(Newswire.net — November 9, 2021) — The sports betting industry in the United States is constantly growing. Online wagers are getting more popular, and many states are earning revenue from them. As legislation becomes more favorable, operators continue to launch new betting platforms.
Tennessee hasn’t been left behind. Its sports betting industry is booming even though there are no land-based facilities. In May, the industry had already earned more than $1 billion from sports betting. It was the first state in the US to go over the $1 billion mark in bets within six months of operation.
Legalizing Tennessee Online Sports Betting
Until the fall of 2020, sports betting in the state was illegal. However, the law now permits betting on mobile apps and websites. Tennessee punters are already interested in the safest and the lowest minimum deposit online casino to place their bets. Currently, there are no indications that physical sportsbooks may be legalized. The law only offers regulations for online sports betting.
The state legislature approved the bill to legalize sports betting in April 2019. It was a massive win for sportsbook operators and punters, and it triggered the countdown to legal sports wagering in Tennessee. Today, thousands of players have played at these online sites, and they have won millions of dollars.
Tennessee has become one of the few Southern states to legalize sports betting. It is the only southern state that offers online wagering. Although Arkansas and Mississippi have legal sportsbooks, they don’t regulate online sports betting across the states.
Online-Only Industry
Online sports betting in Tennessee wasn’t legal until November 2020. Although it is pretty young, the handle is already closing on the much-coveted $2 billion mark. According to the Tennessee Education Lottery, gambling enthusiasts in the state wagered $1.7 billion. They generated almost $29 million worth of taxes and more than $156 million in revenues.
All of the state’s sports bets are placed online. This may be the reason for its massive success. In comparison to other states, only eight could get to $100 million within six months of operation.
Sports betting is one of the biggest businesses in Tennessee, and it continues to grow. According to experts, the state has only just scratched the surface. The number of operators will continue rising, and more players will join in.
Getting Past Other States
Tennessee is the only online-only state in the United States. Although it is an industry newbie, there are indications that it may end the year with one of the highest betting totals within the first year. It only falls behind Colorado, Illinois, and New Jersey.
The state already features some of the biggest operators in the industry. They include FanDuel, Bet MGM, Draftkings, and TwinSpires. Since launching, Tennessee has consistently seen successful wagers. There hasn’t been a month with under $144 million placed wagers.
Eighty percent of the tax revenue goes to the education lottery fund. Fifteen percent goes to the local government, and five percent is used to fund gambling addiction programs.
Consistent Growth
Since online sports betting in Tennessee was launched, it has been growing consistently. Since September 2020, more than $1 billion bets have already been placed in Tennessee. The state has already received over $18.5 million in revenues.
The market is huge, and punters in the state appreciate the convenience of online casinos. Since most neighboring states have no options for sports betting, many betting fans resort to Tennessee casinos. In Alabama, for example, punters can log in to a sports betting site and place bets.
Things will be even better when Tennessee has more apps. Currently, it has seven operators, and four applications are still pending. There is a possibility of the state shooting past others that have been around for longer.
Betting Totals
Tennessee sportsbooks created a growth handle exceeding $172 million in April. They paid $2.8 million privilege tax which equals about $14 million adjusted gross earnings for casino operators. Although the April numbers were 13 percent lower than in March, they were still impressive. After all, most of the action in March was fueled by March Madness Tournaments.
During that month, the wager amount was over $205 million. Since April, there hasn’t been any event to boost the numbers. Regular season basketball and baseball are the only ones pulling in wagers.
Most Popular Sports Bets
Tennessee bettors love all sports. However, most of them prefer football. It is by far the most popular sport in the state. Between the variety of collegiate teams and the NFL team, there are football teams for everyone. Because of its fast pace and unpredictable nature, betting on football can be very exciting.
As is the case in most parts of the United States, betting on the NFL is incredibly profitable. It takes the sports spot where professional sports are involved and is closely followed by college football. Tennessee Titans will bring in a considerable share of the handle to the state.
Basketball is another popular sport for Tennessee punters. There are plenty of incredible college teams and a big-time NBA team. NBA betting continues to earn popularity in all parts of the United States. Tennessee’s Memphis Grizzlies will be a profitable wagering option.
How to Start Betting Online in Tennessee
Tennessee has a very short history of legal online sports betting. Therefore, it is a new experience for most punters. However, starting is just as easy as playing anywhere else.
The first step is choosing a good app. It should be user-friendly, safe, and from a licensed sportsbook. The process of downloading a betting app is as simple as downloading any other app.
Once you have the app on your phone, register for an account. After completing the registration process, you will need to enter your personal details. They include your name, address, contact information, and Social Security number.
When the registration process is complete, go to the deposit section and fund your account. Find the wagers you wish to make and place your bet. Depending on your needs, you can take advantage of bonuses and promotions