Tennessee is about to join the list of states who regulates sports betting. After long consideration, we can finally see details about the Tennessee regulations. Governor Bill Lee in May 2019 was letting a bill pass into law without signing it. After the profound preparations, Tennessee might launch sportsbooks in the second half of 2020.
Seemingly there will be no land-based sportsbooks as the law is regulating online sportsbooks. The Tennessee Education Lottery Corporation is the body that regulates sportsbooks in the state. They were signing the final rules on April 15th.
How can I join?
Once they launch online sportsbooks the players’ location is going to be determined by geological software to ensure they are in the state. The age limit is going to be the regular 21 years and the registration is going to be simple too with name age and social security number. You can also try out some sports betting at 888 Sportsbook.
Tennessee regulates sports betting contradictory
A contradictory point of the regulation is a 10 percent hold rule on every payout. This simply means that as a player you will be only able to receive 90 percent of what actually you won and 10 percent stays at the sportsbook. This amount is a bit higher than the regular, however, it is not an outstanding practice. On the other hand, it might motivate people to visit offshore sportsbooks instead, where they don’t have to pay 10 percent of their winnings. However, the main point of legislation would be to keep the tax money at the place where people are gambling from.
Comparison of holding rates
Nevada, where gambling regulations are there for a long time has a holding rate of 6.3 percent. New Jersey is on top of that with 6.9 percent. While Washington has the highest amount of 20 percent holding, the US national average is 7.5 percent. However, this holding rate of the Education Lottery Corporation is going to be revised after one year.
The opinions on the regulation
Not everybody is happy with the decisions, especially about the percentage of holdings. The 10 percent rate might put people in the situation to turn toward illegal gambling. Furthermore, it puts operators in a hard situation too. Using just a few words in a tweet, Vegas oddsmaker Matt Lindeman was saying that the Tennessee sports betting sector is about to go the same route as their football sector.
Brendan Bussman, an associate of Global Market Advisors has a bad opinion too. He was stating that Tennesse was going the right direction with regulating its sports betting market, however, after the rules that they rolled out and their approach ignoring public opinion, they became a great example of how not to regulate and develop the right market.
There is no certain date when the online sportsbooks are going to launch. However, it is most likely that this is going to happen somewhere around July or the end of May. Once the market is set up we will be here to present you the best online sportsbook bonuses in Tennessee. Since then stay tuned with the latest online gambling industry news.
