Tennessee Opens Up Online Betting Market for the First Time

Almost one and a half years after the Tennessee Senate and House passed the sports betting bill HB1, the state has accepted its first online sports betting wagers. The market was officially open on Sunday, November 1st, 2020 when four operators (DraftKings, FanDuel, BetMGM, and Action 247) launched their online sites.  With three more sportsbook applications to be considered, we can say the Tennesseans will be in for quite a decent choice. 

Those who are new to sports betting can take advantage of sites like AmericaGambles where they can find important information in regards to the bonuses and promotions offered by each of the aforementioned operators. You can also find out everything you need to know about their betting lines, odds, markets, and live betting and live-streaming options among others. 

Who can place online sports wagers in Tennessee?  

There are two important criteria a bettor needs to meet to be eligible to legally place sports wagers in Tennessee. All players need to be at least 21 and they have to be physically located within the state borders. Anyone who decides to register a new account at any of the four operators listed above will have to provide the last four digits of their Social Security Number. Furthermore, the websites and the apps utilize geolocation technology to make sure that you located in Tennessee while making the bets. 

An opportunistic market despite a high hold in the state

Tennessee has never before housed a sports betting facility. Even now, the market is online-only as the state does not have a single land-based retail sportsbook or casino available. It will be very interesting to follow the potential growth of the industry, especially given Tennessee Titans have just begun the new NFL campaign. 

The full rise of the industry may be challenged by a very high hold imposed by the Tennessee Education Lottery Corporation Sports Wagering Advisory Council (a regulatory body). The hold cap of 10% is way larger than in other states, while a state tax rate of 20% is one of the highest in America.