Action247, a gambling operator based in Tennessee, has been awarded a sports betting licence to offer these services in the state.
The Sports Wagering Committee of the Tennessee Education Lottery (TEL) Board of Directors has been working on approving permits in time for the market’s launch.
Sports betting in Tennessee is expected to launch at the beginning of next month, with all wagering to take place either via mobile or desktop.
Joining the club
Action247 was one of six vendors to have their licensing application be given the green light in the state regulator’s latest round of approvals. The operator will now join a range of names that are prestigious throughout the US, including DraftKings and FanDuel. BetMGM, the joint-venture of Roar Digital and MGM Resorts, will also be allowed to take bets from sports fans within state boundaries.
Rebecca Paul Hargrove, President and Chief Executive of the Tennessee Education Lottery (TEL), had the following to say about the latest round of approvals.
“We are working diligently with all applicants as we establish and support a responsible and competitive sports wagering program in Tennessee.”
In the latest round of approvals, GeoComply – a geolocation software provider – was the only supplier to have its application given the go-ahead.
Sports betting in Tennessee
Sports betting in Tennessee went into law last May, under SB0016. The legislation did not need a signature from State Governor Bill Lee.
In April 2020, the TEL approved specific rules related to sports betting in The Volunteer State. Operators looking to obtain a licence have to pay $750,000, with their gross gaming revenue taxed at 20%. There is also an application fee of $50,000, which cannot be refunded.
There is no limit on the number of operators that are allowed to enter Tennessee’s sports betting market. The state will, should it go live on 1st November as expected, be the first to offer legal sports betting online but not in a land-based respect.
Sportsbooks in the state will have to adhere to a payout percentage of 90%, which had been 85% in the original regulatory proposals.
The TEL is set to meet again on Friday 16th October, in which they will approve another set of vendor and supplier licences. Thus, there is still hope for those who want a licence to obtain one prior to the market going live.