Draftkings Sportsbook TN - Early signup bonus
DraftKings Sportsbook will soon be the first regulated online gambling site in Tennessee. You can qualify for a $50 free bet by signing up before DraftKing’s launch in November 2020.
Is online gambling legal in Tennessee?
Up until recently, Tennessee was one of the strictest states against gambling. It’s one of the few states that still don’t offer a land-based poker room or casino.
However, the Volunteer State does allow both online sports betting and daily fantasy sports. Politicians legalized both activities due to a lack of any specific Tennessee laws prohibiting internet gambling.
History of online gambling in Tennessee
Tennessee’s history with internet gambling begins with daily fantasy sports (DFS). In 2016, the State House and Senate passed DFS legislation by 67-15 and 27-2 margins, respectively.
The legislation landed on Gov. Bill Haslam’s desk. He signed the bill on April 28, 2016, making Tennessee the third state (behind Virginia and Indiana) to legalize DFS.
Before the legislation, State Attorney General Herbert Slatery expressed an unusual view against daily fantasy. Nevertheless, Haslam and both Houses ignored Slattery’s opinion.
Following the removal of a federal sports betting ban (PASPA), TN lawmakers began discussing sports gambling. Legislation came through the pipelines in early 2019.
Given its lack of land-based casinos, the Volunteer State faced a strange dilemma with sports wagering. After all, most states are interested in retail and online betting.
The legislature approved online sports betting while failing to include retail betting. The latter stipulation means that even if Tennessee casinos are approved, they can’t immediately offer retail sports gambling.
Tennessee has held brief discussions on internet casinos in the past. State Rep. Larry Miller even introduced a bill to legalize online gaming in 2017.
However, this legislation didn’t advance past the committee level. Lawmakers haven’t held any serious discussions on the matter since then.
Tennessee online sports betting
The Volunteer State features legal online—and only online—sports gambling. At the time of this writing, internet betting is close to launching in Tennessee.
Current estimates peg online sportsbooks as launching in November 2020. DraftKings, FanDuel, and BetMGM will likely be the first bookmakers in the market.
All operators must pay a hefty $750,000 licensing fee annually. They must also cover a 20% tax rate on gross gaming revenue.
Each online bookmaker needs to purchase official league data as well. Official league data refers to statistics provided by major sports leagues.
Tennessee enforces an odd stipulation that requires betting sites to take a minimum of 10% juice (vig) from wagers. By comparison, most states only average between 5% and 6% juice.
Therefore, bettors will face worse odds in Tennessee than in almost any other market. The 10% hold could hurt the state’s betting revenue.
Tennessee daily fantasy sports
On April 28, 2016, Tennessee became the third state to approve DFS. Politicians approved DFS despite objections from State Attorney General Herbert Slatery.
Tennessee’s DFS market features more reasonable fees than the betting market. Operators need to cover a $50,000 licensing fee and pay a 6% tax on gross revenue.
Tennessee online casinos
In Feb. 2017, State Rep. Larry Miller proposed online gaming legislation. However, Miller’s bill failed to gain any traction at the committee level.
The Volunteer State appears unlikely to approve real-money online casinos in the near future. However, sweepstakes casinos are legal in Tennessee.
Unlike real-money casinos, sweepstakes gaming sites don’t require people to bet money to win money. Instead, Chumba Casino, LuckyLand Slots, and similar operators see players compete for coins and sweepstakes entries.
Tennessee online poker
Tennessee has shown no desire to legalize land-based or internet poker. That said, the Volunteer State won’t offer online poker any time soon.
Global Poker is the only legal option in the state. It provides cash games and tournaments where sweepstakes entries are the prizes.
Gambling apps in Tennessee
Again, Tennessee online sportsbooks are set to go live soon. Most should feature Android and iOS apps.
Therefore, iPhone, iPad, and Android device users can all participate in the market. Of course, each type of user will experience a different download process based on their device.
Android users will likely obtain an app as follows:
- Visit the gambling site’s website.
- Choose the download option (Android icon).
- Follow the instructions.
IOS users will likely download apps as follows:
- Visit the App Store.
- Search for the relevant gambling app.
- Complete the download.
After obtaining the app, users will be asked to complete registration. The registration process tends to request basic information, such as a mailing address, date of birth, phone number, and Social Security number.
Depositing at TN online gambling sites
Tennessee gambling sites will probably feature the same deposit methods as other markets. These options include:
- 7-Eleven: You can visit a 7-Eleven and deposit with cash through PayNearMe.
- E-check: Send an e-check from your bank account to the gambling site.
- PayPal, Skrill: These e-wallets let you quickly fund your gambling account.
- Play+ card: Branded prepaid cards that are available through gambling sites.
- Visa, Mastercard: These credit cards allow you to instantly fund your account.
Most markets also feature another payment option called cash at the cage, which refers to when you visit a land-based casino or sportsbook and deposit with cash.
Considering that Tennessee doesn’t feature any brick-and-mortar gambling venues, you can’t deposit through this method.
As for cashouts, you can withdraw money using all of the aforementioned methods except credit cards. You can also request a paper check.
Online gambling bonuses in Tennessee
The Volunteer State figures to provide a solid number of gambling bonuses. The online betting industry should especially provide plenty of offers.
A risk-free bet allows you to collect losses stemming from a first wager. If you lose, you can earn the money back by satisfying terms and conditions.
Here’s an example:
- An online sportsbook offers a risk-free bet worth up to $500.
- You qualify for the maximum $500 bet by risking $250 or more.
- You wager $300 and lose.
- You now have the opportunity to earn back $500.
A no-deposit bonus becomes available once you complete registration. You can keep whatever is left from the starting amount, plus winnings, after meeting T&Cs.
Here’s an example:
- You sign up and receive a $10 no-deposit bonus.
- Playthrough is 10x.
- 10 x 10 = $100
- You must wager $100 before cashing out.
- $7 is left after you satisfy playthrough.
- You can now withdraw the $7 or gamble it.
Match deposit bonus
A match deposit bonus matches a percentage of your deposit. The amount is capped at a specified degree.
Here’s an example:
- A Tennessee betting site offers a 100% match bonus worth up to $1,000.
- You deposit $500.
- You now qualify for a $500 bonus.
- Playthrough is 10x.
- 500 x 10 = $5,000
- You must wager $5k before withdrawing the $500 bonus.
Bookmakers earn their money by collecting vig from the losing side of wagers. An odds boost reduces the amount of vig that they take.
Here’s an example:
- An online sportsbook sets the New York Jets’ moneyline at +170.
- You stand to win +170 for every $100 wagered on this line.
- An odds boost pushes the line to +200.
- Now, you win $200 for every $100 wagered on the Jets.
Sweepstakes casinos and poker sites often hand out free coins to encourage you to try out their sites.
They also continue giving away coins through various promotions. For example, they might offer you 100,000 extra coins for purchasing at least 500,000.
Some gambling sites feature loyalty schemes. A VIP program delivers rewards based on your total gambling action.
For example, an online sportsbook may offer you a free bet as repayment for your loyalty. Sweepstakes and DFS sites also give out rewards.
The Volunteer State offers legal DFS, sweepstakes casino and poker sites, and internet sportsbooks.
No. You only need to be within state lines to gamble legally.
Tennessee DFS and betting sites use software to pinpoint your location. You’ll be able to place bets as long as you’re within the Volunteer State.
Tennessee doesn’t take income tax from residents or visitors. Therefore, you don’t need to pay state taxes on gambling winnings.
Of course, you do need to cover federal taxes on gambling wins. The IRS requires you to pay a 24% rate on any gambling income.
Yes. The Tennessee Lottery regulates the internet betting industry.
It interviews applicants to ensure that only quality operators exist in the state. The lottery also ensures that licensees help protect problem gamblers.
You must be at least 21 years old to legally place online sports bets in the Volunteer State. However, you only need to be 18 years old to play DFS.