Tennessee sports betting news

Tennessee Sports Betting Update

Tennessee

April 30th 2020

Sports betting has been legalized in the state of Tennessee. Now, its only a question of getting sportsbooks in the door to offer their services.

The state has made it harder on sportsbooks than other sates have. They have included rules for sportsbooks which include:

  • Sportsbooks must hold 10% for at least one year. This means that bettors winning are capped at 90%.
  • $750,000 licensing fee.
  • 20% tax rate for sportsbooks.

Still, sportsbooks are ready to move forward and test their business in the Tennessee market. Among them is BetMGM, the MGM sports betting mobile platform.

Also, The Stars Group, aka FoxBet, is looking into entering the state as a potential online sports betting operator.

If sports betting struggles to work in Tennessee , its not for lack of sports bettors. The state is loaded with professional and college teams that the fans really enjoy. The state has really set some rules and barriers that may force the product t be less competitive than other sports betting routes.

A report from Eilers & Krejcik states that the state could  make a profit of around $11M per year but is possibly leaving as much as $25M on the table because of the rules and they way they are currently set up.

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