On Friday, the Tennessee Education Lottery Corp Sports Wagering Committee confirmed that in two weeks time it plans to begin sports betting. The initial target date was a Friday but it will now be November 1st.
For all four conditionally approved licences-BetMGM, DraftKings, FanDuel and Nashville-based Tennessee Action 24/7-to get a final stamp of approval, which should be sometime next week, lottery officials said Friday, a few organisational and history problems need to be cleared up.
The planned launch comes as states continue to set records for handling and revenue. It also helps Tennessee bettors for around half the season to be able to wager on the Tennessee Titans and other NFL games.
Three of the seven Tennessee wagering licence applicants have not been identified, but the vetting process will begin shortly for those three, the board said Friday. The state has also been approving licences for distributors and manufacturers, too.
In mid-August, Lottery President and CEO Rebecca Hargrove said sports betting would be operational no later than Nov. 1. She also said that the four operators would be released on the same day, but that site could be delayed by an Action 24/7 supplier waiting for approval.
On Sept. 23, three major operators, BetMGM, DraftKings and FanDuel, were approved by Tennessee Education Lottery Corp. Nashville-based Tennessee Action 24/7 was conditionally approved by the lottery for a licence on Oct. 5.
In the United States, Tennessee will have the first all-mobile market. In Tennessee, brick-and – mortar casinos and racetracks are banned. In July 2019, the state sports betting legislation took effect.
On April 15, the lottery board approved sports betting rules, setting an exceptionally high holding limit for at least one year at 90 percent. License fees ($750,000 a year) and the tax rate on gaming sales (20 percent, which is high among states) were also approved that day.
Recently, the board passed a resolution stating that it would issue $25,000 fines for violations of the 10 percent limit rule (the maximum permitted by the law), but that it could also revoke or not renew licences for more serious violations.
In-play betting on college sports is not permitted, according to the rules.