Tennessee sports betting doesn't have the reputation of flashy markets like New York and Nevada, but the Volunteer State is quietly one of the biggest sports betting markets in the US.
State lawmakers legalized sports betting back in July 2019, just a year after the Supreme Court overturned the federal sports betting ban in the landmark Murphy v. National Collegiate Athletic Association case.
Since 2019, Tennessee sportsbooks have continually reported substantial revenues. In 2024, multiple months saw operators handle over $500 million in bets from Tennessee bettors. Besides significant revenues and sports betting handles, 2024 was a quiet year for Tennessee sports betting. Just two new betting sites entered the market, and one actually left the state.
Keep reading to learn more about what happened in 2024 and see what our experts predict for the Tennessee sports betting market in 2025.
Tennessee Sports Betting: 2024 Highlights
Jan. 25: PrizePicks, one of the biggest Daily Fantasy Sports (DFS) operators in the US, introduced its new PrizePicks Arena peer-to-peer fantasy sports game to the Tennessee sports betting market.
Feb. 1: Tennessee started 2024 strong with a 13.8% year-over-year increase in wagers and a 19.4% increase in tax revenues in January 2024.
July 19: SuperBook Sports announced that it would be closing its sports betting operations in Tennessee. The Nevada-based sportsbook also shut down its Arizona, Colorado, Iowa, Maryland, New Jersey, Ohio, and Virginia sports betting sites.
Oct. 16: The Executive Director of the Tennessee Sports Wagering Council sent its third and final cease and desist letter to Curaçao-based sports betting site Bovada, demanding it stop offering its services in Tennessee; the first had been sent out just two weeks earlier.
Oct. 17: Bally's Interactive and the Bally's Corporation officially launched the Bally Bet sports betting site and sportsbook app in Tennessee, becoming the 12th online sportsbook available in the Volunteer State.
Oct. 23: Using its authority under the Sports Gaming Act, the Tennessee Sports Wagering Council issued a $50,000 fine to Bovada for offering an unlicensed and illegal sports betting site to Tennessee sports bettors.
Sports Betting: Where Things Stand
Tennessee sports betting is one of the most open markets in the U.S. If you are over 21, you can bet on the NFL, college sports, and dozens of other betting markets. Politics and college player props are the only things off-limits to Tennessee bettors.
However, you can only use one of the 12 sports betting sites licensed by the Tennessee Sports Wagering Council. Here are the Tennessee sportsbooks available entering 2025:
- Action 24/7
- Bally Bet
- BetMGM
- Caesars Sportsbook
- DraftKings
- ESPN BET
- Fanatics Sportsbook
- FanDuel
- Hard Rock Bet
- Wagr
- ZenSports
Tennessee is the only state in the country with a mandated hold percentage of 10%, a policy first instituted in July 2023.
Tennessee Sports Betting: What's Next?
While other states' markets changed dramatically in 2024, Tennessee sports betting has remained relatively stable since mid-way through 2023. It’s hard to see that changing in 2025.
ESPN BET and Bally Bet were the last major American sportsbooks not in Tennessee. These operators entered the market in 2023 and 2024, respectively.
Major international sportsbooks, like bet365, could enter Tennessee in 2025. However, with Unibet, Betway, and 888 Holdings closing their North American betting operations in 2024, 2025 will likely be a slow year for international investment in US sports betting markets.
Tennessee Sports Betting: Notes and Quotes
"Our primary role is the protection of the public interest through a safe, regulated environment, and Tennessee sports bettors need to know that just because they can access a sports betting website or app inside Tennessee’s borders does not mean it is licensed to do business here."
Tennessee Sports Wagering Council commenting on the size of the Tennessee sports betting market:
"Tennessee is the largest ‘online-only’ sports betting market in the U.S., with more than $4.7 billion wagered in Tennessee last fiscal year (2023) through online sportsbooks licensed by the Council."
