Sports betting in the state of Tennessee has been setting records since a launch on November 1, 2020, and the market could soon be making history once again. The Tennessee Education Lottery is considering allowing peer-to-peer betting with at least two different operators.
This form of betting has never before been offered in the United States, but this isn’t the first time that a company has attempted to obtain a license. The TEL has confirmed that two such companies could eventually receive a sports betting license, and ZenSports is one of the companies.
It will still take some time for this form of betting to be allowed in the state, but ZenSports could offer traditional sports wagering in the meantime. The final decision could ultimately be left up to the Sports Wagering Advisory Council as it will likely be taking over as the regulatory body.
Peer-to-peer betting is legal according to the Sports Gaming Act, but there are no rules in place to regulate this form of betting. This process could take months to complete, but ZenSports could soon become the first option in the US.
There are actually four sportsbooks under consideration to receive a Tennessee sports betting license, but none of those companies were named in the meeting minutes.
ZenSports actually applied for a sports betting license in both Tennessee and Virginia back in 2020, but there has not been a decision made in either state. The TEL has discussed this company at great lengths over the past few months, and it now appears that a final decision is coming.
ZenSports has only been around for two years, but it has already become a popular option overseas. This peer-to-peer betting system removes the sportsbook from the process entirely and allows bettors to make their own wagers on the site.
This company appears to have market access in Nevada through a partnership with the Big Wheel Casino, but it has not yet been approved in that state either.
April Numbers Drop
The TEL has not yet announced the official March sports betting numbers, but some of the figures have already been leaked. It should come as no surprise that the April sports betting handle numbers fell by more than 16 percent after a big March.
The total sports betting handle for April was $172 million, and the state collected $2.8 million in tax dollars. Most states throughout the US are expected to see a drop in April as the NCAA Men’s Basketball Tournament boosted the March figures.
Growth Still Coming For State
Tennessee launched sports betting with just four online operators up and running back in November 2020. The recent launch of WynnBET has now raised that total to seven, and there are plenty more online operators on the way.
Sportsbooks in Tennessee have already gone over the $1 billion mark for total sports betting handle, exceeding the expectations that were set before launch. The next few months should produce steady numbers, but another major boost is expected when the NFL season begins again.