Attention Virginians! Be aware that your neighbors are hosting a party this upcoming weekend.
Sports betting in Tennessee is soon to be fully operational, with the anticipated launch approaching. Unlike Virginia, where bettors will need to travel to Tennessee to participate, it’s worth knowing what is happening in Tennessee as they prepare to accept their initial wagers, following the legalization of sports betting in May 2019.
Sunday is fun day for Tennessee sports bettors
In the state of Tennessee, the Tennessee Education Lottery (TEL) holds the authority to govern and supervise sports betting activities. It is responsible for managing the operations and granting licenses to both operators and vendors involved in this industry.
The Sports Wagering Committee of TEL was still in discussions about the rules for sports betting until late last week. Nevertheless, all preparations are on track for the first sportsbooks to be launched as planned on Sunday, November 1.
During last week’s meeting, there was discussion about a potential early “soft launch” happening a few days prior to Sunday. However, as of today, it seems that none of the platforms are fully prepared to accept real-money bets. Consequently, bettors will need to exercise a bit more patience and wait until the weekend to make their first legal sports wagers in the state.
Only online for Tennessee sportsbooks
In a groundbreaking move, Tennessee has become the pioneering state to legalize sports betting exclusively in the online realm. Notably, the state has imposed a restriction on all sportsbooks, disallowing any brick-and-mortar establishments throughout its territory.
One of the reasons lawmakers chose this approach is due to the absence of physical casinos in the state. The advantage of this decision is that by adopting a fully digital system, all bettors in the Volunteer State can enjoy equal access to sports betting. Unlike states that restrict online sports betting to specific physical locations, Tennessee sportsbooks are accessible from anywhere within the state.
Geolocation technology guarantees that individuals must be physically present within the state’s boundaries when placing a real money bet on any online sportsbook in Tennessee. This implies that individuals from Bristol, VA, wishing to bet at a Tennessee sportsbook will need to cross the border into Bristol, TN beforehand. It is advisable to anticipate driving a few miles into Tennessee in order to ensure accurate geolocation and place a wager.
Non-Tennessee residents, including Virginians, have the opportunity to register accounts on TN online sportsbooks. However, it is important to note that in order to make any wagers, they must be physically present in Tennessee and be at least 21 years old.
Four online sportsbooks ready to go at launch
Up to now, the TEL has granted licenses to four operators for the launch of their online sportsbooks within the state.
- DraftKings
- FanDuel
- BetMGM
- Action 24/7
The first three names on the list are already well-known in the sports betting industry, as they have already established sportsbooks in various states. However, Action 24/7, a Tennessee-based operator, aims to challenge these established names and make a mark in the sports betting scene as it launches this weekend.
All four sportsbooks can be accessed through a desktop or laptop web-based browser. Additionally, there are mobile apps available for Android and iOS users, providing the same functionality and banking options as the websites.
DraftKings, FanDuel, and BetMGM have not yet launched their Tennessee sportsbooks. Nevertheless, the process should be relatively straightforward for them since they already have fully functioning online sportsbooks in other states.
Free-to-play games at Action 24/7 available to Virginians
The Action 24/7 site is now active, allowing players to register accounts. Additionally, as of Wednesday, Action 24/7 introduced free play games that are accessible to residents in all 50 states.
The initial complimentary game introduced was called “Daily Shag.” Participants are encouraged to select various games by completing a parlay ticket. Successfully predicting all picks allows players to divide a portion of a cash reward among themselves.
Yesterday, a soccer game consisting of six matches had a $50 prize. However, this weekend, the website is providing various free play games with prizes ranging from $50 to $1,000. These games come with catchy names like the SEC “Do they Even Play Football Up North” Accumulator, the “Why do I care” Weekly Super Game, and the Spooky Bag of Tricks or Treats.
After its initial launch, the “Freeplay Lobby” on the site became a hub for all the available free games. Take a look at its appearance back then.
What sports can you bet on in Tennessee?
After the launch of real money betting, the sportsbooks will have the capability to receive bets across a diverse range of sports.
The Sports Wagering Committee of the TEL has given its approval to a comprehensive collection of 27 sports that sportsbooks can now accept bets on. Alongside popular sports such as football, basketball, baseball, hockey, soccer, golf, and tennis, there is also an inclusion of more unconventional sports like bowling, bull riding, sailing, and skiing.
In addition, eSports have been given the green light for betting. However, sportsbooks will be required to obtain pre-approval for specific leagues or matches before they can accept bets on eSports.
College sports: no individual props or in-game props
There are a few restrictions, but Tennessee is permitting betting on college teams within the state.
Individual athlete proposition bets will be prohibited for collegiate sports.
Betting on prop bets within games is also prohibited for college sports.
When it comes to college sports, anticipate that some betting options may not be available on the menu of choices.
What sports can you bet on in Tennessee?
In addition to its online nature, Tennessee’s sports betting scene boasts another distinctive aspect.
Every operator is now subject to a hold requirement of 10%, implying that each sportsbook is limited to paying out a maximum of 90% of the total wagers it receives. This mandate is occasionally referred to as a payout cap.
This requirement is truly one-of-a-kind. Tennessee is the sole state with legalized sports betting that has implemented a hold requirement. Furthermore, the 10% rate is considerably higher than the average hold enjoyed by most sportsbooks. For instance, sportsbooks in Nevada typically maintain a hold of approximately 5-6% per month.
The impact of the hold requirement or payout cap on the types of wagers sportsbooks can offer is yet to be determined.
There are certainly many other uncertainties surrounding sports betting in Tennessee. However, it will be fascinating to observe the progress in the first state to exclusively offer online sports betting.
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