Tennessee approves first batch of sports betting licenses

Tennessee Sports Betting

Sports betting regulators in Tennessee have handed out its first operator licenses ahead of the market’s November launch.

Both FanDuel and DraftKings will expand into the state once wagering goes live here, as will BetMGM.

Tennesseean sports betting will be exclusively available online and via mobile, since the state has no land-based casinos.

A number of vendor and supplier applications have also been accepted.

No limit on the number of operators that can enter the market 

Sports betting licence applications in Tennessee are being overseen by the Sports Wagering Committee of the Tennessee Education Lottery (TEL). There will be no cap on how many operators can offer their services; they just need to be fit-for-purpose.

Before the market’s launch in around six weeks’ time, it’s expected that more applications will be processed and accepted.

Operators have been welcome to apply for licenses in the soon-to launch market since April.

Sports betting in Tennessee 

Sports betting in the Volunteer State was passed into law in 2019, after Governor Bill Lee didn’t sign off related legislation. In accordance with state law, the bill didn’t need the Governor’s approval for it to come into effect.

Licenses are priced at $750,000 and are renewed on an annual basis. The state is the only one in the US at the moment with a hold requirement. Operators are obliged to have a hold of at least 10%, with fines and licence suspensions possible consequences for non-compliers.

It was predicted last year that regulated sports betting in Tennessee would result in an extra $50 million’s worth of tax revenue. All proceedings will go towards helping problem gamblers, as well as local governments and education.