Tennessee became the fourth state in 2019 to send a sports betting bill to the office of their governor. Even if Governor Bill Lee doesn’t sign the bill into law, it will become one without his signature. As a result, the state has legal mobile bookie apps before Illinois and New York.
State lawmakers realized that people were already placing their bets through illegal offshore sites. By legalizing mobile bookie apps, the state can regulate and tax the sports betting industry. As a result, the state earns revenue through sports betting taxes.
Tennessee’s new law allows online sports betting. However, it doesn’t legalize brick-and-mortar sportsbooks. It is the first kind of law enacted in the US. In fact, it is the same approach used by the UK, where the online sports betting industry is booming. On the other hand, the retail gaming industry is not doing very well.
Mobile Bookie Apps in Tennessee
The future of sports betting is heading toward online and mobile apps. Tennessee doesn’t miss out by not allowing land-based operations. The best thing about the Tennessee sports betting law is that it creates an open marketplace. Operators don’t need to have an existing casino license to apply for a sports betting license.
That means bookie pay per head operators can apply for a license in Tennessee. Consumers will benefit from the free market because they have many options, unlike in other states. Sportsbooks looking to break into the US market can apply for a Tennessee license without the need for a casino deal.
One thing that people don’t like about Tennessee’s sports betting law is the tax rate. At 20 percent, it is higher than existing rates in other states. Only time can tell whether the high tax rate can be an obstacle to a healthy market.
If you are thinking of starting a sportsbook in Tennessee, make sure you check you a pay per head demo. That way you can see the services and features available to you and your players.