Tennessee sports betting
Like many states in the Southern US, Tennessee has strict gambling regulations. Interestingly, many people in the Volunteer State love to gamble. However, despite Tennessee’s strict gaming laws, a good number of gambling activities are legal in the state.
Residents can wager on lottery games, horse races, and daily fantasy sports. But can residents wager on sports in Tennessee? On this page, we are going to discuss Tennessee sports betting in detail.
Is it legal to bet on sports online in Tennessee?
Yes, it is legal to wager on sports in Tennessee. Online sports wagering became legal in the Volunteer State when Governor Bill Lee approved the Sports Gambling Act in May 2019. The Governor was opposed to expanding gaming in the state, but he decided to go on with the will of the lawmakers and not hinder the policy initiative.
Governor Bill certainly had his finger on the scale, as he did not want any physical location. Hence, Volunteer State became the first in the US to legalize the online-only sports betting market. Instead of creating a new regulatory authority, the governor also wanted the TELC Tennessee Education Lottery Corporation to control the newly launched market, and he got exactly what he wanted.
Tennessee is not home to any bricks and mortar casinos, so the debate over online-only betting wasn’t too vigorous, or at least the legislature didn’t have to tussle with the pull of in-state brands and staff exerting authority over policy. Ultimately, when individuals expected the Volunteer State to sit on the sidelines, the Volunteer State moved the ball pretty fast in the wake of the United States Supreme Court ruling in 2018 nullifying the federal ban on sports betting outside Nevada.
Best sports betting sites in Tennessee
US online sports betting creates excitement for players who want to wager for real money. You can wager on all your favorite sports with actual stakes and do so with the ultimate convenience.
In addition, you will receive attractive bonuses and quick withdrawals if you pick the best Tennessee betting sites and payment methods. Below is the list of top-rated sports wagering sites in the Volunteer State.
This operator was among the first top online sportsbooks to debut in the Volunteer State on November 1, 2020, giving Tennessee sports betting that is operated by one of the biggest gaming operators in the world, MGM Resorts International.
MGM sports betting is among the most trusted names in the gaming industry, and currently, the gambling operator is one of the best sportsbooks in the Volunteer State.
BetMGM sportsbook features an attractive interface with easy to use layout on a very trusted platform. The online betting platform is licensed and regulated by the appropriate authorities in the state.
Besides being licensed in the state and featuring a user-friendly interface, BetMGM also gives Tennessee residents the opportunity to wager on both local and international sporting competitions.
On top of that, the operator features generous bonuses and ongoing promotions for new and old players. Finally, there is a wide range of bet types for players to choose from, including totals, Moneyline, parlay, futures, and props bet.
DraftKings sportsbook debuted in Tennessee on November 1, 2020, immediately after online sports betting became legal in the state. And the operator quickly became one of the top sports gaming brands in the Volunteer State.
Despite the heavy competition the Tennessee sports betting market is currently experiencing, DraftKings sportsbook has some competitive advantage that has made it stand out from the crowd.
These competitive advantages include extensive sports and betting markets, a user-friendly mobile app/website, generous bonuses for new and old players, and security.
In general, DraftKings Tennessee offers bettors a sports betting experience that is rare to find. Registration, deposits, and withdrawals take five minutes or less to complete. On top of that, there is a wide range of secure payment methods for Volunteer State residents to pick from.
This sports betting operator is an exciting addition to the Volunteer State gaming market. PointBet sports betting platform offers numerous unique and exciting features, including Point Betting, where players’ wins and losses get multiplied based on the margin victory of their bets. This point betting is one unique feature that sets the operator apart.
Besides PointBet’s custom future, the sportsbook features juicy bonuses and promotions. The good news is that these offers are available to both new and existing customers. To make things even smoother PointBet also offers Tennessee players plenty of sports and markets.
Players can wager on sports like basketball, football, tennis, cricket, ice hockey, and many other international sporting competitions. In addition, there is a wide range of safe and secure deposit and withdrawal methods available for players to use from.
Finally, the Volunteer State bettors don’t have to worry about security. The sports betting platform runs on the best and latest encryption technology. This means that the operator processes and transfers players’ personal and financial information securely over the internet.
FanDuel sportsbook is among the top operators in the sports wagering market. Thanks to its amazing daily fantasy sports (DFS) popular betting apps along with its sportsbook platform which is currently legal in Tennessee as of Nov. 1, 2020.
In what is already a competitive Tennessee sports betting market, FanDuel has climbed to the top, and the operator is expected to remain there even as several other wonderful internet sportsbooks launch in the Volunteer State.
Fanduel online betting platform offers the Volunteer State bettors several benefits, including generous promotional offers, extensive sports and markets, fast deposits and withdrawals, responsive customer support and security. The betting platform is among the sportsbooks that any serious Tennessee should add to their list of top-rated operators.
This sports betting brand is among the gaming companies in the US. Caesars sportsbook has put in a lot of energy to bring their sports wagering products up to a high standard. The operator launched its internet casino in 2013 and opened its virtual sports betting platform soon after the United States Supreme Court nullified the Professional and Amateur Sports Protection Act (PASPA) of 1992.
The purchase of William Hill also permits the operator to offer some of the US’s most competitive sports wagering offers. Currently, Caesars sportsbook is among the most used sports betting platforms in the Volunteer State.
Caesars’ online sports betting platform debuted in Tennessee in August 2021. The good news is that Caesars incorporated its infamous Caesars Rewards loyalty scheme into its betting offerings, so bettors can receive points whether their bets lose or win.
A timeline of online sports in Tennessee
The Volunteer State’s final sports wagering legislation came from the bills proposed in 2018 in the two chambers of the TN legislature. Tennessee’s known history of halfhearted interest in gaming in general and Governor Bill’s stand on not permitting widespread gaming expansion triggered a compromise between Tennessee’s General Assembly and Gov. Bill Lee.
Rep. Rick Staples and Senator Steve Dickerson proposed HB0001 and SB0016 respectively to legalize sports wagering in the Volunteer State.
On April 24, 2019, the Tennessee state House passed bill 58-37. The Senate concurred to accept the House legislation with a few changes and the bill got approved with a 19-12 vote. Tennessee was actually the first state in the United States to permit an online-only sports wagering model.
The bill was presented to Governor Bill Lee and the legislation came back with the Governor’s signature on May 24, 2019. Governor Bill’s accompanying letter reads “I do not think the expansion of gaming through sports wagering is in the best interest of our state, but I appreciate the General Assembly’s efforts to remove offline establishments. … We see this situation differently but let me be clear: future efforts to expand gaming or propose casinos in the Volunteer State will assure my veto.”
The bill became law on July 1, 2019. It took around nine months, however, the (TELC) Tennessee Education Lottery Commission approved Tennessee’s final set of sports wagering regulations on April 15, 2020. Just over six months later, the first internet sports betting brands received the green light to go live on November 1, 2020, when FanDuel, BetMGM, DraftKings, and Tennessee Action 24/7 all started accepting bets.
Can you bet on sports live in Tennessee?
Yes, sports betting is live and legal in Tennessee. This means that you can wager on your favorite sporting events within the borders of the Volunteer State. However, keep in mind that there are no bricks-and-mortar sports betting values. The state operates an online-only sports wagering model.
All you need to do to start wagering on your favorite sporting event is to pick a legal and reputable Tennessee online betting site, create an account, make real money deposits, and start playing. You can simply pick one sportsbook from our list of top betting sites in Tennessee.
We thoroughly examined all the betting sites in the Volunteer State before putting together our list of the best TN online sportsbooks.
Taxes on sports betting wins in Tennessee
Unfortunately, bettors across the United States are required to pay federal income tax on all their gambling winnings. The amount players end up paying in federal tax will depend on how they earned through the year.
Sports betting sites are required to withhold 24 percent of net winnings each time there is a massive payout, which is capped at more than $5,000 or if the winning is 300 times the player’s wager. This is actually federal income.
On the other hand, the Volunteer State has a state-earned income tax. However, winnings made in Tennessee betting on sports online can be subject to the Hall Income Tax.
Whether you pay tax on your sports betting winnings will depend on how you use the cash, generally, the Volunteer State does not consider sports betting and lottery winnings themselves a taxable income. However, if you use the funds to generate certain types of interest or dividends, the Volunteer State may tax those profits.