When legalized sports betting is expected to go live in Tennessee on November 1, players in the state will have four sports books to choose from.
Three of them – DraftKings, FanDuel, and BetMGM – are well-known players in the industry. The fourth, Tennessee Action 24/7, is a newcomer with ties to Tennessee businesses.
As the Tennessee Journal notes, Tennessee Action 24/7 is run by executives at Nashville-based payday loan provider Advance Financial. According to Securities and Exchange Commission documents, Advance Financial chief financial officer Patrick Conroy and Andrew Jacks, a former senior director of Advance, are executives at Tennessee Action 24/7. Advance Financial President and CEO Tina Hodges is also a director of Tennessee Action 24/7.
A spokesperson for Advance Financial said the sports betting operation was “a separate and new business venture.” Hodges did not respond to a request for comment.
According to the records of the Tennessee Secretary of State, Tennessee Action 24/7 was created after the State House and Senate passed the Gambling Bill, but before Governor Bill Lee returns it without signature. The outfit raised more than $ 5 million from 34 investors, company executives told the SEC late last year.
The deployment of betting in Tennessee has been delayed for more than a year as industry representatives, the Tennessee Education Lottery Board of Directors and others have disputed over the rules of the new system.