In a few short months, we should be able to add Tennessee to the list of states with legal online sports betting, including NJ online sports betting and the soon to be expected PA online sports betting.
State legislature approved the Tennessee online sports betting measure with a Senate vote following a successful pass through the House of Representatives in late April. Most recently as Senate Bill 16, it passed by obtaining 19 of 31 votes after previously receiving 58 of 95 votes in the House. Despite his opposition to legal gambling, Governor Bill Lee has expressed he’s prepared to allow the measure to become law without his signature.
What TN Mobile Sports Betting Means
While there will still have no land-based sports betting or gambling available in The Volunteer State, TN mobile sports betting operations will potentially commence by July 1 and be governed by the Tennessee Lottery Commission. It is estimated by that TN online betting could generate as much as $50 million in annual tax dollars to the state at its 22.5 percent rate. The measure states portions of revenue would be directed toward programs supporting important causes like treatment for gambling addiction, education and local government.
Licensing fees are expected to cost operators around $750,000 per year as Tennessee will join the following states in legalizing sports betting in some fashion:
- New Jersey
- West Virginia
- New Mexico
- Rhode Island
Tennessee Sports Betting Should Have No Trouble Finding Fans
Tennessee is certainly has sports-rich population and a fanbase that is sure to make this a very profitable venture, as online sports betting it has been in every other legalized state.
There are plenty of local teams TN sports betting players could be eager to put their money behind, on top of the leagues themselves being surefire sources of online sports betting traffic on their own. Here is a list of some Tennessee sports teams whose games could be some source of revenue due to TN sports betting online.
- Tennessee Titans (NFL)
- Nashville Predators (NHL)
- Memphis Grizzlies (NBA)
- Tennessee Volunteers (NCAA Football & Basketball)
- Tennessee Lady Volunteers (NCAA Women’s Basketball)
- Memphis Tigers (NCAA Basketball & Football)
Aside from having an enormously popular college athletics program like the University of Tennessee and a professional organization in the state from three of four major sports, the location of its borders could add to possible profits. The state line is under two hours from another sports-crazed city in Atlanta, which could draw some fans across the border to make online sports wagers inside Tennessee state lines and further increase revenue potential.
Politicians Compromising With Tennessee Online Sports Betting
The approval and legalization of TN sports betting comes as somewhat of a compromise between opposite factions of politicians in the state. While Governor Lee opposes the measure, it’s had bi-partisan support from the start, as it was introduced by Republican Senator Steve Dickerson and Democrat House Member Rick Staples.
The Governor has previously exercised concern over the creation of organized crime around sports betting in Tennessee, while Dickerson and Staples feel it would shine a light on legal sports wagering activity and battle against the stigma that the industry currently faces. Lee allowing of TN sports betting to become legal without his signature on the measure shows a willingness to work with members of the state legislature. Lee admitted that although he does not thing introducing onling gabling to Tennessee is the right move, he recognizes many of his colleagues want to explore opportunities inside the industry.
For those who are skeptical of Tennessee sports betting and what it could mean for The Volunteer State, concerns are quieted a bit by the lack of sweeping change. Unusually, the state is maintaining its stance on land-based gambling and are limiting the measure to the online sports betting space.