ZenSports Applies for TN Betting License
The sports betting industry in Tennessee officially launched on November 1, and it will be an online-only industry at this time.
There were just four operators ready to launch on November 1, but there are more licenses available.
The Tennessee Education Lottery regulates the TN sports betting industry, and that group continues to receive new sports betting applications. This week, it was revealed that ZenSports has applied for a sports betting license in Tennessee, and also in Virginia.
ZenSports is not like a traditional sportsbook operator as it offers a marketplace for bettors to exchange bets with others. There have been some attempts at this kind of sports betting exchange in the United States, but most have failed quickly.
The company also announced that it would be willing to offer traditional sports betting if peer-to-peer betting is not possible. Their willingness to be flexible will likely play a role as the Tennessee Education Lottery reviews this application and determines the status.
Tennessee requires a ten percent hold for all of the state’s sportsbook operators, and that amount could be a problem for ZenSports. One of the reasons this company is so popular is because they charge fees that are much less than others in the industry.
If this application is approved, ZenSports would likely have to adjust fees to meet the Tennessee requirements, but this could come at a price to the operator. Still, Tennessee is off to a great start in the sports betting industry, and the market is attracting some of the biggest names in the industry.
Action 247 sportsbook Network, BetMGM, DraftKings, and FanDuel were the four operators that launched on November 1, but more are reportedly coming soon. According to industry sources, BetAmerica, William Hill, and Wynn Resorts have all applied for a sports betting license, and those applications are currently being reviewed.
Virginia to Launch in 2021
Virginia will be one of a handful of states looking to launch sports betting in 2021. There will be retail sports betting options eventually in Virginia, but the industry will launch as online-only at the beginning.
There are up to a dozen sports betting licenses available in Virginia, and ZenSports is hoping to land one of them. The Virginia Lottery will be looking to approve these applications as early as January, which could mean that the industry launches sometime next spring.
The Virginia Lottery announced that it received close to 25 applications prior to the October 31 deadline, but none of the applicants were revealed. Virginia is another state that is expected to land some of the biggest names in the industry.
Wynn Resorts announced that it was one of the applicants, and ZenSports is the only other company to do so. ZenSports will be competing with some big names when looking to acquire a license, but the peer-to-peer model could help the operator stand out.
ZenSports is a U.S.-based company but currently offers betting options internationally. The site allows for cryptocurrency to be used as a form of payment.
Check back for more TN sports betting news and the latest sports news in The Volunteer State.
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