Tennessee is one of the growing destinations where betting on sports has been made legal. Since the momentous legislation passed in May 2019, a number of operators have been expressing their interest in being part of the gambling fraternity in this state.
Legal Operators Available for Online Betting on Sports
- 1 Legal Operators Available for Online Betting on Sports
- 2 Tennessee Casinos with Sportsbooks
- 3 Sports Betting’s Legal Launch in TN
- 4 Tennessee’s Sports Betting Laws
- 5 How Does Sports Betting Market Work In Tennessee?
- 6 How to register on a platform?
- 7 How to make wagers at a casino?
- 8 Ways to bet from mobile or online
- 9 FAQs regarding Tennessee Sports Betting
- 9.1 Is it safe to place money into the Tennessee sportsbook?
- 9.2 What type of payment options are likely to be supported?
- 9.3 Is it possible to bet from mobile?
- 9.4 Is location required for betting from a mobile device?
- 9.5 What are the assistance features likely to be available for players?
- 9.6 Will that be support for responsible gambling?
- 9.7 What safety measures are likely to be offered?
- 9.8 What should be the minimum age of a player?
Online Betting Sites that are Live
Tennessee will only allow options for betting through online and mobile apps. Any user will be able to apply for a sportsbook, as there is not a major need for a partnership. As a result, this is expected to see a large number of popular sportsbooks enter into the market.
The decision to make betting legal in Tennessee came about in spring 2019. This has started a race to be available online for the crucial 2020 leagues and tournaments. So far, a number of sportsbooks have registered their interest. The law passed by the government has been primarily for making sure that the online betting space is regulated. This would mean that physical sportsbooks will not be taking a priority now. There is no firm date set for the start of sports betting in the state, but the last few quarters of 2020 would be an ideal time.
Planned Launches of Online Sportsbooks
Since there is no major restriction on the online operators who can enter into the market, it is highly likely that the bettors can expect to see top ones. Some popular sportsbooks in other American states include:
- William Hill
There is no guarantee that these brands would launch their operations in the state, but there is a good chance given their expanding portfolio across the United States. BetMGM bonus codes, for example, are available in many states already. The same is true of the famous William Hill promo code.
Tennessee Casinos with Sportsbooks
Tennessee is one of the few destinations in the United States where it is possible to experience a casino. Due to this reason, it is not possible to experience retail sportsbooks in the state. All forms of betting on sporting events will have to be carried out online. It remains to be seen as the absence of land-based sportsbooks hurts the industry in terms of being able to achieve the full potential. However, the statistics and data from the likes of New Jersey, where both retail and online options are available in large numbers, show that around 90% of the bets are made online or from mobile devices.
Sports Betting’s Legal Launch in TN
The launch of sportsbooks and betting opportunities in Tennessee is expected to take place sometime in 2020. After the industry was made legal by a bill in May 2019, the Tennessee Education Lottery Corporation has been working hard to come up with a draft that will govern the various brands. Once the rules for the betting industry are decided by the Tennessee Lottery for good, it is fair to see a string of sportsbooks stepping into the market.
Tennessee’s Sports Betting Laws
The law created for governing sports betting in Tennessee only focuses on the online betting model. This is quite different compared to other states, which are focused on governing the retail and online models alike. According to the law, a license to operate in the state will cost $750,000 every year. The gaming revenue will be taxed at 20%. The live game bets are permitted, but operators are obliged to get their data from the official sporting leagues.
The most unique element of the betting laws would be the presence of a minimum hold provision, which is not practised in other parts of the country. As a result of this provision, a 10% hold is required on all bets. This is likely to reduce the prices that bettors receive for a particular market compared to the prices offered in other states.
How Does Sports Betting Market Work In Tennessee?
What sports are allowed to be covered by TN sportsbooks?
There is a very strong sports culture in Tennessee and this is due to the presence of many local college teams in the region. It would not be a surprise to come across local fans who are diehard supporters of sports teams. There is also a strong presence of popular sports franchises. Memphis Grizzlies are the NBA team with Tennessee as their home, while Tennessee Titans are an NFL team with similar roots. In terms of the NHL, the state is home to Nashville Predators. Once available, operators are likely to take advantage of this enormous interest and availability of sports franchises. A crucial advantage with Tennessee sports betting would be the ability to place wagers on NCAA games. However, live bets on college games are not allowed.
Despite the enormous popularity of NHL, NBA, and NFL, bettors are also likely to receive markets on different sports like horse racing, soccer, tennis, golf, and more. Despite the lack of a live track, horse racing has not been classified as an illegal sport to bet on. The horse race enthusiasts are currently making the most of online racebooks in order to come up with bets. Apart from the standard sports action, users would also be able to play Daily Fantasy Sports games. There are a different set of rules applicable to these games.
Are there restrictions or bans on some sports and games?
There is not a huge deal of restrictions placed on sportsbooks and sports bettors. The biggest advantage would be the option of betting on NCAA games, as it is restricted in some states. At the same time, college games cannot be offered in the live betting action.
What are the different bet types allowed?
Once the sportsbooks go live in Tennessee, users will be able to get different types of markets on each sport. Some of the popular ones are likely to be:
This is the betting type where users will be making multiple selections in the hope of increasing their returns, as the odds of having a parlay with multiple selections are much better than several individual selections. At the same time, the parlay increases the risk for the bettor by a huge margin since all legs have to come out successful to generate a return. An experienced bettor should be able to capitalise on the presence of parlay price boosts or parlay insurance offers from an operator.
This is one of the simple types of wagers that a bettor can make, as it only involves choosing the side that will end up winning the game. An operator would typically make this market available with odds for each side.
This can be an interesting wager that will allow bettors to go with certain aspects of the match rather than the final result. It primarily involves backing certain milestones – for the team or a player – in the entire game. This market, though, will not involve college sports in Tennessee, but regular professional events should be available with these bet types.
The futures market is given to focus on long-term events. For example, bettors can back the Super Bowl winner several months in advance. Since these are long-term bets, even a small stake will result in bettors getting good returns on winning bets.
TN has had no restrictions when it comes to sportsbooks providing live betting options. The operators are only requested to pick up the data feeds from the official leagues and tournaments. The dynamic odds are applied in the segment depending on the status of the game. A user can enter into the live bets at any time during the game and they would exit at any time in the game – provided that they have not gone with markets that involve the final result. Apart from being able to choose the result, the live bets also have a lot of speciality props that are otherwise not available in the pre-match segment.
How to register on a platform?
In order to start an account with a licensed sportsbook in Tennessee, users must be at least 21 years old. A verification process will be carried out during the registration – just like in other states across the United States. For this reason, users must enter a wide variety of details. The likes of name, email address, and physical address have to be entered. Finally, the Social Security Number may be requested since it is a key part of the verification process. Only after verifying a user will they be allowed to wager on different sports.
How to make wagers at a casino?
The lack of any physical casinos in Tennessee makes the world of in-person betting quite limited in terms of options. It looks highly unlikely that anything will be providing a license for land-based casinos with a retail sportsbook, as the primary focus of the state seems to be encouraging online betting. If the situation changes, users can expect to bet on sports even when they visit physical casinos. The immediate course of action may be to introduce live tracks that provide horse racing betting options.
Ways to bet from mobile or online
The option of mobile betting will be key to the Tennessee sports betting segment, as the state has only made betting applicable on mobile and online. The lack of a retail sportsbook will witness an increased amount of traffic from mobile users. The users can download apps from the official site. Almost every sportsbook in other states have started offering apps for Android and Apple devices. There is no reason why Tennessee would deviate from this practice. This would enable a bettor to place wagers even as they move.
FAQs regarding Tennessee Sports Betting
Is it safe to place money into the Tennessee sportsbook?
The sportsbooks in Tennessee have not yet launched. Once they are launched, they would be governed by the Tennessee Education Lottery Corporation, which would demand using a strict safety measure to prevent malpractice. Hence, users can put funds into the account with a peace of mind.
What type of payment options are likely to be supported?
The sportsbooks in Tennessee are likely to be supportive of the familiar payment options like credit cards, bank transfer, and PayPal. One can expect around five options in the deposit segment with a reduction of a few options in the withdrawal segment.
Is it possible to bet from mobile?
Yes, users will be able to bet from a mobile device after installing apps from the official site or by visiting the site from a mobile browser. Tennessee has made mobile and online betting as the only options as of now.
Is location required for betting from a mobile device?
Tennessee has only allowed mobile and online betting in the state. Since bettors have to be within the state for placing bets, it is necessary to turn on the location from the mobile on which bets are made.
What are the assistance features likely to be available for players?
A player will be able to request customer support from different means. Depending on the platform, users can expect options like telephone, live chat, and email.
Will that be support for responsible gambling?
All forms of betting have been receiving support for responsible gambling. It is unlikely that sportsbooks in TN will skip on this feature. A customer can expect any options like deposit limits and voluntary exclusion from account access.
What safety measures are likely to be offered?
The use of financial information means that safety is a top priority. A user can expect features like SSL encryption as standard. Some of the betting platforms may even offer firewall, but these are likely to be based on the final rules from the governing authority.
What should be the minimum age of a player?
If a player wants to join with a sportsbook in Tennessee, they should be at least 21 years of age.