Tennessee may not have as many sportsbook apps as some other states but they still offer 5 of the best options in the country! Any of these are worth a look if you’re a sports bettor in The Volunteer State.
After one of the longest fights we have seen in this industry, online sports betting has done quite well in Tennessee. Though the Volunteer State has no in-person sportsbooks, there are currently a few online options. 2022 promises to be another big year for TN sports betting.
|Start Date||November 1, 2020|
|Legal Age to Bet||21|
|Online/In App Betting||Yes|
|Maximum Bet||No Limit|
The battle for legal sports betting in Tennessee was a tough one, to say the least. Originally projected to offer sports betting early in 2020, the start date was pushed back repeatedly as operators fought with the state over the hold requirement.
The state originally placed a “hold rate” of 15% on all gross revenue brought in at sportsbooks. This was roughly double the 6-8% you find in the other states that offer legal sports betting. The state legislatures eventually discovered just how big of a mistake they made after passing the bill, setting the hold rate, and opening the state up to business only to find zero books enter the market.
Obviously the 10% hold rate is still significantly higher than the current national average, but will operators pay it? Early indications are yes, but not out of their own pockets. Rather, Tennessee players can expect to see increased juice, likely as high as -120 in simple spread bets.
So, why is this significant? People want to bet, they are likely to pay the increased juice to do so, right? Not necessarily. Keep in mind, the goal for the state of Tennessee should be to run offshore books out of business in the state. If a player can make the same bet in two places, but one has a 10-15% higher payout why wouldn’t they bet there?
Anytime a Tennessee resident places a bet with an offshore book it not only is bad for the player but it is missed revenue for the state. Had legislatures originally proposed a bill with realistic requirements sportsbooks would already be operating in the state and would have likely brought in nearly $20 million in tax revenue.
The path to legal sports betting in Tennessee has been arguably the roughest we have seen to date. However, everything ended well for hardcore sports bettors and fans of the Tennessee Titans and Tennessee Vols as they currently have access to five of the top sportsbooks in the nation. Here are some of the top questions we get from sports bettors in Tennessee.