Six more sports gambling operators could be added to the eight already operating in the state, Tennessee Sports Wagering Advisory Council Executive Director Mary Beth Thomas said last week.
The Sports Wagering Advisory Council, which met last Thursday, took over regulation of the sports betting from the Tennessee Education Lottery on Jan. 1 and will be charged with reviewing applications and overseeing the industry.
SBTech and Overdrive Marketing will be discussed for vendor approval at an upcoming meeting, the next of which is scheduled for Feb. 10.
MGM, FanDuel, DraftKings and Action 24/7 also are up for license renewal as sportsbook operators.
The approval process for new operators involves background checks and involvement from the Tennessee Bureau of Investigation and the FBI. Eight operators are licensed in Tennessee. Five more are pending and another has sent in an application.
“We are doing everything that we can to move at the speed of business,” Thomas said.
The council approved vendor Angstrom Sports. Angstrom will provide live odds advice to sportsbook operators. It is licensed as a vendor as it works for the licensed sportsbook operators and does not have a business relationship with bettors.
Tennessee Sports Wagering Advisory Council member Tom Lee said it is estimated up to 75% of sports gambling bets could be in-game wagers in the near future.
The state collected a record $5.9 million in taxes from sports betting in November, collecting 20% of the industry’s net operator revenue.