BetMGM, DraftKings and FanDuel Approved in Tennessee
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This week, Tennesse got themselves one step closer to legalized sports betting. The Sports Wagering Committee of the Tennessee Education Lottery, Board of Directors, approved three sportsbooks to set up shop in the Volunteer State.
The three sportsbooks include DraftKings, FanDuel, and BetMGM. They also approved their first sports betting supplier and vendor application this week. Tennessee is expected to go live with sports betting on November 1 of this year.
More applications are expected to be sent in and review by the Tennessee Lottery. Right now, Tennesseans should be excited to see three of the largest sports betting brands looking to enter the state immediately.
The Volunteer State will only have mobile betting, and you must be 21 years or older, and in the state to place bets.
Tennessee Sports Betting First Steps
Tennesse approved their first sportsbooks for the state when sports betting is launched. BetMGM, DraftKings, and FanDuel will all be available come November 1 when sports betting goes live.
The Volunteer State has been slow to get sports betting operating in the state. The bill initially passed in May 2019, and the first bets will not be placed until November 2020. Regardless, people in Tennessee should be excited to have sports betting in their state finally.
What will be unique about Tennessee sports betting is that the state does not have casinos. Sportsbooks have been partnering with casinos, so they have a physical location along with a mobile betting app.
In Tennessee, all sportsbooks will have to use mobile betting if they want to operate in the state. Licenses to enter the sate are $750K annually, which is very reasonable for the amount of money sports betting operators see.
However, sportsbooks must hold at least 10 percent of their profits, which is the only state that has a rule like this. It does make up for the $750K licensing fee, as there will be no limit on how many sportsbooks can enter the state.
This could put sportsbooks in the Volunteer State in a tricky situation as they will have to be creative with how they can keep 10 percent on hold. If they raise the juice, then people will go offshore.
Regardless, some sportsbooks have already decided that this will be a good move to make in Tennessee. Some of the largest names in the U.S. will be ready to launch by November 1 and will be able to figure out the hold situation as they move forward.
What to Expect from Sportsbooks
BetMGM, DraftKings, and FanDuel are some of the largest sports betting operators in the U.S. and for good reasons. They are customer first, meaning they offer competitive odds and boosts when using their sportsbook.
Most likely, all three sportsbooks will give Tennesseans some incentive for signing up along with profit boosts on the Titans in the first few weeks of launch this November. They will want to capture as much of the market as they can starting, especially if more sportsbooks enter after they do.
With no retail location, this will put more emphasis and have people register before November 1 so that when the day comes, they can log on and place bets without even needing to sign-up.
The possibilities are endless for Tennesse before the November 1 launch. Look for the three books to get creative with attracting customers to the platform.
