Two more sportsbooks were approved as the eighth and ninth operators in the TN sports betting market at a Tuesday meeting.
The Tennessee Education Lottery approved Penn National‘s Barstool Sportsbook and Wagr, a social sports betting app, at a special meeting.
The approval lines up Barstool for its fifth launch since the beginning of August. Penn said the sportsbook would launch in five states before the start of the NFL betting season Sept. 9, but a launch date is “still a TBD,” according to a spokesperson.
Wagr picks TN sports betting for first launch
Wagr co-founder Eliana Eskinazi had her work cut out for her when asked to explain how her app is different than peer-to-peer betting. The regulator decided against authorizing peer-to-peer operators before and while Wagr looks like one, it’s not quite that.
Wagr does require two people to place a bet and choose one side of it, but both bets are placed with Wagr itself, Eskinazi said. That means adjusted gross income can be calculated the same as other sportsbooks, she continued. Wagr will also set the odds, which differentiates it further from peer-to-peer betting.
The sportsbook will conform to the state’s odd 10% minimum hold rule, which could be checked on a quarterly basis under new rules from new regulator Sports Wagering Advisory Council. The company will offer spread bets first.
First full football season for TN sportsbooks
July’s handle fell to $144.5 million, the lowest since its first month. That should have rebounded in August and should be dwarfed by the market’s first September.
Tennessee sportsbooks have taken $1.56 billion in bets since launch, with $135.6 million in sports betting revenue.