Tennessee is closer to building a new house of cash.
Not the House of Cash that once stood in Hendersonville, or the Johnny Cash Museum on 3rd Ave. S in Nashville.
A 1.7-million-square-foot, up to $2.1 billion domed stadium planned for near the current home of the Tennessee Titans along East Bank. Metro Council approved the project on March 7 after adjusting some details including financial structure, which could cue digging for a project that would negate the need for $1.8 billion in repairs to 23-year-old Nissan Stadium.
“Nashville’s new stadium will be a game-changer for the community, enhancing the national and international reputation of our great city and state and delivering world-class events to our doorstep that we could never have dreamed of 25 years ago,” Titans president and CEO Burke Nihill said in a release.
It could be a game-changer for the Tennessee sports betting economy. And the national sports betting and big-game hosts map. Because another sports betting market could be joining the list of cities that regularly host the highest-profile games of the year. Nashville has proved it belongs on this list, but an indoor venue to ward off those gray and cold Mid-South winters could be the final validation.
— David Sargeant (@smallprophet) November 10, 2022
A record 600,000-plus congregated on Lower Broadway in Nashville over multiple days for the 2019 NFL Draft and the opening of an all-weather football venue near the existing bar district and surrounded by a planned new entertainment corridor would figure to eventually bring a Super Bowl to the Mid-South. Nashville’s population is booming, and its central location and reputation as “Nash Vegas” would seemingly make it an alluring locale.
While that would be good for state taxing authorities, the presence of legal mobile and online sports betting could be very good for the Tennessee Sports Wagering Advisory Council. Approval for the wide-ranging community redevelopment plan could come in two weeks.
‘Nash Vegas’ Could be on Super Bowl Waiting List
Fans attaching a bet to their hopes and dreams would figure to become as much a part of a Nashville Super Bowl experience as in Glendale, Ariz., this season or Paradise, Nevada (2024) and New Orleans (2025). Sports betting is legal via mobile and online platforms in Arizona, Nevada, and Louisiana.
The Feb. 12 Super Bowl at State Farm Stadium will be the first played in a state with legal mobile and online sports betting available since the fall of the Professional and Amateur Sports Protection Act in 2018. A BetMGM sportsbook is also located on the footprint of the Cardinals’ home. The Titans also have an official sports betting partnership with BetMGM.
The 2026 Super Bowl host has not been named, but Levi Stadium in Santa Clara has been heavily speculated upon. Two sports betting propositions were roundly defeated by California voters on Nov. 8.
Nashville could be in line for an early reward if construction began soon. Allegiant Stadium (Paradise) and SoFi Stadium (Inglewood, Calif.) were both granted Super Bowls since opening in 2020, with the Rams winning the Lombardi Trophy in their home stadium last season. The Raiders’ home was completed in about 31 months while the Rams’ and Chargers’ shared venue required nearly four years, perhaps lining up perfectly for a city checking a lot of other boxes, including more than 20,000 hotel rooms available in the area.
“We envision a potential new stadium that makes our community proud and enhances the reputation of our great city and state.” pic.twitter.com/cCPuPYTy4o
— Tennessee Titans (@Titans) October 25, 2022
Although there is no retail sports betting in Tennessee, a sportsbook-style lounge near a Nashville dome could be a major asset for a gambling company.
“Tennessee doesn’t have retail locations and is online only, but that doesn’t mean that sports venues can’t have locations that allow betting companies to engage and educate potential bettors, or accommodate VIPs,” Daniel Kustelski, co-founder and CEO of Nashville-based Chalkline told Gaming Today. “The key to betting growth for sports sponsors, from my perspective, is education. While the data shows that revenue from retail is 10% of online/mobile, the face-to-face engagement can be critical to assist people in sign-up, deposit methods, and then understanding terminology and how to bet.”
Tennessee Sports Betting Market a Tourist’s Dream?
Just four of the eight states bordering Tennessee currently have legal sports betting, and only Tennessee has state-wide mobile and online. With no other forms of gambling in the state besides a lottery, Tennessee has multiple operators including Caesars, DraftKings, and FanDuel currently live and a raft of options for locals and tourists alike with NBA, NFL, and NHL franchises and numerous college options including the Volunteers and Vanderbilt in the Southeastern Conference.
Tennessee’s sports betting market has proved solid in just more than two years since the launch, with more than $5.6 billion wagered, gross gaming revenue for the state more than $500 million, and $87.6 million in tax revenue collected through September, when the state logged a single-month record of $46.3 billion in gross revenue.