Tennessee Sports Betting
Tennessee legal online sports betting will be joining NJ online sports betting and the soon to be expected PA online sports betting.
In late April, the House of Representatives passed a sports betting bill, which then led to the a successful Senate vote. Senate Bill 16 passed by obtaining 19 of 31 votes after previously receiving 58 of 95 votes in the House. Despite being opposed to online gambling, Governor Bill Lee has states he will allow the measure to become law without his signature.
What TN Mobile Sports Betting Means
Tennessee has no land-based sports betting or gambling, so the question to how the state plans to run an online sportsbook is an interesting one. TN online sports betting operations could launch as soon as July 1 and be regulated by the Tennessee Lottery Commission. TN online betting could generate as much as $50 million in annual tax dollars to the state at its 22.5 percent rate. Portions of revenue would go toward programs such as 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:
Politicians Compromising With Tennessee Online Sports Betting
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 admitted that although he does not think introducing online gambling 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.
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