Tennessee to flip the switch on sports gambling this Sunday
By Bob Garcia
The long-awaited sports gambling market in Tennessee is finally going live
Tennessee will join the sports betting universe this weekend as four different sites start taking bets on sports. Sports fans will get a treat this Halloween weekend as they are finally allowed to place legal bets on their favorite team. The state’s legalized sports betting will come with a 90% payout cap, as gaming companies will receive 10% of their winnings. It’s been a long time coming, but the day has finally arrived.
Tennessee’s lottery board believes the move will encourage local sports betting operators to compete with national sportsbooks. Analysts believe rule will create more long-shot bets and odds-defying parlays. “For sure bettors will approach the window with that 10% in mind,” gambling analyst Kyle Magin said. “They’re already down with the simple placement of a wager.”
The state legalized online sports gambling in late 2019 and the Tennessee Lottery, who regulates the sports betting industry plans to open this weekend. “We continue to eye Nov. 1 as a ‘go-live’ date for operators to begin taking wagers,” said Dave Smith, communications director for the Tennessee Education Lottery Corporation. Tennessee sports betting is an online-only industry, and the Lottery will closely monitor the sports gambling businesses, and will impose penalties and possibly revoke licenses for violations of the states’ gambling regulations.
DraftKings, FanDuel, BetMGM and Action 24/7 are all approved as operators for sports gambling in Tennessee, but the only local Tennessee based company is Action 24/7. Legal residency in Tennessee isn’t required to place a bet, and the state hopes to attract gamblers from neighboring states to bet in its new online sports gambling industry.