Tennessee Scores Touchdown with Mobile Sports Betting (But There’s a Catch)
Tennessee’s sports betting scene is unique – it’s all mobile and booming, but with a twist! Here’s why:
Mobile Mania: Tennessee offers online-only sports betting, the first state to ditch brick-and-mortar casinos altogether.
Lots of Choices: Multiple sportsbooks compete for your business, offering a variety of bets and features.
Taxing Situation: Unlike most states, Tennessee taxes sportsbooks based on total wagers, not profits. This means sportsbooks owe taxes even if they lose money.
What’s the Deal with the Taxes?
Tennessee started with a mandatory 10% hold for sportsbooks, meaning they had to keep a certain amount of money from every bet. However, in April 2023, they switched to a 1.85% tax on the total amount wagered. This is a new approach in the US and could impact sportsbooks’ bottom lines.
The Future of Tennessee Sports Betting
While the mobile-only approach is innovative, the tax structure might discourage some sportsbooks. Only time will tell how it affects the overall market in Tennessee.
Tennessee Betting FAQs
Yes, Tennessee offers legal mobile sports betting. It's the only state with online-only wagering and no retail sportsbooks.
You can only place sports bets in Tennessee through licensed mobile sportsbook apps. There are no physical casinos or sportsbooks allowed.
Tennessee has multiple licensed mobile sportsbook operators, giving you a variety of options to choose from.
Unlike most states, Tennessee taxes sportsbooks based on the total amount wagered (called the handle), not their profits. This means they owe taxes even if they lose money.
It depends. The high tax rate might limit some promotional offers from sportsbooks. However, it also generates significant tax revenue for the state.
