After receiving approval in both the Tennessee House and the Senate, Senate Bill 16, which includes online sports betting in Tennessee, has been approved in full by the state legislature and headed to the Governor’s desk for final approval. And while Gov. Lee has opposed the measure in the past, he plans on letting the bill pass into law without signing it himself.
After Tennessee online sports betting officially begins, it will join the following states in having legal online sports betting in the US:
- New Jersey
- West Virginia
- Rhode Island
- New Mexico
Will There Be Online Sports Betting In Tennessee Without Having TN Sports Betting In Land-Based Casinos?
An interesting situation with regards to legal sports betting in Tennessee is, Senate Bill 16 does not allow for TN sports betting at casinos or kiosks. Only mobile sports betting in Tennessee will be allowed, as the Tennessee Lottery Commission will oversee its activity. The target date for TN online sports betting is currently July 1. Here is a breakdown of some of the key points of this measure:
- TN online sports betting gross revenue will be taxed at a 22.5 percent rate, one of the highest in the country
- Estimates have put the annual state tax revenue from mobile sports betting in Tennessee at possibly up to $50 million
- Tennessee online sportsbooks will have to pay $750,000 a year for an online sports betting license
- State tax revenue from online sports betting in Tennessee will be used in part for education and fighting gambling addiction
Tennessee Online Sports Betting Could Mean Big Business Thanks To Popular Sports Teams In The Area
Fans in Tennessee are some of the most passionate and well-known in the US, and now they’ll be able to bet on their favorite sports teams. When online sports betting in Tennessee begins, fans will be able to bet on football, bet on the NBA, bet on hockey, and any other professional sports league in the US. Here are a few teams that could boost sports betting in Tennessee:
- Memphis Grizzlies
- Tennessee Titans
- Nashville Predators
- Tennessee Volunteers
- Memphis Tigers
Not only will the fanbase inside the state benefit from being able to bet on their favorite teams, but outsiders who don’t have legalized sports betting in their states could cross into Tennessee to participate in TN online sports betting.