Tennessee’s sports betting industry is barely a week old, and it’s still taking shape.
On Monday, Nov. 16, the Tennessee Education Lottery, which serves as a regulator for the sports gaming operators and other related licensees, will see its Sports Wagering Advisory Council meet at noon local time. The TEL’s Board of Directors will meet the following day at 1 p.m. local time.
On Nov. 1, the state launched mobile sports betting through BetMGM, DraftKings, FanDuel, and Action247, the last of which is a local company that currently has no plans to offer online gambling on sports outside of the Volunteer State. The other books are powerful nationwide brands.
While those four sportsbooks hit the market first, Churchill Downs, William Hill, and Wynn Sports have filed paperwork to each receive a license to operate in Tennessee. The status of those applications could be discussed at the upcoming meetings next week. Another sports betting company which has not been made public also reportedly has started the licensing process.
CDI, William Hill, and Wynn started their respective applications early this fall, which could put them in line for an early 2021 launch. No timeline has been provided yet. Tennessee has no casinos or racinos, so the sportsbooks do not have to be tethered to any retail betting shop.`
Prior to launch, the TEL released a list of approved events for wagering, an evolving regulatory document in sports betting states. It’s possible regulators will amend the list next week. Sportsbooks can request additions to the list, and they only need to give the TEL a few days worth of notice.
There have not been any figures made public about how much action the four sportsbooks that are live have seen since Nov. 1. Some sort of early indication with regards to their collective handle and number of registered users could be revealed by state regulators.
The state of Tennessee is expecting to see several billion dollars wagered annually after its sports betting market fully develops. At least 10 sportsbooks are expected in the state.
