If trends hold, by the end of next month Tennessee will have seen $6 billion in sports wagers since the state opened legal online sports gambling in November 2020.
Then, the state had four sportsbook operators in Action 24/7, BetMGM, FanDuel and DraftKings.
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Tennessee Education Lottery (TEL) Board Chair Susan Lanigan resigned her position this week. TEL spokesman Dave Smith told The Tennessee Star Thursday that Lanigan resigned “to spend more time with family.”
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Members of the Tennessee Education Lottery Association have formally asserted they are not investigating the online sports-betting website Action 24/7 and that the company’s internal controls meet state requirements. This, according to a letter that Tennessee Education Lottery (TEL) Executive Vice President and General Counsel Alonda W. McCutcheon distributed this week.
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Nashville Chancellor Patricia Moskal ruled Monday that members of the Tennessee Education Lottery (TEL) do “not have the unilateral right” to take punitive measures against the Tennessee-based Action 24/7 concerning a matter she’s already ruled upon. Action 24/7 officials operate an online sports-betting site based out of the Volunteer State.
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Members of the Tennessee Education Lottery (TEL) are still pursuing a case against Action 24/7, even though a Nashville judge last month restrained the regulatory agency from hurting the company’s revenue stream further. But TEL members are now maneuvering against the company in another way.
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The judge overseeing the case involving the Tennessee-based Action 24/7 has ruled that the Tennessee Education Lottery (TEL) must reinstate the company’s sports gaming operator license. Chancellor Patricia Moskal ruled that members of the TEL did not give Action 24/7 the proper due process and that continued suspension of the license threatens the businesses’ continued financial livelihood.
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Several members of the Tennessee Education Lottery (TEL) Corporation’s Board of Directors, while driving in their vehicles, decided to temporarily take away Action 24/7’s operating license.
Some board members were on spring break.
And TEL board members took this action while taking the word of an investigator who said the company didn’t follow through on the necessary security protocols.
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The judge overseeing the case involving the Tennessee-based Action 24/7 reportedly will work as quickly as she can to determine whether the Tennessee Education Lottery (TEL) should reinstate Action 24/7’s sports gaming operator license. This, because of the loss of revenue the company is experiencing during the National Collegiate Athletic Association’s “March Madness” basketball tournament, according to LegalSportsReport.com
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Officials with the Tennessee-based Action 24/7 on Monday filed a suit seeking a temporary injunction that would require members of the Tennessee Education Lottery to reinstate the company’s sports gaming operator license. TEL suspended Action 24/7’s license late last week due to an investigation.
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Sources say that someone with one of the sports betting industry’s most polished resumes resigned from her high-level position with the Tennessee Education Lottery late last week. That woman, Danielle Boyd, was the TEL’s vice president of Sports Gaming Operations. Boyd assumed that position in July 2020, according to her LinkedIn page.
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This week officials with the Tennessee-based Action 24/7 online sports betting company said that they, unlike their competitors, do not delay withdrawals or offer bonuses for players to cancel withdrawals. New Jersey officials, according to The Minnesota Star Tribune, this week threatened to act against sports book operators who ask customers to cancel requests to cash out money.
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Monday morning on the Tennessee Star Report, host Michael Patrick Leahy welcomed the President of Action 24/7 Local TN Sportsbook App Tina Hodges to the newsmakers line to discuss how her new app works for online sports gambling.
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An attorney for the Las Vegas-based BetMGM sportsbook company has claimed trademark infringement against its Tennessee-based competitor Action 24/7 because of two advertisements that Memphis wrestler Jerry Lawler tweeted this week. The Jerry Lawler ad prompted Las Vegas-based attorney Lindsey A. Williams to send a cease and desist letter to Action 24/7.
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NASHVILLE, Tennessee–Bettors in Tennessee made $27 million in wagers during the first week and one day of legally authorized sports-only gambling in the state. WATE reported the details: On November 1, over $5.1M was wagered, the adjusted gross income (AGI) was $800K, and the total tax was $160K. From November…
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Sports fans in Tennessee placed the first legal sports bets in the state this week, as sports wagering became legal Sunday.
Sports wagering is estimated to generate up to $4.5 billion in revenue each year, according to a study by Oxford Economics. The state will collect about 20 percent of that revenue – the second-highest tax rate on sports betting in the country – to support scholarships in the state.
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Action 24/7, the only Tennessee-owned and operated sportsbook, is about to make its debut and will initially compete against three international operating publicly-traded companies.
“We believe we have a home-field advantage that will be hard for competitors to match. Our investors and our employees are from communities across the state,” said Action 24/7 CEO Tina Hodges.
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