When legalized sports betting is scheduled to go live in Tennessee on Nov. 1, in-state gamblers will have four sports books to choose from.
Three of them — DraftKings, FanDuel and BetMGM — are well-known industry players. The fourth, Tennessee Action 24/7, is an upstart with ties to Tennessee business.
As noted by the Tennessee Journal, Tennessee Action 24/7 is led by executives from Nashville-based payday loan provider Advance Financial. According to Securities and Exchange Commission filings, Advance Financial CFO Patrick Conroy and Andrew Jacks, a former senior director at Advance, are executive officers for Tennessee Action 24/7. Advance Financial President and CEO Tina Hodges is also listed as a director of Tennessee Action 24/7.
An Advance Financial spokesperson said the sports betting operation was “a separate and new business venture.” Hodges did not respond to a request for comment.
According to Tennessee Secretary of State records, Tennessee Action 24/7 was established after the state House and Senate passed the sports gambling bill but before Gov. Bill Lee returned it without a signature. The outfit raised more than $5 million from 34 investors, company leadership told the SEC late last year.
Deployment of wagering in Tennessee has been delayed more than a year as industry representatives, the Tennessee Education Lottery board of directors and others have wrangled over rules for the new system.