- Tennessee will be launching online sports betting this Sunday with four operators after a sixteen-month wait.
- The online betting program has decided on a 90% payout cap which would allow operators to hold 10% of winnings.
- Tennessee Action 24/7 is the only Tennessee-based operator that will launch on Sunday and will be offering bonuses and promotions.
KNOXVILLE, Tenn. - After almost a year and a half after Tennessee legalized sports betting, bettors in the state will finally be able to place wagers through state-regulated sportsbooks on Sunday.
According to sportsbook operators, The Tennessee Education Lottery (TEL) is set to launch four online and mobile sportsbooks including DraftKings, FanDuel, BetMGM, and Tennessee Action 24/7.
Each operator has been approved by TEL and will be able to go live on an NFL Sunday making the choice easy for many Tennessee gamblers to place a wager on the Tennessee Titans game that day.
Tennessee is the only state to legalize USA online gambling without any land-based operators, which was due to the fact that there are no casinos in the state.
With many states dealing with an increase in online gambling because of COVID-19 concerns, an online-only launch seemed to be a booming success but it is coming with some controversy because of the payout decision.
Tennessee’s online gambling sites will have a 90% payout cap rate meaning the betting operators will have a hold on 10% of players winnings as opposed to the 5-6% hold that top markets like New Jersey and Nevada have.
Despite the payout cap, betting experts still believe the state will see big numbers from this launch and even draw residents from bordering states to Tennessee to place bets.
"I think you're going to see people traveling into Tennessee from Alabama, Georgia,” said Brian Pempus, sports betting analyst. “If you live close to those border town, maybe you'll see those license plates come over to a local bar or restaurant.”
Action 24/7 is the only sportsbook out of the four approved sportsbooks that is based in the Volunteer State. They are hoping to use this as a home-field advantage among their top-competition.
Sports betting is coming to Tennessee on November 1, and we're your ONLY legal, local sportsbook.
— Action 247 (@TNAction247) October 23, 2020
(You already know we're from Tennessee, so we don't have to have a picture of the state in our ad. 😉)
The sportsbook will be offering free bet bonuses and promotions ranging from $5-$125 along with a $51 free bet for new customers within the state.