- William Hill has launched their mobile betting app in Tennessee.
- WynnBET now has market access in eleven states.
- Tennessee’s lottery run sports betting has arguably the worst regulatory framework in the US.
Some things just bear repeating. For that reason, I’ll paraphrase from the intro to my previous report about WynnBET’s sports betting app launching into the Tennessee sports betting quagmire:
The utter contempt that the Tennessee Education Lottery Corporation has for sports bettors in the state borders on comical. The state motto of Tennessee is ‘Education and Commerce’. The state motto of Tennessee sports betting should be ‘Screw the Player’. There is not a state level regulatory framework anywhere in the United States that is so cynically and obviously set up to make it impossible for the player to win. Come to think of it, there might not be a worse sports betting jurisdiction in the entire world–at least from the player’s standpoint.
This was accompanied with a diagram explaining Tennessee’s sports betting target demographics:
I’m going to say the same thing about William Hill’s entry into the grease fire that is Tennessee sports betting that I did about WynnBET. As a Caesars Entertainment (NASDAQ: CZR) stockholder I’m happy to see them launching their William Hill app in the Volunteer State. If people are actually dumb enough to bet into any sportsbook that is *required* to hold a minimum of 10% I want that utter ignorance to benefit me financially. Here’s how I explained that concept in the WynnBET post:
This is why we understand completely why companies want to open up shop in Tennessee. When the state requires a hold of 10% or more for sports betting you’re not going to be attracting the best and the brightest when it comes to players. Any player who doesn’t meet one or more of the conditions from the diagram above will play at a reputable sportsbook offshore. The Tennessee regulatory framework effectively filters out any player that isn’t the ‘squarest of the squares’ before they even get to the sportsbook level. At that point, the bookmakers have carte blanche to carve players up with the poor odds and other negative EV wagers necessary to meet a mandatory hold of 10%. Tennessee sports betting is a license to print money for the state and for bookmakers and–an utter disaster for players.
Here’s how William Hill broke the news about their launch in Tennessee:
William Hill is launching its mobile and online sports book in Tennessee today, marking the 11th state where its highly rated app is available for sports bettors. William Hill offers a seamless experience that makes it easy and quick to make a sports wager and gives Tennessee sports fans a broad and deep array of markets and bet types, including live, in-game wagering. The app includes a quick and secure registration process and a wide selection of options to deposit and withdraw funds, including PayPal, available debit and credit cards, online banking powered by PayWithMyBank, cash with PayNearMe at convenient locations across the state, ACH eCheck, and the William Hill Prepaid Play+ Card.
Presumably you can’t make a deposit at the payday loans store that shares ownership with another Tennessee sportsbook. High interest payday loans and sports betting requiring a 10% minimum hold owned by the same entity. What could go wrong?
Kenneth Fuchs, President of Digital for William Hill US, had this to say about the Tennessee launch:
“As we head into one of the most exciting times of the year for sports fans, the William Hill app will make March moments even more interesting for Tennessee bettors. We will have thousands of markets available, including for your local favorites, live in-game betting, and daily promotions and bonuses for players.”
As a public service to Tennessee sports bettors here’s a link to a website that teaches basic math skills:
Here’s a website that teaches fundamentals of probability. Once you complete the coursework at the website above you’ll be ready for this:
That should give you a fighting chance, or at least the understanding of why you’re dumb as a box of nails if you bet into a sportsbook with a 10% minimum hold requirement. Otherwise, thanks to William Hill, Caesars Entertainment and the unmitigated gall of Tennessee lottery regulators for keeping my portfolio in the green.
At the time of publication, Ross Everett has a long position in CZR.