Tennessee has had a legalized sports betting market since July 2019. Tennessee doesn’t have flashy sports betting like New York and Nevada, which have two of the strongest sports wagering markets in the United States. However, the Volunteer State is under the radar as one of the largest sports betting markets in the country.
Over multiple months in 2024, Tennessee operators combined for over $500 million in wagers. Other than significant revenues and sports betting handles, Tennessee’s 2024 betting year was quiet. Only two new operators joined the market this past year. Additionally, one sportsbook closed its operations for good and left the state.
Major events that happened during the 2024 sports betting year in Tennessee
On January 25, 2024, PrizePicks introduced its PrizePicks Arena peer-to-peer fantasy sports game in Tennessee. They are one of the biggest Daily Fantasy Sports (DFS) operators in the United States. Tennessee released its sports betting figures from the first month of 2024 on February 1. They had a 13.8% year-over-year increase in wagers and a 19.4% increase in tax revenues in January 2024. In July, SuperBook Sports announced they would close operations in Tennessee.
SuperBook is based in Nevada and they’ve already shut down operations in Arizona, Colorado, Iowa, Maryland, New Jersey, Ohio, and Virginia. On October 16, 2024, the Executive Director of the Tennessee Sports Wagering Council sent a cease-and-desist letter to Bovada. They are a Curaçao-based sports betting site. Just two weeks before this, the SWC sent the initial cease-and-desist letter but did not get a response.
Bally’s Interactive and the Bally’s Corporation officially launched the Bally Bets sports betting site in Tennessee on October 17. They became the 12th online sportsbook available to residents. On October 23, the Tennessee Sports Wagering Council used the Sports Gaming Act to fine Bovada $50,000 for offering an unlicensed and illegal sportsbook.
What is the current state of sports betting in Tennessee?
Tennessee has one of the most open sports betting markets in the United States. As long as you are at least 21, you can bet on several different markets. However, Tennessee doesn’t allow wagering on collegiate player props and politics. The state is home to 12 online operators. That includes Action 24/7, Bally Bet, BetMGM, Caesars Sportsbook, DraftKings, ESPN BET, Fanatics Sportsbook, FanDuel, Hard Rock Bet, Wagr, and ZenSports.
The Volunteer State is the only U.S. market that requires operators to have a mandated 10% hold. In 2024, not much change happened in the Tennessee sports betting market. Since mid-way through 2023, it’s remained relatively stable. The most recent sportsbooks to join the market were ESPN BETt and Bally Bet. Joining in 2023 and 2024 respectively. Bet365 could enter the state’s sports betting market in 2025.
