It has taken a long time to get to this point, but the state of Tennessee is set to launch its sports betting industry on Sunday, November 1. Sports betting was officially legalized in July 2019, but it has taken the state a long time to review sports betting applications.
The Tennessee Education Lottery is in charge of the new sports betting industry, and it announced Friday that things were in place for a Sunday launch. Sportsbooks have gone through test runs, and there will be four operators launching on Opening Day.
These operators can begin taking bets as early as 12:01 am on Sunday, and anyone at least 21 years of age is eligible to place a bet. All of the sportsbooks are planning on offering a number of promotions focusing on the Week 8 NFL slate of football games.
DraftKings Set to Lead Industry
DraftKings Sportsbook will be one of the operators that is ready for launch on Sunday morning. DraftKings announced on Friday morning that it had passed all of the necessary requirements, and this operator is set to become a leader in Tennessee.
BetMGM and FanDuel are two other big-name operators that have things in place to launch on November 1. Test runs have already taken place for each operator, and bets will be available for a full slate of games on Sunday.
FanDuel announced on Friday that former Tennessee Titans running back, Eddie George, will place the first bet through the online app. Both companies have been promoting its brand throughout October.
DraftKings has already opened up registration, and it was offering a free $50 bet to anyone that pre-registered. That promotion will end as soon as the first bet is placed at the sportsbook.
Action 247 Sportsbook a Local Option
The three big-name operators will be joined by Action 247 when the industry is launched on Sunday. Action 247 announced on Friday that it will be ready to launch on November 1 after meeting all of the requirements.
This operator will be the only Tennessee owned and operated sports betting platform ready to go on opening day. Action 247 is not planning on launching in other parts of the country, and all of its operations will be devoted to providing a quality sportsbook in Tennessee.
No Retail Betting Options
Tennessee is set to become the first state in the US to launch a fully-mobile sports betting industry. Other states have launched a full retail-industry, but Tennessee is set to take a new approach.
Even though mobile sports betting has led the way in the United States, Tennessee has some interesting laws that might keep some operators out of the state. A tax rate of 20 percent is one of the highest in the US and will keep smaller sportsbooks from applying for a license.
The state also requires a 10% hold, which is unprecedented in the US industry. This will force operators to adjust betting lines to bring in sustainable revenue.