Multiple Bills Looking To Legalize Sports Betting In Tennessee

NASHVILLE, Tenn. – Tennessee has multiple bills that would legalize sports betting in the state in a number of different ways.

One of the bigger bills on file is TN HB 1. This legislation plans on collecting a 10 percent tax on all sports betting revenue, with 40 percent of the proceeds going to the state’s general fund. The rest will go to funding community college and education projects, as well as establishing the Tennessee Gaming Commission. 

Tennessee’s Fiscal Review Committee expects that this sports betting bill will have a multi-million-dollar economic impact. They also think that there will be 50 betting licenses initially issued, meaning that there will be multiple sportsbooks opened in the state. 

“This Act will result in additional jobs and consumption expenditures within the economy, both ultimately resulting in a recurring increase in sales tax revenue collected by state and local government,” said the bill’s fiscal impact statement.

If this bill were to pass, it would take effect on July 1. 

The state is also considering TN HB 666. This piece of legislation would also use sports gambling revenue to fund education in the state. It would also allow for more populated cities in the Centennial State to hold a referendum to allow sports betting to happen in those cities. 

The state would collect a 10 percent tax on sport wagering operators to fund pre-k through 12th-grade education. Cities will also have the option to opt-in and enact a 2 percent tax on sportsbooks as well.

TN HB 1033 would legalize office pools. If an office in Tennessee makes a pool during March Madness, it is technically illegal to do that. The legislation makes it so that these are legal as long as pools do not exceed $1000 and are operated by an individual.

TN HB 1012 require the secretary of the state to conduct a study on the economic impacts of sports betting. This involves the study of legal states and the impact of sports gambling. Although there are a lot of bills filed for sports gambling, there are strong opponents against legalizing it. 

Opposition To Tennessee Sports Betting

One of the main opponents against sports wagering in Tennessee is Governor Bill Lee. He says he morally opposes sports betting, so it is unclear if he would give his signature if a bill were to pass. 

Tennessee general attorney Herbert Slatery has also voiced his opinion against it. He states that if sports wagering is more up to chance than it is skill, it violates the state’s constitution and will not be legalized. He did say that if skill is involved, then wagering on sports could be legalized.

There are a lot of bills that need to go through both the Senate and House before moving forward. But if the state passes TN HB 1, then sports betting could come to the state as soon as July 1.