Should I drop my offshore sportsbook now that Tennessee has legalized and begun regulating in-state sports betting sites? It depends. For one, the in-state licensed books will require individuals to be at least 21 (offshore books the minimum age is 18). Additionally these books are obligated to report winnings to the IRS. The offshore sportsbook still provides an adequate amount of privacy in an age where Big Brother is frowned upon more than ever before.
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Tennesse is unique in that the state does not have any casinos or similar gambling venues. It is the only state that permits mobile or online sports betting without any type of casino affiliation or partnership.
William Hill and Wynn Sports are the latest betting companies to receive approval from the Tennessee Lottery’s Sports Wagering Committee.
Lottery CEO Rebecca Hargrove said those companies and a third, Churchill Downs, have indicated they won’t launch in Tennessee in time for the Super Bowl 55 on Feb. 7 however. One operator’s server was near where a bomb detonated in downtown Nashville on Christmas, Hargrove said. That bookmaker has since been identified as William Hill.
FanDuel, BetMGM, DraftKings and Tennessee Action 24/7 are up and running in Tennessee. Churchill Downs, operating a sportsbook named BetAmerica that is rebranding as TwinSpires, received previous approval but isn’t running yet in Tennessee.
Tennessee’s online-only sports betting has seen $312.3 million in gross wagers in its first two months of November and December.
For Vols backers, the state does permit betting on its own schools and the games that feature them. This is not the case with all states. Illinois, for example, prohibits such action.
– Aaron Goldstein, Gambling911.com