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Four Sportsbook Operators Kick Off Online Betting in Tennessee Online Betting

Four Sportsbook Operators Kick Off Online Betting in Tennessee

By Blake Roberts Founder & Editor in Chief Updated: 31 October 2020

Blake Roberts Founder & Editor in Chief

Blake Roberts is the founder of Betting.US and is currently heading the creative team as Editor in Chief. Born and raised in Morgantown, West Virginia, Blake is a great sports fan, with football and basketball being his favorite. He’s our trusted voice for all betting-related matters.

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The state of Tennessee is now almost ready to launch online sports betting, and there are already four sportsbook operators lined up ready to kick things off on November 1st. Many state officials and sportsbook companies have been eagerly awaiting the start of the month when online sports betting officially launches. Unlike in other states, there will be no retail sports betting offered in Tennessee.

The Tennessee Lottery Board has recently confirmed the four operators that will be in position to kick off online sports betting in the state. These have been named as FanDuel, BetMGM, DraftKings, and a local company called Action 24/7. Once online betting launches in the state over the coming days, officials are looking forward to a boost in the economy.

Everything on Track for Launch

According to officials from the Tennessee Education Lottery Corporation, everything is on track for the official launch to go ahead on the planned date, which will undoubtedly mean excitement for operators and sports fans in the area.

Dave Smith, communications director for the Tennessee Education Lottery Corporation, said that the state continued to eye 1st November as a “go-live” date when sportsbooks that were approved by the Tennessee Lottery could start to take wagers. 

In addition, a sports betting analyst claimed that the launch of online sports betting could bring more people to the state, which could mean a boost in visitor numbers. He said:

I think you’re going to see people traveling into Tennessee from Alabama, Georgia. If you live close to those border town, maybe you’ll see those license plates come over to a local bar or restaurant.

However, there are some concerns that have been raised over the payout cap that has been set by the state lottery. This has been set at 90%, which many believe will result in the state being seen as less competitive compared to other states. As a result of this payout cap, gambling companies will have to hold 10% of all winnings.

Financial Relief After COVID Chaos

Like other states across the country, Tennessee has been battered by the impact of the COVID-19 global pandemic.

While there was no casino industry to be affected in Tennessee, it has had a huge impact on tourism in the area due to travel restrictions and lockdowns. This has heavily impacted state finances, making it all the more important to find ways of increasing state revenue.

Many hope that the launch of online sports betting will bring the state one step closer to financial recovery, through taxes earned directly from sports betting activities as well as an increase in visitor numbers. Of course, income from sports betting won’t be enough to claw back all the money lost during the pandemic though.

For those living in the state, the launch of online sports betting gives them the opportunity to place wagers on their favorite sports and teams. This is something that many are eager to do now that the world of live sports has emerged from the COVID-19 shutdown