Online Sports Betting in Tennessee
Tennessee stands out in the world of sports betting as the first state in the U.S. to launch an online-only sports betting market without any physical casinos or sportsbooks. Since legalizing sports betting in 2019 and launching operations in November 2020, Tennessee has quickly established itself as a significant player in the industry. The state’s approach, which focuses solely on mobile and online betting, has provided a unique and accessible platform for sports enthusiasts. This page provides an overview of the legal landscape for online sports betting in Tennessee, including key facts, statistics, and answers to frequently asked questions.
Key Facts and Stats
- Current Status: Online sports betting is fully legal in Tennessee, with multiple licensed operators providing mobile and online wagering options. There are no physical sportsbooks or casinos in the state.
- Legalization Date: Tennessee legalized online sports betting on April 30, 2019, with the first legal bets being placed on November 1, 2020.
- Licensing: Tennessee has licensed several major sportsbooks, including DraftKings, FanDuel, BetMGM, Caesars, and others. The state uses a unique licensing system that allows any operator meeting the state’s requirements to apply for a license.
- Market Size: Tennessee’s sports betting market has grown rapidly, with significant monthly betting handles since its launch. The state’s online-only model has attracted a large number of bettors, making it one of the leading markets in the Southeast.
- Tax Revenue: Sports betting revenue in Tennessee is taxed at a rate of 20%, one of the higher rates in the country. The revenue generated supports education, infrastructure, and responsible gambling programs.
- Betting Requirements: Tennessee’s sports betting regulations include a unique 10% minimum hold requirement for operators, which aims to ensure a certain level of profitability for the state while offering competitive odds for bettors.
Frequently Asked Questions
1. Is online sports betting legal in Tennessee?
Yes, online sports betting is fully legal in Tennessee. The state operates an online-only model, meaning all sports betting is conducted through licensed mobile apps and websites.
2. Which sportsbooks are available in Tennessee?
Tennessee offers a variety of licensed sportsbooks, including DraftKings, FanDuel, BetMGM, Caesars, and others. These platforms provide a wide range of betting options and competitive promotions.
3. Can I place in-person bets in Tennessee?
No, Tennessee does not have any physical sportsbooks or casinos. All sports betting in the state is conducted online through mobile apps and websites.
4. What sports can I bet on in Tennessee?
Tennessee allows betting on a wide variety of sports, including professional and college sports, international events, and more. Bettors can wager on their favorite teams and events from the comfort of their own homes.
5. Are my winnings from online sports betting taxable in Tennessee?
Yes, winnings from online sports betting are subject to both federal and state taxes. You are required to report your gambling winnings as part of your income when filing your taxes.
6. How does Tennessee regulate online sports betting?
Online sports betting in Tennessee is regulated by the Tennessee Sports Wagering Advisory Council, which oversees the licensing and operations of sportsbooks in the state, ensuring compliance with state laws and providing a safe environment for bettors.
Conclusion
Tennessee’s innovative approach to online sports betting has made it a standout in the U.S. market. By focusing exclusively on mobile and online wagering, the state has created a modern and accessible betting environment that caters to a wide range of sports enthusiasts. With a strong regulatory framework and a growing market, Tennessee offers a unique and secure platform for sports betting. As the market continues to evolve, Tennessee is expected to remain a key player in the sports betting industry, providing a model for other states looking to embrace online-only betting. Whether you’re a seasoned bettor or new to the scene, Tennessee offers a dynamic and convenient platform for all your sports wagering needs.
Explore More State-by-State Laws
States highlighted in green show where online betting is currently permitted. Discover the legal landscape across the U.S. by exploring our interactive map.