Sports betting has been a significant attraction of Las Vegas, Nevada, for generations, with the activity being tied into movies and series outside of Sin City. It’s commonplace in American entertainment and sports media has given the impression that the United States, as a whole, allows sports betting, but that couldn’t be further from the truth.
It was only on May 14, 2018, that the Supreme Court of the United States decided to repeal the PASPA from federal law, which was the primary act stopping each state from regulating their own sports betting scenes. Since then, state by state, sports betting has gradually been legalized and regulated across the USA. Now, another major potential market is set to join the fray soon.
Tennessee drawing industry attention
Home of the Nashville Predators, Tennessee Titans, and Memphis Grizzlies, the state of Tennessee is a major sports market, giving it tremendous potential as a sports betting market. With three major league teams, two of which compete in at least 82 games per season, you can bet that fans are ready to place their wagers on the hometown teams.
However, Tennessee isn’t going for your run-of-the-mill, cookie-cutter sports betting scene. As described by Tennessean, the state’s online sports gambling platform is attracting a lot of attention from industry experts. This is because the government will operate a purely online betting scene, without a single brick-and-mortar gambling venue, which, in turn, means that operators don’t need to have state-based ground operations to get a license.
Furthermore, there will be a 90 percent cap on payouts, as enforced by the regulatory body of the state, the Tennessee Education Lottery Corporation. The combination of this cap and the online-only betting platform makes the 20th state of sports betting, when Tennessee opens on November 1, a case study for others to examine and adapt.
The quality of online may have more states follow suit
Most states require that betting operators open a land-based arm of their business within the state before offering online sports betting. Over in Europe, most sites that provide betting in each country don’t have land-based operations therein. This is the kind of approach that Tennessee is taking, and it makes sense when you consider the quality and popularity of the online sector.
In other established gambling nations, it’s the online scene which is becoming the go-to way to bet. In the United States, new gambling jurisdictions have learned from and drawn in the expertise of overseas, making sure that US betting sites are as competitive as they are elsewhere. As such, they’ve brought in all of the best markets, bonuses, payment services, features, and customer service options.
The shift has enabled new US betting states to have a market-leading offering immediately. Land-based sports betting isn’t as nimble or adaptive as its internet-based counterpart. So, sticking purely to a vast, competitive space of online betting will enable Tennessee to offer the best and newest innovations that the industry has to offer.
Coming in as the 20th state for sports betting, the Volunteer State could end up being a trailblazer for the remaining 30.