Bettors will now have four sportsbooks to choose from after sports betting goes live in Tennessee on Nov. 1. The Tennessee Education Lottery (TEL) officially approved Action 24/7 for a conditional sportsbook license in the state.
The TEL’s Sports Wagering Committee confirmed the Nashville-based company during a meeting on Monday morning.
But who is the newest operator?
Action 24/7 intends to compete with the big dogs
The first three operators approved for conditional licenses in Tennessee were FanDuel, DraftKings, and BetMGM, all top industry names.
Unlike its fellow conditionally approved operators, Action 24/7 isn’t an international conglomerate. Rather, their brand boasts a “made for Tennesseans by Tennesseans” approach.
Comprised of investors and employees from across the entire state, Action 24/7 is a startup owned by Tennessee Action 24/7.
The company has the home-field advantage of being the only locally owned and operated sportsbook in Tennessee. In effect, they expect to launch a world-class sportsbook that dominates the Tennessee market.
The brains behind Action 24/7
Action 24/7 president Tina Hodges has run Nashville-based payday loan provider Advance Financial, one of Tennessee’s fastest-growing businesses, for the past 20 years.
Executive officers include Advance Financial CFO Patrick Conroy and former Senior Director Andrew Jacks. Action 24/7 currently employs 10 people. However, they intend to grow the business to 50 employees before the first year concludes.
Hodges stated that Advance Financial excels in providing world class customer service, employee experience, and community outreach. Likewise, she plans to run Action 24/7 under the same model.
The company aspires to become an active, involved corporate citizen in the state. For instance, they plan to host tailgates and player activities across Tennessee once COVID-19 regulations ease.
“We are very excited to be the first Tennessee owned and operated company in the starting line up for online sports gambling in Tennessee,” said Hodges.
Action 24/7 has already been making its name familiar to sports bettors by offering free-to-play sports betting games on their website.
Players can win real money and company swag by making a series of predictions and answering prop-style questions. The free game lobby is open to players ages 21 and up in all 50 states.
License evaluation and approval
Tennessee legalized sports betting in 2019, and the TEL regulates it. Tennessee is unique in the United States in that it permits online betting only.
No in-person casinos or betting parlors are available within the state.
Tennessee Action 24/7 formed shortly after the state House and Senate passed Tennessee’s sports gambling bill.
The new company took in over $5 million from 34 investors.
Before approving their application, the TEL conducted a thorough investigation of the company. Along with the initial $750,000 licensing fee, Action 24/7 had to provide a variety of documents including bank statements, tax returns and three years of audited financial statements.
Additionally, the TEL assessed the brand’s prior sports betting experience and technical abilities. The TEL evaluated Action 24/7’s financial stability by considering the following:
- Debt
- Profitability
- Liquidity
- Debt repayment capacity
- Financial efficiency
Pending launch date
Although the company’s sportsbook license has been conditionally approved, the TEL stated in their meeting on Monday that the background check for the company’s provider, Amelco, has not yet been returned.
Amelco is a London-based technology company with trading, product development and operations teams that help grow sportsbook, casino, and lottery products.
Action 24/7’s sportsbook could expect a delayed launch. That is, unless the TEL receives a finalized background check within the weeks leading up to the official sports betting launch on Nov. 1.
The new operator intends to integrate live streaming into their app and offer impressive promo codes and bonuses.
They currently offer a $10 sign-up bonus, to be received once their sports betting platform goes live.
We’re rooting for this underdog to give the big operators a solid run for their money.
