tennessee moving forward.
Check back for more TN sports betting news and the latest sports news in The Volunteer State.
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