Tennessee Sports Betting Ready for Fall
Tennessee sports betting is set to go live this Fall The path to live and…read more
Tennessee has joined the growing number of states to legalize sports betting.
However, the Volunteer state is taking a different path to live sports wagering. In April 2019, the Tennessee legislature approved a bill to legalize mobile and online sports betting. A month later, Tennessee Gov. Bill Lee revealed he would be returning the bill without his signature. This meant that Tennessee became the fourth state in 2019 to signal their intention to have legalized sports betting.
Following these developments, the Tennessee Education Lottery Corporation has created rules to oversee sports betting in the state. The first Tennessee lottery draft, released in November 2019, was met with strong opposition. The draft included a clause that would force operators to post a mandatory 15% hold. This is more than double the national average, so it was no surprise it was not received well.
The clause has since been revised back down to 5% to fall more in line with the average across the country. There is still some work to be done before legal sports betting kicks off in the state. The Tennessee Lottery still needs to finalize the rules to oversee live sports wagering. It could be the case that Tennessee lawmakers give this job to the Sports Wagering Advisory Council instead.
What makes Tennessee different from other states who have legalized sports betting is that it is the first state to implement an online-only law. This has been introduced as there are no casinos in Tennessee. Moreover, Tennessee has made it mandatory for operators to use official league data via commercial agreements with sports leagues.
It is hoped that Tennessee sports gambling will be a reality this year, with the first mobile and online sportsbooks launching in time for the start of the 2020 NFL season.
There has been no official launch date set for legal sports betting in Tennessee. Currently, fall 2020 seems the most likely date. It was initially hoped that sports betting online would be introduced in the state in late 2019 or in time for Super Bowl 54, this never materialized and no sportsbooks launched.
A state that joins the US legal sports betting market will see the start of the NFL and college football season as the optimal time to launch its industry. Online betting sites can then take advantage of the two sports that attract the most betting action in the United States.
The Volunteer State will become one of only a few Southern states with legal online sports betting when it goes live. Currently, only Arkansas and Mississippi have legal online sportsbooks; however, neither state permits online sports betting.
When the TN sports betting industry launches, the only way residents will be able to place a wager will be via mobile apps and online. Any operator can apply for a Tennessee sports betting license, but this will need to be approved by state regulators.
It is expected that most major operators will apply for sports betting licenses in Tennessee. There has been no confirmation or guarantee of which operators will launch a sportsbook in the Volunteer State; many have shown interest such as:
Some of the newer sportsbooks, such as Mybookie, may also be interested in expanding their presence in the market by launching in Tennessee. Bettors should also keep an eye out for regular promotions and bonuses that sportsbooks run. There will undoubtedly be sportsbooks with promo codes, so look out for ‘DraftKings promo code’ or ‘BetRivers promo code’ to take advantage of their offers.
As we have mentioned, sports betting in Tennessee is unique as it will involve the online online-law to date in the United States. All sports wagering will take place on the internet. Regarding the financial details for operators looking to launch sportsbooks in the state, the details are as follows:
State regulators have created the Tennessee sports betting rules, and they have shaped how the online sports betting industry will work.
There is not a massive population in Tennessee, with under 7 million inhabitants. This, alongside the fact there are no physical casinos to generate more revenue, has led to higher than average costs to operate in the state. Additionally, lawmakers have chosen to implement a minimum hold provision that has not been used anywhere else in the country.
This has been a somewhat controversial decision as it creates a required 10% hold on all online sports bets. Those at the top of the sports betting industry have questioned and rejected this provision. This will likely lead to bettors in Tennessee having fewer sportsbooks to choose from.
You will have to be 21 years or older to place a legal sports wager in Tennessee. Regulators will allow betting on professional sports, including motorsports and e-sports. There will also be the option to bet on international events such as the Olympics.
Once the Tennessee Education Lottery has finalized the rules for online sports betting in the state and handed out sports betting licenses, sportsbooks will go live. Before bettors can make their first legal sports bet, they need to register for an account at their preferred online sportsbook.
Creating an online sports betting account is a straightforward process. There will be a form you will need to fill in and some information you will be required to provide. To start gambling in Tennessee, you will need to provide the following:
The next steps will be creating a username and password. Once you have done that, all that is left is funding your sports betting account. TN gambling laws allow you to deposit money into your account via three different methods:
If you would prefer to create a sports betting account via your mobile device, we recommend downloading the operator’s dedicated mobile app. Alternatively, you can log in to your account through the website.
Sports betting in Tennessee will have a wide range of different sports available for live wagering. The current sports betting law dictates that betting will be allowed on professional and collegiate sports. However, collegiate prop bets will not be permitted.
The list of sports Tennessee residents will be able to bet on include:
There will be different types of bets that apply to each individual sport. For example, you may wish to place a props bet on the player who you think will score the next touchdown in an NFL game.
Is sports betting legal in Tennessee?
Yes. Sports betting in Tennessee was made legal in 2019, and it will not be long before you will be able to place bets in the state. The Tennessee sports betting industry will launch when the state approves and checks sportsbooks who apply for a betting license. However, in-play betting on collegiate events will not be permitted by state law.
Who regulates legal sports betting in Tennessee?
The Tennessee Lottery will be responsible for overseeing the sports betting industry in the state. They have created a set of rules and regulations to govern how sports betting operates in Tennessee.
Can I bet on mobile in Tennessee?
Yes, mobile sports betting will be available at some point in 2020. You will only be able to place a wager via your mobile device or directly through the operator’s website. Tennessee is the only state to have online-only sports betting law.
Where can I bet on sports in Tennessee?
As long as you are within Tennessee’s borders, you will be able to place a legal sports bet. You do not need to be a Tennessee resident to place a bet on sports in Tennessee. However, if you are not located in Tennessee while using a mobile app, you cannot place a wager. Geolocation technology will prevent you from placing a bet if you are not in Tennessee.
How can I bet on sports in Tennessee?
Sports betting is available to Tennessee residents who are at least 21 years old. Once the industry officially launches, online sportsbooks will go live in Tennessee, offering numerous sports betting options for players. You need to register an account with your preferred sportsbook and make a deposit. Look out for offshore sportsbooks such Bovada Sports, as they will not be licensed and your personal information will be at risk.
When will sports betting launch in Tennessee?
There has been no official date set for when legal sports wagering will go live in Tennessee. However, it is hoped that the first sports betting action can take place in time for the start of the 2020 NFL season. Once everything has been approved, the process of sportsbooks launching in the state and offering a variety of sports betting options for bettors should be fast.