In a letter sent Monday to the Commodity Futures Trading Commission (CFTC), the Tennessee Sports Wagering Council (SWC) expressed opposition to sports event contracts offered by entities such as Kalshi and Robinhood.

“We are writing to express our concerns with the sports event contracts currently being offered in Tennessee by Commodity Futures Trading Commission regulated entities,” the letter read. “We believe that these sports event contracts are Wagers under the (Tennessee Sports Gaming Act) and are being offered in violation of Tennessee law and regulations. …

“As the Commission reviews these sports events contracts, we ask that you respect the policy decisions made by the Tennessee Legislature and not permit the offering of sports events contracts.”  

Close to a dozen states have acted against prediction market platforms, with six issuing cease-and-desist warnings: Illinois, Maryland, Montana, Nevada, New Jersey, and Ohio.

Tennessee Voices Concerns Over Sports Events Prediction Offerings

Tennessee did not go so far as to send a cease-and-desist letter. However, the council encouraged the CFTC to abide by its regulatory framework and remove prediction markets from the consumer marketplace.

Prediction markets allow users to buy and sell contracts for real-world events such as presidential elections and the Super Bowl. Last month, Kalshi introduced single-game betting markets for the NCAA men’s and women’s basketball tournaments.

These markets are available in all 50 states, while sports betting is legally operative in only 38 states plus Washington, D.C.

While they have drawn fierce objection from regulators, Kalshi claims its sports-event contracts don’t constitute gambling and thus are “valid under federal law.”

“The Tennessee Legislature has put in place many requirements of its sports betting Licensees in order to protect those who choose to wager in our state,” the council said in its letter. “The CFTC regulated entities currently offering these sports events contracts are not compliant with these protections (or many others) mandated by the Tennessee Legislature.”

The council raised concerns over several features not found at licensed sportsbooks, including markets for injuries and penalties, college player props, and the ability to make deposits using credit cards or cryptocurrency. These platforms also lack safeguards such as responsible gaming tools, anti-money laundering protocols, and self-exclusion lists.   

Kalshi Stands Firm Despite Pressure

Earlier this month, Kalshi scored a partial win in its legal battle with Nevada when a federal judge granted its request for a temporary restraining order and preliminary injunction against the Nevada Gaming Control Board (GCB).

As such, Kalshi, which had filed a lawsuit against state gaming regulators in response to a cease-and-desist order, can continue offering its sports-related event contracts in Nevada as litigation continues.

Kalshi has also sought legal action against New Jersey.

Despite scrutiny, Kalshi CEO Tarek Mansour remains a strong advocate for prediction markets. “They are the quintessential truth machines,” he wrote last month on X (formerly Twitter), adding, “With trust in traditional institutions at an all-time low, people are turning to prediction markets at an astronomical pace. The growth of the ecosystem in the last year is a testament to how important they have become to the American people.”

The post Tennessee Regulator Writes to CFTC Strongly Opposing Sports Events Prediction Markets appeared first on CasinoBeats.

The deal will see BetMGM receive branded signage throughout Bridgestone Arena. It also includes plans to open a branded BetMGM restaurant and bar on the arena’s suite level.

Matt Prevost, Chief Revenue Officer of BetMGM, stated: “The Predators are a tremendous organisation with one of the sport’s most passionate fanbases.

“We look forward to our partnership with the team and the opportunity to elevate Nashville’s gameday experience.”

Bridgestone Arena will prominently display BetMGM’s signage, including an on-ice logo and on dasher boards during Predators games.

The deal bolsters the operator’s presence in the state of Tennessee after it previously agreed to a partnership with the Tennessee Titans in 2020.

“We are always looking for ways to enhance SMASHVILLE and bring a better experience to the best fans in sports,” noted Sean Henry, President & CEO of the Nashville Predators.

“Integrating an industry leader like BetMGM into our building is a tremendous opportunity and we hope to continue to grow our partnership in the years to come.”

BetMGM isn’t the only operator that the Predators is partnered with, as the NHL team also has sports betting deals with DraftKings and Bally’s Corporation, with the latter not expiring until 2025.

DraftKings is the team’s official sports betting operator and official fantasy sports provider, while Bally is an official sports betting partner and official free-to-play partner.

The post BetMGM agrees to partnership with NHL’s Nashville Predators appeared first on CasinoBeats.

The company has said that it is intending to “engage its players with one-of-a-kind integrated in-person and online experiences,” with the digital sportsbook aiming to deliver promotions, fast deposits and withdrawals, and hundreds of games and props along with same game parlays and prop parlays. 

Furthermore, the offering has also introduced in-app streaming and the Mystery Wheel, an interactive rewards experience where players can earn up to $5,000 in free bets.

The Hard Rock Sportsbook mobile app is available for download through the App or the Google Play stores, and can be utilised by fans physically located within Arizona, Indiana, Tennessee, and Virginia with plans to expand to additional states soon. 

The Hard Rock Sportsbook also serves fans online in New Jersey and Iowa through the Hard Rock Sports & Casino NJ and the Hard Rock Sportsbook Iowa apps, respectively.

“We are excited to offer the legendary Hard Rock experience to our mobile sports betting players throughout Indiana and Tennessee,” said Marlon Goldstein, Executive Managing Director & CEO for Hard Rock Digital. 

“The successful debut of the Mystery Wheel is the latest example of the unique interactive experiences that can only be found at Hard Rock Sportsbook as well as our commitment to building the most entertaining app in the market.”

Indiana is home to the Hard Rock Casino Northern Indiana, where a retail Hard Rock Sportsbook location opened in May, while Tennessee has three Hard Rock Cafes in Nashville, Memphis, and Pigeon Forge as well as the Bristol Casino that is located across the Virginia state line. 

Last month, this temporary Hard Rock gaming facility surged towards almost $12m in revenue during its first month of revenue.

The state’s first such facility, named Bristol Casino – Future Home of Hard Rock and which will eventually make way for a permanent venue, followed up a $3.74m first week adjusted gross revenue performance by advancing to $11.71m during the month.

The post Indiana & Tennessee maintain Hard Rock’s multi-state roll-out appeared first on CasinoBeats.

Via the duo’s branching out of their partnership, IGT PlaySports platform will now power the SuperBook Sports mobile betting app in the Volunteer State, which marks the fourth state where both have teamed up to deliver the solution. 

“Given SuperBook Sports’ roots and legacy in Nevada, we’ve had an opportunity to watch the enterprise grow from a single, iconic location in Las Vegas, to a growing multi-state sportsbook operator,” said Joe Asher, IGT President of Sports Betting. 

“The IGT PlaySports-powered sportsbook that SuperBook Sports created for Tennessee can scale for any market opportunity and evolve in parallel with player preferences and behaviours.”

SuperBook Sports is currently leveraging IGT PlaySports technology to power retail and mobile betting in Colorado, and mobile betting in New Jersey and Arizona.

“Over the last two years, IGT PlaySports has played a strategic role in helping SuperBook Sports engage sports fans across the US and achieve our growth goals,” added Jay Kornegay, SuperBook Executive Vice President. 

“We’re excited to bring the SuperBook Sports mobile betting app to Tennessee and to introduce players throughout the State to our signature promotions and highly competitive, localised sports betting offering.”

The expansion into Tennessee comes in the same week as IGT’s Global Solutions Corporation extended its Kansas Lottery association as it inked a 10-year agreement. 

The link-up with IGT’s subsidiary and Kansas Lottery is said to deliver an enhanced version of IGT’s INTELLIGEN electronic gaming central system.

The post IGT and SuperBook Sports extend partnership into Tennessee appeared first on CasinoBeats.

Tennessee’s sportsbooks gained $370.2m in wagers in March, which is up 79.8 per cent from the $205.9m secured one year earlier, according to data released by the Tennessee Sports Wagering Advisory Council.

This also topped February’s $313.3m handle by 18.2 per cent and marked the third-highest monthly wagering total since Tennessee launched sports betting in November 2020.

Sportsbooks won $26.5m in gross revenue from March’s wagers, an increase of 47.3 per cent over the $13.3m in March 2021 and up 26.6 per cent from the $20.9m win that was secured through February. Promotional spending adjusted net proceeds to $22.8m, yielding $4.6m in tax revenue.

“Even without a Tennessee team making a deep run in the NCAA tournament, sportsbooks were able to beat expectations,” said Alec Cunningham, lead analyst for PlayTenn. 

“March is the busiest non-football month of the year, and this year’s wagering topped all but the two busiest months of the football season, too. This shows an engaged base of bettors that have an interest that goes beyond the state border.”

March is typically the strongest month for sportsbooks outside of the football season, and offers one last boost before slowing through the summer. 

The region’s sportsbooks also gained further local help as Tennessee’s men’s and women’s teams featured in the NCAA basketball tournament. 

Furthermore, analysts also state that bettors remained engaged after Tennessee’s basketball teams had exited their respective tournaments in the round of 32 and 16, respectively.

“The industry is well-positioned heading into the slow season, during which the NBA playoffs, baseball, and major golf tournaments are the main attractions,” stated Eric Ramsey, an analyst for the PlayUSA.com network. 

“Most importantly, the industry has made a significant leap forward over the last seven months, and should be poised for another jump this fall when football returns.”

The post March Madness brings a boost to Tennessee wagering appeared first on CasinoBeats.

The region’s sportsbooks attracted $313.3m in wagers in February, which is up 77.7 per cent from the 176.3m recorded during the same month one year earlier.

However, this handle was down 18.8 per cent from the record $386.1m in January, and the lowest since sports betting entities took in $257.3m in wagers during September.

In turn, this saw the month’s bets produce $20.9m in gross revenue, an increase of 61.1 per cent over the $13.3m gained in February 2021. 

With February’s win down 42.2 per cent from the $36.2m reported in January, as promotions whittled adjusted revenue to $15.1m, which yielded $3m in tax revenue. The slowdown came in spite of $23.1m in bets on the Super Bowl, up from $15m in 2021.

“The Super Bowl is an important singular event, but it can’t fully replace a month filled with football games like January,” said Alec Cunningham, lead analyst for PlayTenn. 

“For that reason, February is always a slower month. But the lull doesn’t last long. March Madness should help the state’s sportsbooks challenge wagering records again, especially if Tennessee can make a deep run.”

Analysts report that among the expected seasonsonal ebbs and flows endured by US sports betting, January and March are acknowledged as typically more lucrative months for sportsbooks than February and April.

More troubling for sportsbooks was the potential prospect of losing baseball, which is the most potent draw during the slower summer months. However, with a recent lockout having ended, and a full schedule on tap, those concerns have been alleviated.

“Sportsbooks breathed a sigh of relief that baseball will still play a full schedule, ensuring the primary bet generator during the summer months will be in action,” noted Eric Ramsey, an analyst for the PlayUSA. “Operators can now look forward to the first truly normal sports year since 2019.”

The post Tennessee endures post-NFL lull through February appeared first on CasinoBeats.

According to PlayTenn, the GR increase comes during the same month as Tennessee’s sportsbooks followed up a record-breaking January with another $23m in Super Bowl betting. 

“The Super Bowl is always going to bring significant action, but five weekends of football in January that included an extra week of the NFL’s regular season and an expanded playoff was a particular boon for sportsbooks,” said Alec Cunningham, an Analyst for PlayTenn.com. 

“With the NCAA men’s basketball tournament just ahead, sportsbooks should continue to see high betting volume numbers before seasonally tapering off in the spring.”

Alongside the GR and sportsbook record, Tennessee saw promotions whittled adjusted revenue to $29.1m which yielded $5.8m in tax revenue. 

January’s numbers did not include most Super Bowl wagering, which the SWAC also released Wednesday. Tennessee sportsbooks collected $23.1m in bets on the Super Bowl, up from $15m in 2021. Operators won $3.4m on those bets for a particularly high 14.9 per cent hold on the big game.

“Super Bowl betting volume was somewhat underwhelming, but sportsbooks made up for it by winning a high percentage of those bets,” added Eric Ramsey, an Analyst for the PlayUSA.com Network, which includes PlayTenn.com. 

“Regardless, Tennessee sportsbooks made a significant leap forward during the NFL season, adding and improving features like same-game parlays, in-game betting, and prop bets. Those efforts paid dividends during the Super Bowl.”

The post Super Bowl hype drives near 50 per cent Tennessee revenue increase appeared first on CasinoBeats.

Lauded by PlayTenn as a “fitting end” to 2021, a year that witnessed nearly $3bn in wagers and $240m in revenue, Tennessee established itself as the ninth latest state in terms of betting volume in North America’s expanding market. 

Alec Cunningham, an analyst for PlayTenn, stated: “The playoff push from the Tennessee Titans and the momentum of the Memphis Grizzlies gave sportsbooks a nice boost to make up for a dwindling college football schedule.

“Sportsbooks have pushed the envelope over the last four months, offering an avalanche of incentives and promos to help grow their customer bases. Those efforts have been a success, and should continue to help grow the market once football ends.”

The Volunteer State’s eight active sportsbooks accepted $314.8m in wagers in December, an 88.9 per cent increase from the previous year that recorded $180.9m, according to data released by the Tennessee Education Lottery’s Sports Wagering Advisory Council. 

Bettors fared worse on December’s bets than in November, when sportsbooks won a record $36.9m. Moreover, gross revenue was up 77 per cent year-over-year, to $24.6m from $13.9m in December 2020. 

December marked the end to Tennessee’s first full year of sports betting, concluding with a four-month run that brought $110.4m in gross revenue on $1.3bn in wagers. 

“Tennessee has overall performed well, especially considering it is still a very young market,” added Eric Ramsey, an analyst for the PlayUSA. “Tennessee will continue to mature over the next year. 

“It would not be a surprise to see it make up ground on more established markets like Colorado and Indiana, which have similar populations but drew significantly more in wagers in 2021.”

Tennessee’s cumulative hold percentage —the revenue sportsbooks keep as a function of handle — will presumably fall below 10 per cent, according to PlayTenn, resulting in some firms facing a small fine for 2021 operations, though official data has not been made public. 

According to the TEL, operators who do not meet the capped payout rule for the year, or the part of the year they were in operation, could be assessed up to a $25,000 fine. But operators can alternatively pay the “true-up” to avoid the assessment of the fine.

“When operators combine for a hold rate that is one of the highest in the US, yet still fall short of the state’s requirement, we begin to see how challenging a threshold this truly is to meet,” Cunningham explained.

“In addition, the hold requirement appears to have slowed growth somewhat. It’s not ideal, but the upside is that sportsbooks in Tennessee continue to be innovative in growing the market.”

The post Tennessee witnessed ‘fitting end’ to 2021 with third highest handle appeared first on CasinoBeats.

Despite wagering falling shy of October’s $375.3m high after closing November at $365.7m, average volume grew to $12.2m per day from $12.1m month-on-month.

Year-over-year, November’s bets were up 178 per cent from the $131.4m that sportsbooks took in November 2020, the first month of sports betting in the region, according to Tennessee Education Lottery and Sports Wagering Advisory Council data.

The increase in volume led to a record win as gross revenue increased 179 per cent to $36.9m in November from $13.2m in the same month during 2020, surpassing September’s record of $25.6m.

Promotions helped whittle taxable revenue to $29.6m which yielded $5.9m in tax revenue, both of which are also records for the state.

“Even with one fewer football weekend than in October, wagering grew, a sign that the wave of action over the last three months is sustainable beyond football season,” said Eric Ramsey, an analyst for the PlayUSA. 

“Sportsbooks continue to expand their reach to new customers, and bettors are becoming increasingly comfortable with more diverse forms of betting. It is difficult to imagine a better season than the one that Tennessee sportsbooks have enjoyed.”

Sports betting, which is taxed at 20 per cent on net operator revenue, has produced $242.4m in revenue since launching in November 2020, injecting $41.4m into state coffers in the process.

“Most states that have legalised and regulated sports betting have undoubtedly done so with additional tax revenue as the main carrot,” said Alec Cunningham, an analyst for PlayTenn. 

“Tennessee regulators made some missteps during their first year on the job, but ensuring that the state gets a fair share has not been one of them. They have set up a relatively balanced structure that has created a dependable revenue source without hamstringing operators.”

The last three months have been especially lucrative for Tennessee, as well as the US as a whole, with sportsbooks producing $85.8m in revenue on $998.3bn in wagers, which has yielded $12.6m in tax revenue for the state.

The post Tennessee extends revenue record streak to third consecutive month appeared first on CasinoBeats.

Obliterating its previous record for monthly wagering, the Volunteer State recorded $375m in bets last month, $120m more than the previous high set in September, citing the surge of an usually robust sports calendar and bettors increasing comfort with sports betting, according to PlayTenn, which tracks the Tennessee gaming market. 

“With five full weekends of the NFL and college football, baseball’s postseason, and the start of the NBA season, betting inventory was off the charts,” said Alec Cunningham, an analyst for PlayTenn.com.

“The calendar won’t always be so cooperative, but a maturing market will continue to push Tennessee’s industry.”

Within October, sportsbooks accepted $375.3m in bets, up 45.9 per cent from the previous record generated in September – $257.3m – according to data released during a meeting of the Tennessee Education Lottery and Sports Wagering Advisory Council earlier this week. 

Additionally, bettors placed $12.1m in wagers per day over the 31 days, up from $8.6m per day over the 30 days of September.

Moreover, gross revenue fell nine per cent to $23.3m from September’s record of $25.6m, but that still represented the second-most profitable month for sportsbooks. The win led to a record $17.2m in taxable revenue, which yielded $3.4m in tax revenue.

“The enthusiasm for football in Tennessee has been a sort of rocket fuel for the state’s industry,” said Eric Ramsey, an analyst for the PlayUSA.

“Tennessee is proof that if demand is high and sportsbooks put out a good product, the market will succeed regardless of sometimes clumsy regulation.”

On predictions for the remainder of the year, Cummingham noted “more records will almost certainly fall before the end of the year” with Tennessee “one of the few states” with at least one NFL, NBA, and NHL team and multiple division one football and basketball programmes playing full schedules in November. 

The post Tennessee becomes fifth-fastest state to reach $2bn lifetime handle appeared first on CasinoBeats.