Sport Tennessee to allow mobile sports betting beginning on Nov. 1

06:15  31 october  2020
06:15  31 october  2020 Source:   cbssports.com

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It's the first state that where you can only place a wager online.

Tennessee will become the ninth state to offer DraftKings’ mobile and online sports betting product, more than any other legal sports betting operator in the United States. The DraftKings Sportsbook offers customers innovative, state-specific promotions and odds boosts, free-to-play pools, bet types

Tennessee will become the 18th state in the United States to allow sports gambling as of Sunday. According to a report from Action Network, BetMGM, DraftKings, FanDuel and Action 247 are going to be the only betting platforms people in the state can use to place wagers at launch.

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In differing from the growing list of other states where sports gambling is legalized, Tennessee is the only one where you will not be able to bet in person. The state has zero casinos or racetracks, so Tennessee's sports betting will only be run through online and mobile wagering applications. According to Action Network, it is also the only state that will require its legal sportsbooks to a 10% minimum hold.

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Senators in Tennessee voted 19-12 for a bill to allow regulated statewide mobile and interactive sports gambling, and Gov. Proponents who say they want sports betting to happen under regulation narrowly overcame opposition by some Republicans, who contend it would fuel addiction.

Anticipation and appetite for sports betting are high in the state, which is home to three major sports leagues and a number of NCAA Division I teams. Approximately 82 percent of Tennessee residents are interested in both an online and on-location wagering option and 91 percent are specifically interested

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What that means is that the most Tennessee bettors can win is 90% of their original stake and the sportsbook will have to always hold the remaining 10% of that. Most states require a lower hold rate closer to 5%.

Tennessee passed legislation to allow sports betting back in May of 2019. With it finally becoming a reality now, the state has said it will revisit its regulations -- such as that 10% minimum hold -- next year.

North Carolina and Virginia are the next states that are diving into legalizing sports gambling. North Carolina passed legislation to allow sports betting in July 2019 and Virginia passed legislation this past April. For a look at the status of every other state's gambling laws, click here.

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