Tennessee Could Go Live With Sports Betting on Oct. 30
The Tennessee Education Lottery Corp. Sports Wagering Committee said Friday it is targeting to launch sports betting in two weeks. The start date would now be a Friday. The initial target of Nov. 1 is a Sunday.
A few operational and background issues need to be cleared up for all four conditionally approved licenses — BetMGM, DraftKings, FanDuel and Nashville-based Tennessee Action 24/7 — to get a final seal of approval, which should be sometime next week, lottery officials said Friday.
The proposed launch comes as states continue to set handle and revenue records. It also allows Tennessee bettors to be able to wager on the Tennessee Titans and other NFL games for roughly half the season.
Three of the seven wagering license applicants in Tennessee have not been identified, but the vetting process on those three will begin shortly, the board said Friday. The state has also been approving licenses for suppliers and vendors, also.
Lottery President and CEO Rebecca Hargrove had said in mid-August that sports betting will be operational no later than Nov. 1. She also said that the four operators would launch on the same day, but an Action 24/7 supplier is waiting approval and that site could be delayed.
On Sept. 23, Tennessee Education Lottery Corp. approved three major operators — BetMGM, DraftKings and FanDuel. On Oct. 5, Nashville-based Tennessee Action 24/7 was conditionally approved for a license by the lottery.
Background on Tennessee
Tennessee will have the first all-mobile market in the U.S. Brick-and-mortar casinos and racetracks are prohibited in Tennessee. The state’s sports betting law took effect in July 2019.
The lottery board approved sports betting rules on April 15, setting an extremely high hold cap at 90% for at least one year. It also approved license fees ($750,000 a year) and the tax rate on gaming revenues (20%, which is high among states) that day.
The board recently passed a resolution saying it would issue $25,000 fines (the highest allowed by the law) for violations of the 10% cap regulation, but that it could also suspend or not renew licenses for more serious violations.
According to the rules, in-play betting on college sports is not allowed.
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