Tennessee sports betting updates
On July 1, 2019, the Tennessee Sports Gaming Act came into effect as Gov. Bill Lee agreed to allow the bill to become law without his signature. Gov. Lee vehemently opposed gambling but understood that legal online sports betting was in his state’s best interest.
Review this timeline of Tennessee’s sports gambling history for an overview of its milestones:
July 23, 2024: A Tennessee man wins $900K at Fanatic Sportsbook after correctly picking the outcome of four 2024 T-Mobile Home Run Derby matchups.
July 22, 2024: SuperBook Sports pulls out of eight post-PASPA states, including Tennessee.
July 12, 2024: Tennessee’s SWAC releases June sports betting numbers. With a $344.8 million handle, TN sportsbooks see a 49% increase in year-over-year action.
March 12, 2024: Tennessee’s sports betting handle falls below $400 million in February — an 18.6% month-over-month decrease.
Feb. 24, 2024: Tennessee’s sports betting handle continues to fall in January, bringing in $467.4 million in wagers, which is a 5.5% MoM decrease.
Jan. 25, 2024: PrizePicks adds a new peer-to-peer game in Tennessee and three other U.S. states — PrizePicks Arena.
Jan. 17, 2024: Tennessee’s sports betting handle drops below $500 million in December, which is a 4.2% drop from November.
Nov. 14, 2023: ESPN BET goes live with online and mobile sports betting, launching in Tennessee and 16 other states.
Nov. 2, 2023: ESPN BET plans to launch on Nov. 14, 2023, with online sports betting going live in 17 U.S. states, including Tennessee.
Aug. 11, 2023: WynnBET Tennessee announces the closure of its online sports betting operation as soon as possible.
June 28, 2023: Tennessee will soon tax sportsbooks based on their betting handle instead of their revenue.
June 13, 2023: ZenSports launches in Tennessee, making it the thirteenth mobile operator in the state.
May 18, 2023: Gov. Bill Lee approves changes to Tennessee’s sports betting tax rule.
May 1, 2023: Fanatics Sportsbook launches its mobile app in Tennessee and Ohio.
April 27, 2023: Fanatics plans to launch its sports betting app in Tennessee on Monday, May 1. Current Fanatics customers will receive a unique code to access the app.
April 25, 2023: Yahoo acquires Wagr, a social peer-to-peer sportsbook app founded in Nashville, TN.
April 21, 2023: The House approves HB 1362, an amended version of the Senate’s SB 0475. If signed by Gov. Bill Lee, Tennessee will become the first state to tax sports betting operators on their total handle. A 1.85% tax on sports betting handle would replace the current 20% tax on gross revenue.
April 19, 2023: Tennessee sportsbooks take in $392.6 million in sports bets in March — a 20% bump from the state’s February handle.
March 1, 2023: Fanatics receives its mobile sports betting license in Tennessee. However, it has no specific launch date planned.
Feb. 24, 2023: Following a strong showing in December, Tennesse’s sports betting handle fell in January by nearly 7%.
Feb. 15, 2023: The Sports Wagering Advisory Council (SWAC) estimates that Tennessee missed out on about $11 million in tax revenue in 2022 because multiple operators — including Caesars, DraftKings, and BetMGM — failed to hit the state’s 10% hold rule.
Feb. 13, 2023: ZenSports, recently acquired by KeyStar Corp, could become Tennessee’s 14th legal betting site if its application is approved.
Dec. 19, 2022: BetMGM is named an official sports betting partner of the Nashville Predators. The multi-year partnership includes a BetMGM-branded restaurant and signage at Bridgestone Arena.
Dec. 15, 2022: November wagering translates to a new Tennessee sportsbook betting record, as betting sites handled $439.5 million in wagers.
Nov. 11, 2022: Tennessee sports betting hits a record high in October, as the state records an all-time handle of $405.3 million.
Oct. 24, 2022: Tennessee’s sports betting regulator approves license renewals for BetMGM, DraftKings, FanDuel, and Action 24/7.
Oct. 18, 2022: Tennessee sports betting in September saw a big boost compared to August, as online sportsbooks generated more than $336.9 million in bets.
Sept. 6, 2022: Hard Rock Sportsbook launches in the state, becoming TN’s 11th active sportsbook.
Aug. 16, 2022: Tennessee becomes the third state to launch a Betly online sportsbook.
Aug. 3, 2022: Caesars Sportsbook becomes an official sports betting partner of the Memphis Grizzlies.
April 27, 2022: SuperBook launches sportsbook operations in Tennessee.
April 14, 2022: Wagr, a Tennessee-based sportsbook, becomes the official sports betting partner of the MLS’ Nashville FC.
March 10, 2022: The Tennessee Sports Wagering Advisory Council (SWAC) approves three new mobile sportsbooks. When Bally Bet, Betly, and SuperBook launch online operations, TN will be up to 13 licensed sportsbooks.
Feb. 17, 2022: Tennessee registers an all-time single-month record of $386 million in sports betting handle for January.
Feb. 10, 2022: Fubo is approved as the 10th sportsbook for online betting in Tennessee. A launch date is not announced.
Jan. 24, 2022: Wagr became the first peer-to-peer betting platform to receive a license in the U.S. and is the ninth legally licensed sportsbook operator in Tennessee.
Jan. 4, 2022: Record revenues generated by Tennessee-licensed sportsbooks continue, with close to $40 million in November.
Jan. 1, 2022: SWAC takes over the regulation of sports betting from the Tennessee Education Lottery.
Dec. 17, 2021: The Sports Wagering Advisory Council (SWAC) will assume sports wagering regulatory duties in January following a handoff from TELC.
Nov. 17, 2021: Tennessee becomes the fifth-fastest state to surpass $2 billion in bets, registering $2.335 billion in sports betting handle during the first 12 months.
October 2021: The Volunteer State recorded its largest-ever monthly handle in September; Tennessee sits $40 million shy of hitting the $2 billion mark for 2021.
Oct. 21, 2021: Bally becomes a sports betting partner of the Nashville Predators.
Sept. 8, 2021: Barstool Sportsbook launches in Tennessee.
September 2021: Barstool Sportsbook and Wagr, a social sports betting app, receive sports betting operating licenses from the Tennessee Education Lottery.
August 2021: Caesars acquires William Hill, and subsequently, the William Hill app is replaced by the Caesars Sportsbook app in Tennessee.
April 30, 2021: WynnBET launches online operations in Tennessee following its approval from the state’s Education Lottery.
March 2021: William Hill sportsbook launches in Tennessee with its mobile app.
Nov. 1, 2020: The first online Tennessee sportsbooks go live, kicking off the state’s legal online sports betting industry.
September 2020: TELC approves its first three sportsbook operators: DraftKings, FanDuel, and BetMGM.
April 2020: After months of criticisms and revisions, the Tennessee Education Lottery Corporation (TELC) approves finalized regulations, including a 10% hold mandate for all operators. All operators are subsequently permitted to begin applying for licenses.
Nov. 2019: The Sports Betting Advisory Council is assembled by Tennessee lawmakers. The council begins devising the first draft of Tennessee sports betting regulations.
July 2019: The Tennessee Sports Gaming Act officially becomes sports betting law.
May 2019: Gov. Bill Lee allows the bill to become law without his signature. Despite being morally opposed to gambling in Tennessee, Lee believes legalizing sports betting is in the state’s best interest.
Nov. 2018: Rep. Rick Staples introduces a bipartisan bill to legalize Tennessee sports betting.
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Publish date : 2024-07-29 02:45:00
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