Tennessee sports betting company Action 24/7 has ceased operations. With the move, announced on the company’s website, what is billed as Tennessee’s only locally owned and operated licensed sportsbook is no longer accepting wagers.

“Despite our very best efforts and dedication, the current landscape for state-licensed online sports gambling in the United States has proven to be unviable and unprofitable for all operators in the industry,” Tina Hodges, Action 24/7 founder and president, said in a release.

The release notes that more than 90 percent of funds wagered via the Nashville-based company — run by a team that also leads Nashville-based short-term and online loans lender Advance Financial — since its late 2020 launch were from Tennesseans.

“We are forever grateful for your confidence and support,” added Hodges, Advance Financial chief executive officer.

Shortly after beginning business, Action 24/7 faced legal challenges, having its license suspended on March 19, 2021, by the Tennessee Education Lottery Corporation Board of Directors. TEL and its Sports Wagering Advisory Council accused Action 24/7 of potential money laundering and suspected credit card fraud.

Action 24/7 filed suit against Lottery officials on March 23 of that year, claiming that board chair Susan Lanigan had revoked the Action 24/7 license without consulting the full TEL board or its Sports Wagering Advisory Council, and with the sportsbook company not having been allowed to make a case for itself.

Attorneys for Action 24/7 argued in court that the business suffered substantial harm from the suspension of its license just as the NCAA Tournament — one of the most-wagered-on sporting events of the year — was beginning its 2021 event.