BetMGM, FanDuel Launching Sports Betting in Tennessee Sunday
BetMGM and FanDuel said Thursday they will launch their apps in Tennessee on Sunday, the target date set by the Tennessee Education Lottery Corp. for the sports betting market going live. DraftKings and Action 247 have also been approved to launch.
On Sept. 28, BetMGM announced a partnership with the NFL's Tennessee Titans — the first such agreement in Tennessee between a professional sports team and a sports betting operator. The Titans play the Bengals Sunday at 1 p.m. in Cincinnati.
"We've been eagerly working with regulators in Tennessee to make this momentous launch a possibility and look forward to introducing the state's passionate fan bases to the excitement of betting on sports with BetMGM," BetMGM CEO Adam Greenblatt said in a news release. "Our relationship with MGM Resorts enables BetMGM users in the Volunteer State to earn rewards, from hotel suites to dinners at award-winning restaurants, all while engaging in the excitement of our cutting-edge sports betting experience."
Tennessee will become the seventh state where BetMGM's sports betting app will be available, joining Colorado, Indiana, Mississippi, Nevada, New Jersey and West Virginia.
On Sept. 23, DraftKings, FanDuel and BetMGM were approved for sports betting licenses by the TELC. On Oct. 5, Action 247 received conditional approval and its platform provider, UK-based Amelco, was approved on Oct. 22.
At the most-recent meeting of the lottery board, it said there could be test runs and betting accounts being set up before Sunday. The state on Oct. 16 approved its sports catalog of events you can wager on.
In addition to the four operators being approved, at least four others have applied for sports betting licenses. Over the last two months the TELC has been approving dozens of suppliers and vendors for the market.
All-Mobile Market in Tennessee
Tennessee’s sports betting law took effect in July 2019, but it has taken more than a year to launch the first all-mobile market in the U.S. Casinos and racetracks are prohibited in the state.
The TELC has been criticized for some of the regulations it adopted, including a high hold cap and a licensing fee of $750,000. The high hold of 10% is seen as unprecedented in the U.S. market and could affect betting lines.
The legislation approved in Tennessee sets a tax rate of 20% (one of the highest rates nationally) and requires the use of official data from sports leagues.
Despite the delays and criticism, it appears that sports betting will launch on Sunday in Tennessee.
Check Out: Latest updates and legal Tennessee Sports Betting Sites.
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