FanDuel, BetMGM and Draftkings were all set to launch their mobile sports betting products Sunday November 1 just in time for the halfway mark of the NFL. Tennessee is the first state to legalize online sports betting without being home to a single land-based casino. Only those sites licensed outside the Volunteer State will allow betting by those 18 and up (21 and up for in-state operators) as well as the Presidential Elections.
There will be a minimum hold percentage of 10% requirement that is almost certain to adversely affect players. This means that bettors will have a maximum 90% payout, about 5% less than the industry average. Out-of-state licensed sportsbooks like BetUS do not impose this maximum.
Other sites expected to go live in the state soon include:
Betfair Interactive US LLC (FanDuel)
Crown TN Gaming, LLC (DraftKings)
Tennessee Action 24/7 LLC
Tennessee is the first state to regulate online sportsbooks directly, without the framework of casinos.
For FanDuel, Tennessee is the eighth state where FanDuel offers mobile sports betting.
In-state operators will be able to take bets on their beloved Vols. A number of states prohibit wagering on their in-state schools. There are some limitations, however. No in-game proposition wagers can be placed on “individual actions, events, statistics, occurrences or non-occurrences” during a college game, according to Tennessee regulations.
Those placing bets must be physically located in the state. One does not have to be a resident to place wagers, provided they are located in Tennessee at the time.
– Aaron Horowitz, Gambling911.com