A fifth betting option is soon going to come to the sports bettors of Tennessee. The Tennessee Education Lottery’s Sports Wagering Committee provided conditional approval to Churchill Downs Incorporated (CDI) to launch the online betting under the BetAmerica brand. However, CDI needs to clarify a few of the technical hurdles before launching in Tennessee.
Tennessee already has BetMGM, DraftKings, FanDuel, and Action 24/7 functioning. Apart from CDI, William Hill, WynnBET of Wynn Resorts and Zen Sports are waiting to be approved for launching online betting in the state. The Super Bowl for 2021 starts on February 7, and it needs to be seen whether anyone else gets the approval before that.
The Tennessee Lottery has also issued betting vendor registration to Advanced Financial. A Fintech based in Nashville would offer ‘Flex Loans’. This is actually a line of credit with high-interest rates (279.5%) for the borrowers with not really many options.
The three Lottery’s three-person betting committee voted in favor of making deposits and to make withdrawals from Action 24/7 accounts at Advance Financial’s 100+ retail outlets in Tennessee. The fee would be $2 for that.
However, the borrowers can only access Action 24/7 from Advance Financial. Tina Hodges is basically the president of both Action 24/7 and Advance Financial. However, according to reports, a borrower can take the loan and use an unaffiliated money services firm to send funds to other online betting sites.
There are questions about responsible gambling but there are not any rules in the State pertaining to such relationship commented board members of Action 24/7.
Different states and countries are fighting to stop any possible ways for the borrowers to get more money to put on betting. However, this is a kind of weird situation in Tennessee. The US has very new rules and regulations for online betting as compared to land-based gaming.
Inspirational Link: https://calvinayre.com/2021/01/08/business/tennessee-action-247-sports-betting-advance-financial-loans/