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.
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.
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.