As promised, the Tennessee sportsbook industry is now online, with very minimal hitches. As a refresher, the sports betting industry in the state launched November 1, and it is an online-only industry. Meaning, you will see a lot of bookie software, but no brick and mortar sportsbooks anywhere in the state.
Even though the road to launching a sports betting market in Tennessee took some time (the law was in effect back in July 1, 2019), more than a year to be specific, its launch went by smoothly, except for one app that was unable to run as it was still waiting for approval from Apple.
Tennessee Sportsbook Industry at a Glance
Online sports betting is always a profitable venture to go into. It can also be affordable, if you look at sportsbook pay per head prices, you will see that even the best ones do not cost much. Tennessee is eager to explore an online-exclusive market, which, given the pandemic, is a pretty safe option for many.
Tennessee has a pretty high 10% hold, which many experts thought would be passed to the bettors. But looking at the lines in the past few days, it doesn’t seem to be the case. Given that the state has some active teams in both the NFL and in college football, many are optimistic that the numbers for their maiden month will be great.
Upsets Boosts Sportsbooks
Of course, many locals made their first few wagers on the Titans. The Titans faced the Bengals, while the Packers faced the Vikings on Sunday. These two games were massively popular for sports bettors that day. Both were upsets, which was good for sportsbooks.
But some sportsbooks were willing to share the money, offering Tennessee bettors a refund of all losing single bets. BetMGM offers a free bet of up to $200 for this, but only if you are from Tennessee, and its only for spread and moneyline wagers. The biggest bet made that night was $5,000. The biggest payout (different wager) was $13,153 on a parlay.