On Sunday, Tennessee officially launched sports betting in the state, becoming the 20th state to launch the new industry. Four sportsbooks have been approved to take bets, while more will enter the market shortly. The Volunteer State will also be more unique than other states as they will have online-only sports betting industry as the state has no casinos to create retail sportsbooks.
Sports betting was passed on July 1, 2019, by the Tennessee Education Lottery. It took the next 10 months to create sports betting rules for the official launch we see on Sunday. Now, the day is finally here, and Tennesseans cannot be happier to place legal bets in the state, finally.
Tennessee Sports Betting Regulations
As of writing, four sportsbooks will launch in the first week of legal sports betting in Tennessee – BetMGM, DraftKings, FanDuel, and Tennessee Action 24/7. Tennessee will only have online sports betting, so anyone over the age of 21 and physically in the state, they will be able to place bets.
Kiosks and retail sportsbooks are forbidden in the state, which is unprecedented as the other 19 states have legalized retail sports betting before or at the same time as mobile betting. Tennessee will be the first state only to allow online wagering.
27 sports and 100 events have been approved by the Tennessee Education Lottery to be bet on. Betting on Tennessee college teams is allowed. However, prop betting on college teams will be illegal in the Volunteer State.
Tennessee is making sportsbooks have a 10% hold in hand, which is also unprecedented for the sports betting industry. This could affect the costs and juice process in the state with a higher hold. Entering Tennessee should be easy for sportsbooks to do, but the hold could hurt smaller books trying to gain an edge in market share.
Who Are the Sportsbooks?
DraftKings continues to grow in the U.S. market as it will also be one of the first sportsbooks in the Volunteer State. They are now operating an online sportsbook in nine states, making it the most for any betting operator. DraftKings is also offering new customers two sign-up bonuses worth up to $1,000. One is a risk-free bet up to $500, and the other is a 20% deposit match up to $500.
BetMGM will launch its online sportsbook in its fifth state this weekend, thanks to being one of the first operators to enter the Tennessee market. They have a partnership with the Tennessee Titans lined up, which could help them with early market share. BetMGM is offering new users a 100% deposit match up to $500.
With Tennessee legalizing sports betting on Sunday, FanDuel is now operating in eight states. The online sports betting operator is continuing with the U.S. market share, and entering Tennessee early will certainly help them. FanDuel is offering Tennesseans a risk-free bet up to $1,000 when they sign-up.
Tennessee Action 24/7
Tennessee Action 24/7 is one of the four sportsbooks entering Tennessee this week. The local sports betting operator will only run in Tennessee. They are waiting for its supplier, Amelco, to be approved to launch in the state. Once they are approved, then Action 24/7 will officially launch in the Volunteer State. People familiar with the matter expect Amelco to be approved later this week. Action 24/7 is offering a $51 sign-up bonus when people register with the local book.