Current Legal Status and History
Tennessee took a unique approach to sports betting, becoming the first state to legalize an online-only market. The Tennessee Sports Gaming Act was passed in May 2019, and the first sportsbooks launched in November 2020. The industry is regulated by the Tennessee Sports Wagering Council.
Available Sportsbooks and Their Features
Tennessee boasts a competitive online sports betting market with a variety of sportsbooks to choose from. Here are some of the top options available:
- FanDuel: A market leader with a user-friendly interface, a wide range of betting options, and popular same-game parlays.
- DraftKings: Another top contender, offering a robust platform, extensive betting markets, and frequent promotions.
- BetMGM: Known for its deep menu of sports and betting options, as well as its loyalty program, BetMGM Rewards.
- Caesars Sportsbook: Offers a strong rewards program (Caesars Rewards) and competitive odds.
- bet365: A global giant with a vast selection of international sports and a feature-rich live betting platform.
- Fanatics Sportsbook: A newer entrant with a unique loyalty program that offers FanCash, which can be used for bonus bets or merchandise.
- Hard Rock Bet: A stylish app with a solid selection of bets and a unique "Flex Parlay" feature.
Other available sportsbooks include Bally Bet, Betly, ESPN BET, and ZenSports.
Types of Bets Available
Bettors in Tennessee have access to a wide array of wager types, including:
- Moneyline: A simple bet on which team will win the game.
- Point Spread: A bet on the margin of victory in a game.
- Totals (Over/Under): A bet on the total number of points scored in a game.
- Parlays: A single bet that links together two or more individual wagers for a higher payout.
- Teasers: A type of parlay where you can adjust the point spread in your favor in exchange for a lower payout.
- Futures: A bet on an event that will happen in the future, such as which team will win the Super Bowl.
- Prop Bets: Bets on specific events within a game, such as which player will score the first touchdown. Note that prop bets on individual college athletes are prohibited in Tennessee.
Tax Implications for Winnings
Sports betting winnings are considered taxable income in Tennessee. Winnings are subject to a 24% federal tax rate, and there is also a state tax on income from stocks, bonds, and other investments, which can apply to gambling winnings. It is recommended to consult with a tax professional for specific advice.
Mobile vs. Retail Betting Options
Tennessee's sports betting market is unique in that it is online-only. There are no retail sportsbooks in the state. All bets must be placed through a licensed online sportsbook's website or mobile app.
Tips for Bettors in This State
- Shop for the best odds: With multiple sportsbooks to choose from, you can compare odds to find the most favorable lines.
- Take advantage of promotions: Sportsbooks offer a variety of bonuses and promotions to attract and retain customers. Be sure to read the terms and conditions before opting in.
- Do your research: Don't just bet on your favorite team. Research matchups, injuries, and other factors that could affect the outcome of a game.
- Manage your bankroll: Set a budget for how much you are willing to risk and stick to it.
Responsible Gaming Resources
Tennessee is committed to responsible gaming. If you or someone you know has a gambling problem, there are resources available to help:
- Tennessee REDLINE: 1-800-889-9789
- National Council on Problem Gambling: 1-800-522-4700
- Gamblers Anonymous
Sportsbooks in Tennessee also offer tools to help you manage your betting, such as deposit limits, spending limits, and self-exclusion options.