The first day of November marked the beginning of sports betting in Tennessee, with multiple operators launching their products.
The industry regulator, the Tennessee Lottery, said that licensed sports betting operators such as FanDuel and DraftKings are now allowed to accept wagers made by players over the age of 21, as long as they’re physically located in the state.
The President and Chief Executive of the Lottery, Rebecca Paul Hargrove said that November 1st represented “the culmination of an enormous amount of work and due diligence to bring online-only sports wagering 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,” she added.
“We will continue to work with all licensees, registrants and applicants to protect the consumer, promote fairness in sports and regulate this new Tennessee industry that provides critical funds to the state and local governments.”
Online sports betting legislation was passed on July 1st, 2019, and rules were approved by the Lottery in April 2020.
At present, there are four licensed sportsbooks live online and via mobile apps:
- DraftKings
- FanDuel
- Action 24/7
- BetMGM
The sportsbooks have launched at the height of the NFL season, and just ahead of the November 12th start of the 2020 Masters Tournament.
Players in the Volunteer State can expect to find a barrage of promotions offered by these operators, in bid to get them to open accounts and place bets.
Tennessee is a state with not one brick-and-mortar gambling venue. Besides the fact that it is the first state to stick solely to online sports betting, it is also the first to demand a 90% cap on payouts. In other words, gambling operators are required to hold at least 10% of the money accepted in wagers. As such, players will have a maximum 90% payout, which is around 5% less than the industry average.
