- Sports betting in time for football?
- Tennessee Lottery makes decision
Right now, there are no land-based casinos in the state, so sports bettors will have to take their wagers to their mobile devices. Currently, this will be the only state in the USA with only online betting opportunities, after governor Bill Lee passed the legislation without his signature.
Rebecca Hargrove, CEO of the Tennessee Education Lottery says sports betting will begin on November 1, if all parties involved are ready.
Tennessee Sports Betting Hold
Tennessee has placed some strict legislations—Although there’s no limit to the amount of operators allowed in the state, they have placed a 10% minimum hold on sports books (better than the previously proposed 15%) and high-hold cap on operators. If operators don’t meet the minimum hold, they’ll be charged a penalty fee or fine (proposed at $25,000) and could face suspension.
In addition to this, they’ve placed a yearly licensing fee of $750,000 on operators and a 20% tax rate, which is one of the higher rates in the country.
There are reportedly four operators applying to offer betting services when Tennessee will legalize sports betting—BetMHM, DraftKings, FanDuel and Tennessee Action 24/7. As of August 2020, there are four approved licensees, Mark Knight, Media Players US LLC, Sports Betting ST, LLC, dba SBST and Wedge Traffic Ltd., dba Wedge Traffic Inc.