Tennessee Sports Betting Law Going Into Effect Nov. 1, Will Be First State With Sports Betting Exclusively Online
We’ve recently seen sports betting become legal in various states around the United States and now it’s (finally) Tennessee’s turn. While it technically became legal in the Volunteer State in May 2019, the sports betting law is set to go into effect on November 1.
Talk about a great time for sports betting to gain its legs around the state with both college football and the NFL in the middle of their seasons.
Related Article: Sports Betting Tips for Beginners
Tennessee will be the 18th state in the U.S. to welcome legal sports betting, but it’s doing things differently than any others around the country. Tennessee is the only state that will have an online-only format. The online-only step makes complete sense seeing as how there are no legal gambling locations in the state at the moment.
The Tennessee Titans recently made a major splash regarding the sports betting world announcing that BetMGM would be its official partner. According to the team’s announcement, BetMGM received a conditional license to offer online sports betting in Tennessee and the BetMGM mobile app is scheduled to go live in the state on November 1 when online sports betting is scheduled to launch.
Tennessee does have unique rules set in place including a mandatory hold pricing of 10%. This hold stacks the odds even stronger against a bettor in the Volunteer State mandating online books generate at least a 10% hold and cap payouts to 90%. Bettors will have to pay more to operators in Tennessee compared to other states, according to Action Network.
Related Article: NFL Betting Tips
Simply put, bettors who wager $100 will be paying the sportsbook an extra $10 or $15. The revenue that comes from Tennessee’s hold is to be put back into the state. General appropriations by the general assembly will receive 40% of the hold, 30% will go to local colleges, and another 30% will go to local government, its school systems, and infrastructure projects.