Tennessee to Launch Sports Betting on November 1st
Come November first, the Volunteer State will launch its sports betting. This will allow for strictly mobile and online betting. This launch is following the legalization of sports betting in Tennessee as far back as April 2019. Even though it has taken a while to come to fruition, the State will launch its first legal sportsbook two Sundays from now.
The committee tasked with overseeing and regulating the sports betting industry in the State is the Sports Wagering Committee of Tennessee Education Lottery. To avoid being overwhelmed on the first day of launch, the CEO of TEL has suggested that licensed sportsbooks should operate a few hours daily leading to the official launch.
Approved Sports Betting Sites for the Launch
Tennessee has confirmed and given licenses to three of the four sportsbooks to launch on November 1st. These four bookies are BetMGM, DraftKings, FanDuel, and the new to the scene Tennessee Action 24/7. Tennessee Action 24/7 are still being held up by the Tennessee Education Lottery as the license for Amelco – Tennessee Action 24/7 sports betting supplier – has not been handed across.
DraftKings is offering a $50 free bet bonus and other exciting bonuses if you pre-register on the platform. This move is to help reduce the traffic and avoid complications on the day of launch which is also an NFL Sunday. Other bookies set to launch also have enticing pre-launch bonuses as long as you register with them before the launch date.
Tennessee Sports Betting Rules
Much like other State rules, sports betting in the State will be regulated by the Tennessee Education Lottery Committee and will do this under the Tennessee Sports Gaming Act. No physical sportsbook is allowed to operate in the State. All sports betting in Tennessee will be through mobile and online channels.
Application is open to anyone seeking to get a sports betting license in the State, however, there is a $750,000 fee to be paid. This move is to weed out a lot of smaller competitors and ensure only prestigious and reliable sportsbooks are given licenses to operate in the State. An area that has been frowned upon regarding Tennessee sports betting rules is the capped payout of 90%. There is a hold of 10%, which is triple the average rate obtainable in the industry. This might discourage bettors in the State is it will make gambling non-competitive.
The Finer Details
There are a few details to sort out before the launch but nothing too serious to ruin it. The pre-launch is a great idea, and that will help take off some of the pressure that is expected on November 1st.
The delay with Amelco is troubling and might make Tennessee Action 24/7 miss out on the launch. However, even if they do not launch on the same day, they can pick up their strides in months to come.
The majority of the US States have placed a ban on college prop betting but it seems like Tennessee is going against the grain. They are working to finalize on college prop betting and hopefully, it is all sorted before the launch date.