Tennessee sports betting 2020: Latest on legal gambling options
Sports betting is legal in Tennessee but hasn't actually been rolled out yet. That should change by football season.
In the spring of 2019, the Tennessee state legislature approved legalized sports betting, and the Tennessee Sports Gaming Act became law on May 25, 2019, despite not being signed by Gov. Bill Lee – he intentionally let it become law without his signature.
Online Gambling Tennessee Laws
What makes the Volunteer State different from all the others in the USA to have approved wagering on sports is that Tennessee will be online-only. Usually, that's a tougher proponent to pass than actual brick-and-mortar sportsbooks. Players must be at least 21 years old and located inside state lines to wager.
Operators must pay $750,000 and a 20 percent tax rate, and sportsbooks will have a mandatory 10 percent hold. Essentially, if a book accepts $1 million in bets it must have revenue of at least $100,000. A hold that high is going to lead to less competitive lines set to ensure the minimum hold because the amount a bettor can win is capped at 90 percent of the original stake.
Tennessee Sports Betting Legislation
While sportsbooks in other states with lower holds might have a typical moneyline of -110 on a two-sided bet to account for the $10 vig on a $100 bet, Tennessee's standard likely will be -125 -- it would take a $125 wager for a bettor to win $100. A 10 percent number would be a first in the USA. Nevada books typically have a hold between 5-6 percent. New Jersey is around 7 percent.
"While the state could conceivably raise the (90 percent) cap at some point in the future, it would be difficult to lower once expectations were set," a spokesperson for Lt. Gov. Randy McNally said to the Associated Press earlier this year.
As of this writing, online betting has yet to launch in the state, but it will happen fairly soon. Super Bowl 55 was an original target date but wasn't met. It should be in place before the start of the 2020 NFL and college football seasons. The Tennessee Education Lottery Corporation will maintain regulatory oversight over betting.
Tennessee Sports Betting
Football is king in Tennessee, especially with the Volunteers. They started the 2019 season at 2-5, but Coach Jeremy Pruitt turned things around with a six-game winning streak capped by a Gator Bowl win over Indiana. Pruitt has dominated on the recruiting scene, and the Vols are on the rise – they are a threat to win the SEC East in 2020.
Betting on in-state NCAA teams will be allowed (no in-play wagers), which is not the case in many other states.
As for the NFL's Titans, behind a rejuvenated Ryan Tannehill and league rushing king Derrick Henry, they shocked both the New England Patriots and top-seeded Baltimore Ravens last season in road playoff games as big underdogs to reach the AFC Championship Game for the only the second time since the franchise moved from Houston. Tennessee took an early 10-point lead in that AFC title matchup in Kansas City but would lose to the eventual Super Bowl champion Chiefs 35-24.