You are here: Home Sports Betting News Gambling Industry Tennessee Takes Another Step Closer to Launch Sports Betting
In the grand scheme of things, sports betting in the US is not that big of a deal to those outside of the industry. But because of the pandemic that is causing fiscal problems for states, sports betting is getting more attention than usual. Mostly, because of how the sports betting industry can help states with their fiscal woes. This brings about a good change in legislation, where more and more states are now opening their doors to gambling and sports wagering. Tennessee, for instance, is one state that is getting ready for its launch.
The tentative date for launching sports betting in Tennessee is November 1. So far, the state is currently reviewing the applications of would-be operators in the state. Those who want to bet sports online will be waiting quite a while since these applications need to be approved. The said approvals will be announced by October 5.
Even though launching sports betting is scheduled for Novermber, it could be possible for the state to allow for an earlier launch. Assuming that everything goes well, they could see a launch happening as much as 2 weeks before the original launch date. Many bookie pay per head sportsbooks are already getting a lot of betting action as the NBA is in its playoff season, and the NFL has started.
And those who want to know how to be a bookie, there are a lot of options. But the sooner you can establish a sportsbook, the better. Things will not be as stressful as operators in Tennessee, who will have to pay a 20% tax rate. This is worrisome as the tax rate set by the state is one of the highest in the state. there is also a high hold cap, as well as a steep licensing fee of $750,000.