Action 24/7 Exits Tennessee Sports Betting Market

Action 24/7 has shut down operations, reducing Tennessee’s number of licensed online sportsbooks to 10. The Nashville-based operator, Tennessee’s only locally owned sportsbook, posted a notice on its website confirming it is no longer accepting wagers.

The company stated it will honor all previously placed bets. Action 24/7 also reported that more than 90% of the company’s investment funding came from Tennessee sports betting.

Tennessee remains the only state that taxes sportsbooks based on total handle rather than operator revenue. Under this structure, sportsbooks owe taxes even during months when they do not generate profit. The state does not release operator-specific monthly Tennessee sports betting handle figures.

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Legal Issues Followed Early Launch

Sports betting became legal in the state in November 2020, with Action 24/7 among the first operators to launch. Action 24/7 faced regulatory action in March 2021 when the Tennessee Education Lottery (TEL) suspended the company’s license. At the time, TEL and its Sports Wagering Advisory Council cited concerns related to potential money laundering and suspected credit card fraud.

The sportsbook filed a lawsuit against lottery officials, alleging the suspension was issued without full board review and without allowing the company to present a defense. Later that month, a court granted a temporary injunction that reinstated the license ahead of the NCAA Tournament’s Sweet 16 round.

Action 24/7 customers were able to cash out winnings at Advance Financial locations across the state. Advance Financial, led by Action 24/7 CEO Hodges, operates 78 locations in 57 Tennessee communities, including multiple locations in Nashville and Knoxville.

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Must be 21+ to participate. T&Cs Apply. Play Responsibly. Gambling problem? Call 1-800-GAMBLER (CO, DC, IL, KY, LA, MD, MS, NJ, OH, PA, VA, WV, WY), Call 1-800-9-WITH-IT (IN), Call 877-8-HOPENY or text HOPENY (467369) (NY). Call 1-800-NEXT-STEP (AZ), 1-800-522-4700 (KS), 1-800-327-5050 (MA), 1-800-BETS-OFF (IA), 1-800-270-7117 for confidential help (MI), Call 877-718-5543 or visit morethanagame.nc.gov. (NC), Call or Text 800-889-9789 (TN).

Tennessee Sportsbook Market Update

Tennessee now has 10 licensed online sportsbooks operating statewide: Bally Bet, bet365, BetMGM, Caesars Sportsbook, DraftKings, Fanatics Sportsbook, FanDuel, Hard Rock Bet, theScore Bet, and VIP Play.

The Sports Wagering Council oversees all regulated sports betting activity in the state.