- The Tennessee Education Lottery Corporation has stated that online sports betting will be available on or before November 1.
- The state has a few requirements that may limit the market including the first of its kind 10% hold on sports betting handle.
- Though the date to launch has been postponed many times, launching this fall will allow the NFL season to have a major positive effect on Tennessee sports betting revenue.
NASHVILLE, Tenn. – Tennessee residents may be able to place online wagers on sports as soon as Nov. 1, according to the Tennessee Education Lottery Corporation.
The online-only sports betting program could start even sooner if vendors, suppliers, and operators are ready and the Tennessee Education Lottery Corporation (TEL) approves licensing for operators in the state.
This is the closest the state has been to launching the program since the sports betting was legalized in July 2019 with multiple launch date delays including the last one that expected a launch in September.
There have been many obstacles to overcome in the state with it being the only state to legalize an online-only style of sports wagering.
Because there are no brick-and-mortar gambling facilities to begin operating legal sports betting quickly, it has slowed down the process.
There are also a few requirements for operators that may make the going live somewhat difficult. The state will be requiring the use of official league data, a 20% tax rate, and a minimum 10% hold.
This will most likely cause the market to be limited as this is also the first US state to require a 10% retainment of handle in the form of winnings. Even states such as Nevada, New Jersey, Pennsylvania and Indiana, with over a billion dollars in sports wagering handle range from 6.1%-8.2% holds.
To meet these requirements Tennessee sports betting stakeholders are looking for the NFL’s Tennessee Titans to be a big source of betting revenue for the industry.
The state’s online/mobile sports betting market is set to begin during the scheduled 2020 NFL season when it will be the only major sport in play. NFL betting has always been the most lucrative sport and is expected to only rise around the country.
Currently, the TEL board has approved four sports betting marketing affiliate vendors including Mark Knight, a sole proprietor; Media Players US LLC; Sports ST, LLC dba SBST; and Wedge Traffic Ltd., dba Wdge Trafic Inc; in their June meeting.
The board and will present 19 more vendors at the meeting scheduled for Wednesday.
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News tags: Tennessee | Tennessee Education Lottery Corporation | Tennessee Titans
Adia has a background in sports writing and strives to provide content that gives the readers accurate information. As a storyteller, she also works hard to create stories that are engaging to the audience. Whenever she’s not writing on sports betting news, she is getting her heart broken by every sports team in Georgia.