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Sports bettors in Tennessee might not like the idea that they can only claim a maximum of 90% their original stake.
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Regulations for sports wagering in the Volunteer State are expected to be released on Friday and include the stipulation that sportsbooks generate at least a 10% hold (gross revenue divided by the total dollars wagered). By comparison, Nevada has averaged between a 5-6% hold percentage).
Such rules mean bettors in the state of Tennessee will be forced to pay a much steeper vig on their wagers than what you see in other states — a 10% hold implies -125 vig per side on a standard bet with two options ($125 bet would only profit $100 if it wins). That could, in turn, keep Tennessee from producing the 9-figure monthly handles we’ve seen from states like New Jersey, Indiana and Pennsylvania, which did not institute such regulations.
Tennessee will also require operators to pay a steep licensing fee ($750,000) and tax rate (20%). Illinois ($20 million for online-only operators) and Pennsylvania ($10 million) have the steepest licensing fees, while New Jersey ($100,000), Indiana ($100,000) and Iowa ($45,000) have opted to go much lower.
- Tennessee sports betting could be live by July: Rules mandate 10% hold percentage for first time ever
- Sports Betting Coming to Alaska?
- PA Sports Betting Bill Reallocates Revenue To Property Tax Relief
- Aaron Goldstein, Gambling911.com
