Sports betting is now official in Tennessee. An online-only sports betting bill was passed by the state without the Governor’s signature. Soon players can expect online sports betting websites operating in the state.
Following the new official approval of the new legislation, Tennessee becomes the fourth US state this year to legalize sports betting after Montana, Indiana, and Iowa.
Though the Governor didn’t sign the bill, he allowed it to become a law. Governor Bill Lee explained that the reason for not signing the bill was personal as he did not agree with the gambling expansion in the state.
The state lawmakers are expecting that gambling expansion would bring in significant tax revenues. According to the new bill, the online gambling companies offering sports betting in the state would have to make a lump sum payment of $750,000 and a flat 20% tax on the revenues.
The new law will come into effect from July 1, and it is expected that companies like DraftKings and Fanduel will begin operations in the state.