Tennessee Officially Launches Online Sports Betting
Tue Nov 03 2020
The much-anticipated sports betting launch in Tennessee finally happened on the 1st of November. It has been nearly 18 months since sports betting was legalized by the Tennessee Education Lottery. However, the official launch just happened, making Tennessee the 20th state to launch sports betting in the US. It is worth noting that Tennessee is the only state that offers online betting without the affiliation to land-based casinos.
The Lottery President, Rebecca Paul Hargrove made the announcement before the official launch. It reads, “This Sunday will represent the culmination of an enormous amount of work and due diligence to bring online-only sports betting to Tennessee, the only state in the nation to do so. As the regulator, today also represents the beginning of a new stage, as we establish and support a responsible and competitive program here.”
The Tennessee Education Lottery has laid down some ground rules for all operators offering sports betting in the state. The Volunteer state allowed four sportsbooks to offer their services on the launch day. These bookies will, however, strictly offer online sports wagering as kiosks or retail stores are forbidden.
This is a new system that is not being practiced in all other 19 US states that allow online sports betting. This makes Tennessee the first state to offer online-only sports wagering. Another first for the state is the imposition of the 10% hold in hand on sportsbooks. Seeing that online betting just launched in the state with a focus on online-only betting, it should be relatively easy for sportsbooks to come in. However, this high hold could scare away smaller books.
Also, a total of 100 events and 27 sports has been approved by the Lottery board. Included in this are events that will cover Tennessee college betting as that is approved but prop betting on college teams will remain illegal.
The approved age for betting in the state is 21. Anything below this age will be considered illegal.
Sportsbooks that Launched in Tennessee
This operator is available in nine different US states making it the most for any online operator. It has decided to expand and is one of the operators that launched in Tennessee over the weekend. DraftKings offered mouth-watering promos to attract new customers going up to $1,000 in bonuses for new deposits. 50% is for risk-free bets as the other half is for a deposit bonus.
Tennessee is the fifth state this operator has decided to offer its services in. BetMGM offers a 100% deposit bonus of up to $500 for all registered customers. It has gotten into a deal with the Tennessee Titans with the hopes of getting an edge in the early market share.
FanDuel is looking to increase its popularity and US market share. Hopefully, starting operations in its eight US states will be a boost in its stride. Every first-time deposit with FanDuel will give customers up to a $1,000 risk-free bet bonus.
Tennessee Action 24/7
This is a local sportsbook looking that entered the sports betting scene alongside the Tennessee online betting launch. A $51 bonus will be given to everyone that registers with Action 24/7.
These four kicked off sports betting action in Tennessee; however, reports suggest that more operators in the market as sportsbooks like William Hill, Wynn Resort, and BetAmerica have all applied for licenses and are awaiting approval.
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