Tennessee has some of the most lucrative sports teams in the country, with the sports fans and population to make them a very promising destination for sports betting. And while Tennessee has always had a strong anti-gambling stance, making things seem grim for the prospect of betting on sports - Tennessee lawmakers legalized sports betting in the spring of 2019.
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Tennessee Sports Betting Timeline
Tennessee has had a healthy relationship with sports betting in recent years, which we'll cover in more depth right here.
Legalization of Sports Betting In 2020
While it’s been over a year now since sports betting was legalized, there are still no sportsbooks open in the state. The cost of a Tennessee sports betting license is $750,000, and an 85% cap on payouts - making the 15% hold is three times higher than other states. In addition to that, the state tax rate of 20% is the second-highest in the United States, which is likely to prevent some sports betting operators from hopping on board.
The state of Tennessee will not be home to any physical sportsbooks, as all sports betting will be done online on mobile sports betting apps. Why is that? They don’t even have a casino. There have been legislative changes proposed to change that, but nothing has changed yet.
Casino Gambling In the State
Those who would be looking to gamble at a casino have had to look out-of-state, in Mississippi for example. There is a casino in Tunica that isn’t too far from the border for those who want to test their luck.
The estimated handle for Tennessee is over $4.5 billion per year. Each month that these issues aren’t addressed and sportsbooks aren’t open is missed revenue for the state. It’s likely they will now hold out until NFL season or the fall to launch any sportsbooks in Tennessee.
Not surprisingly, Daily Fantasy Sports is legalized in Tennessee. For a state that is so anti-gambling to have legalized daily sports betting pools(long before sports betting we might add), is interesting to say the least.
Can I bet on sports in Tennessee?
Not yet. Sports betting is legal, but there are no mobile sites licensed by the state of Tennessee yet, due to struggles with the licensing requirements.
However, you are able to bet on sports on the internet at an offshore online sportsbook. There are no rules against online gambling in the state of Tennessee, so there would be no rules broken if you chose to bet on an offshore sportsbook. You can bet conveniently from your mobile device or computer without having to leave your home.
There are hundreds of online sportsbooks to choose from, the hard part is picking which one is best for you based on your individual needs.
Betting on Tennessee Sports Teams
The Tennessee Titans NFL franchise has been around for 60 years when you count the time they spent as the Houston Oilers. They’ve made six playoff appearances and made it to the Super Bowl once.
The Tennessee Volunteers college football and basketball programs are quite popular in the state. The Volunteers’ college basketball program has been around for 110 years, and made the NCAA tournament only 20 times, with no titles to their name.
The football program, on the other hand, has a bit more luck. In their 113 season existence, they have 52 Bowl game bids and most recently, have won three consecutive Bowl victories in 2014-2016 and again in 2019, establishing themselves as a force in the SEC.
The Memphis Grizzlies are the resident NBA team and are a relatively young team with only 22 years in the league. They have yet to win a championship, but have 10 playoff appearances, with consecutive bids the past seven years.
The Nashville Predators are the only NHL team in the state. They were founded in 1998, and have only one conference championship under their belt that they picked up in 2017, where they went on to lose to the Pittsburgh Penguins in the Stanley Cup Finals.
Top Online Sportsbooks for Betting Tennessee
When you’re looking for a new online sportsbook to play at, there are a number of factors to consider. You’ll want to look at the deposit options available, the cashout options, bonus information, and the odds that the sportsbook offers.
We have compiled a list of the top sportsbooks that we’ve used personally and created sportsbook reviews to ensure that you have all of the right information in one place so you can make the right decision based on your individual needs.
Until there are state-run online sportsbooks, this is your only option - and by the looks of it, a much better option in regards to the best odds and lines.