Regulator in Tennessee Grants Approval for Three Sports Betting Operators
Tennessee Expands Online Sports BettingOptions with Three New Operators
The Tennessee Sports Wagering Advisory Council (SWAC) approved three additional online mobile sportsbook operators during their meeting on Thursday. The launch of legal mobile sports betting in the state occurred on November 1, 2020, and it currently features major operators like Barstool Sportsbook, BetMGM, Caesars, DraftKings, and FanDuel.
One of the newly approved operators is Bally Bet, which has a partnership with the Nashville Predators. According to a company representative, Bally Bet is expected to launch its mobile sportsbook in Tennessee toward the end of 2022 or in early 2023. The company currently operates in Arizona, Colorado, Indiana, Illinois, and Virginia.
The SWAC also approved the SuperBook sportsbook and Gamewise, which is expected to launch a Betly sportsbook in the state. Betly recently became the first mobile sportsbook to launch in Arkansas. SuperBook hopes to launch its mobile sports betting platform in April, while Betly's launch timeline wasn't immediately clear.
In addition to approving new operators, the SWAC implemented its permanent rules. Previously, the lottery handled the responsibility of regulating sports betting in the state, but the SWAC took over on January 1. The SWAC's permanent rules include the state's 10% hold requirement, which some found controversial during the rulemaking process. The 10% hold rule requires operators in the state to win at least 10% from bettors as their gross revenue "hold," which is higher than the national average of 7%.
Other aspects of the permanent rules are less controversial, although the SWAC discussed the state's prop bet options and whether changes should be made. The SWAC mentioned not allowing betting on the NFL combine because it too closely resembled college prop betting. For future events, the SWAC plans to maintain a list on its website of approved and denied events that operators seek to offer.
Sports bettors in Tennessee now have more options with the addition of Bally Bet, SuperBook, and Gamewise (Betly) to the state's mobile sportsbooks. With the launch of these new prop bet, wager, and line opportunities, sports enthusiasts can expect a diverse selection when placing their online sports betting choices.
