Tennessee sportsbooks have rolled out their first round of sign-up bonuses in preparation for the state’s official sports betting launch on Nov. 1. Operators are offering impressive welcome promotions in the hopes of attracting new players to their platform.
Brand recognition can go a long way in new markets.
Tennessee sportsbook variety
Once Nov. 1 comes around, bettors will be able to place online bets from anywhere within the Volunteer State.
DraftKings, FanDuel and BetMGM were the first three sportsbooks approved for operator licenses in Tennessee.
Action 24/7 was later approved on Oct. 5, making it the state’s fourth sportsbook. Three additional companies have also applied for a license, though no names have been revealed.
Each sportsbook presents a slightly different promotion, giving bettors a taste of the variety Tennessee will have to offer starting next month.
DraftKings $50 free bet bonus
DraftKings announced their $50 free bet bonus on Twitter. They are providing a free $50 bet to all new pre-launch sign-ups. Users can only claim the offer in October. It will expire once DraftKings goes live.
Details on that offer can be found here.
Plenty of other bonuses will go into effect in November and will be available to all new sign-ups – even those that have already cashed in on the first introductory offer.
FanDuel sign-up bonus
FanDuel is reeling in new sign-ups by offering players a generous $50 bonus for registering early. Players will receive their bonus once the sportsbook launches in Tennessee.
The operator stipulates that the credit is non-withdrawable and expires seven days after receipt, suggesting additional bonuses may be in store down the line.
Action 24/7 first to offer Tennessee sportsbook bonus
Action 24/7 was the first to get in on the action and is offering a $10 bonus to new bettors.
This is our first look at how the new Nashville-based company stacks up against some of the biggest names in the sportsbook industry. As a local company, Action 24/7 is operating with much less marketing spend than these other major sportsbooks.
It will be interesting to see if the brand’s “made for Tennesseans by Tennesseans” approach can help them stand out in a unique market.
For players interested in trying out a new sportsbook and snagging a bonus at the same time, this underdog seems like an easy bet.
BetMGM has yet to release an offer
BetMGM has not yet revealed any bonuses for Tennessee residents, though this could change in the coming days. The company was the first to sign a deal with a sports franchise within the state, becoming an official sports betting partner of the Tennessee Titans.
The operator has offered generous deposit match bonuses in the past in other markets, suggesting they might do the same when it comes to this launch.
Previously, they have offered a 100% match bonus on deposit amounts up to $500.
The importance of brand recognition
Brand recognition is increasingly important when it comes to sportsbooks. Major operator names like DraftKings, FanDuel and BetMGM spend millions of dollars on marketing each month.
However, one recent study found that sportsbook awareness is surprisingly low in states that offer legal sports betting. Only 6% of those surveyed said they had used or intended to use FanDuel. The same was true for DraftKings.
Moreover, DraftKings has seen a 12% decline in its stock in October alone.
With brand recognition being relatively low, despite the massive amount of marketing spend each month, maybe a local sportsbook can finally take the top spot.
Action 24/7 offers free-to-play games on their site. The company also intends to be heavily involved in Tennessee sports by hosting tailgates and other activities once distancing restrictions ease.
Time will tell if this new, grassroots approach can stand up to the sports betting behemoths in the Volunteer State.
For now, bettors should take advantage of these new promotions before they expire.