A Senate vote in late April revealed that Tennessee will finally be joining the list of states offering legal online sports betting, right next to NJ online sports betting and, soon enough, PA online sports betting as well. Other states like Montana and Iowa have also recently passed sports betting legislation.
Senate Bill 16 passed through the House of Representatives with flying colors, despite getting a fair share of opposition from Governor Bill Lee himself. Even without the Governor’s signature, the legislation for Tennessee online sports betting is now sure to get going within the next few months.
TN Mobile Sports Betting Beats Land-Based TN Sportsbooks To The Punch
While there’s still a big question mark on land-based TN sports betting, the upcoming launch of TN mobile sports betting is definitely great news for the industry in the state. With an expected launch date of July 1, estimations for Tennessee online sports betting project an annual gain of $50 million in taxes for the state, thanks to a 22.5 percent tax rate.
A portion of the estimated profits will result from the $750,000 yearly licensing fees Tennessee mobile sports betting operators will have to pay, similar to practices in states like New Jersey, Pennsylvania, Delaware, and others.
Tennessee Sports Betting Brings High Expectations
Online sports betting could not be coming to a better location. With a number of popular NCAA sports teams and representatives in the NFL, NHL, and NBA, devoted sports fans are expected to turn TN online sports betting into a profitable venture. Considering the fact that the Tennessee state border is only a two-hour drive from Atlanta, it’s more than likely TN mobile sports betting will draw in crazed sports fans from across state lines from Georgia as well.
That’s not to say getting Tennessee sports betting legislation to pass has been easy. While the sports wagering industry has had bi-partisan support from the start from Republican Senator Steve Dickerson and Democrat House Member Rick Staples, Governor Lee has openly opposed legalizing TN sports betting. Among his concerns were suspicions of organized crime centered around sports betting in the state.
The legalization of online sports betting is a sign of political compromise in The Volunteer State, the results of which will become evident after July 1st. In the meantime, representatives of both sides of the political spectrum maintain their stance against land-based gambling and agree on keeping land-based TN sportsbooks off the table for now.