Tennessee Sports Betting Promos & Bonuses: Best Offers for 2023

All Tennessee sportsbook promo codes

Of Tennessee’s 11 online sportsbooks, only Caesars requires a promo code to be punched in at the first deposit to redeem its welcome bonus. The other ten active operators in the state boast sign-up offer valued at hundreds, if not thousands, of dollars. The welcome promotions come in three types:

• Deposit match bonus
• First bet insurance
• Bonus bets

Each of these bonuses does possess the possibility of adding value to your sportsbook wallet. Still, the catch is bettors must meet certain requirements before credits are applied to your account or before you can request a withdrawal. This is why it’s imperative to review each online sportsbook’s sign-up offer terms and conditions before registering a new account because the last thing you want is a surprise after placing a bet slip.

FanDuel TN welcome offer

FanDuel’s app store ratings are among the best in the Tennessee market. So, in addition to an elite user experience on its sports betting app, new players can claim a No Sweat First Bet up to $1,000. No promo code is required.

• New players must register a new account via the app, not FanDuel’s sports betting site
• Place a first qualifying wager
• If that first bet loses, you'll get bonus bets from FanDuel equal to the first wager
• Bonus funds can take up to 72 hours to appear
• Bonus funds can not be withdrawn as cash

What does the promo mean for you?

This promo means new Tennessee players can earn up to $1,000 in bonus bets depending on how their first bet does. It allows new players to be more aggressive on their first bet knowing that FanDuel’s accounting team will stake their account up to the amount of their first bet should it lose.

How much money can be earned with the promo?

If your first bet wins, you win the bet and will receive no bonus bets.

If your first bet loses, you will earn bonus bets equal to your first wager. For example, a $20 first bet that loses will mean you get $20 in bonus bets.

Why this bonus is better than others

While it's not as large of a potential bonus as Caesars, there are no restrictions on how you use the bonus bets.

DraftKings TN welcome offer

DraftKings has carved out a solid market share in Tennessee since launching in November 2020. However, they are still being aggressive in an effort to attract new players. The current sign-up bonus at DraftKings TN is a bet $5, win $150 offer. No promo code is required.

• You must deposit a minimum of $5
• Your first wager must be on a pre-game moneyline
• If your bet settles as a win, you will receive $150 in bonus bets
• The $150 is segmented into six (6) $25 increments
• You can’t withdraw bonus funds for real cash
• Bonus bets will expire within seven days if unused

What does the promo mean for you?

This promo is great for new Tennessee players because of the low cost of entry. A $5 bet to possibly earn you $150 in bonus funds is a snappy way to build your new bankroll.

How much money can be earned with the promo?

How much you can garner in future earnings depends on your success. The more of your bonus bets that win, the more profits you can collect and cash out via withdrawal.

Why this bonus is better than others

DraftKings makes it easy for new players to chase $150 in bonus funds by requiring a measly $5 bet to win.

BetMGM TN welcome offer

BetMGM Sportsbook’s efforts to woo new players to their Tennessee online sportsbooks and sports betting app is via first bet insurance paid back via bonus bets. No promo code is necessary for this sign-up offer that can protect you up to $1,000.

• A $10 minimum deposit is required
• First bet must lose for bonus bets to be released
• A dollar-for-dollar bonus bet insurance met is guaranteed
• First bet losing wagers of $49 or less will be paid out in a single bonus bet
• First bet losing wagers of $50-or-more will be paid out in 20% increments
• A $1,000 first bet loss would earn five (5) $200 bonus bets
• There is a seven-day expiration on bonus bets acquired
• Bonus bets can not be redeemed for cash

What does the promo mean for you?

It means new players can enjoy peace of mind that their first bet is protected up to $1,000. If they wager $100 on their first bet and lose, BetMGM will stake their account with $100 in five (5) $20 bets.

How much money can be earned with the promo?

If your first bet following sign-up wins, bettors can earn no money via this promotion because you will not be awarded bonus bets.

If your first bet loses, future earnings depend on bet slip accuracy. For example, if you earn five (5) $200 bonus bets after your first $1,000 bet loses and all five bonus bets are ruled as losers, you would win no money. However, if you take any of those five (5) bonus bets and your wager wins, you get to keep all the profits moving forward.

Why this bonus better than others

Very few operators offer first bet insurance of $1,000 or more, plus BetMGM doesn’t force new players to risk all their bonus bets on a single wager.

WynnBET TN welcome offer

WynnBET is relatively new to the Tennessee market after joining the party in April of 2021, and thus they are a little behind the eight-ball in attracting new players. However, they have a delicious sign-up offer in the form of a $100 bonus bet, and no promo code is required.

• Minimum deposit of $100 is required
• New player’s first bet must be for at least $100 and on odds of -120 or greater
• As long as you wager $100 on your first bet, the result doesn’t matter in earning your $100 bonus bet
• The bonus funds will hit your account in 24 hours and be in one in-full installment
• Players must use a $100 bonus bet within seven days

What does the promo mean for you?

The promo means you can potentially double your bankroll if your first bet wins. If you wager $100 on your first bet, the $100 bonus you are credited to your account, plus a win, would allow you to keep all the profits of your first bet.

How much money can be earned with the promo?

The total amount of money you can earn via the WynnBET promo is indefinite if you keep stringing together consecutive bets. After your first bet settles, WynnBET will credit your account with a $100 bonus bet in 24 hours. If you wager bonus bet funds on a single event at 3-to-1 (+300) odds and it wins, you get to keep the $300 in profits and keep that ball rolling. If your $100 bonus bet wager is on a 2-to-1 (+200) moneyline event and it loses, you will earn no money via this promotion.

Why this bonus is better than others

The $100 bonus bet is acquired regardless of whether your first wager wins, loses, or draws. You still earn the $100 simply by placing the bet.

Caesars TN welcome offer

Caesars online sportsbook and sports betting app continues to be aggressive in their marketing approach to Tennessee’s new players. They offer a welcome offer of up to $1,250 in first bet insurance plus 1,000 Caesars Rewards points and 1,000 Caesar Reward Tiered Points. Promo code SBRFULL is required at the time of the first deposit.

• Minimum first deposit of $10 required
• Minimum first wager amount of $10 required to unlock promo
• First bet must lose to unlock insurance bonus funds
• Caesars stakes account with a total amount lost on the first bet up to $1,250. If you wager more than $1,250 on the first bet and lose, the most you’ll receive is $1,250
• You must wager bonus funds on a single bet
• The 2,000 reward points are guaranteed no matter what happens on the first bet

What does the promo mean for you?

This promo is geared more toward veteran bettors, and it allows them to take greater risk on their first bet with the advantage of knowing Caesars will stake them up to $1,250 should that first wager lose. Novice players may find it challenging to use bonus funds on a single bet when hundreds, if not the total of $1,250, maybe on the line again.

How much money can be earned with the promo?

You will earn no insurance bonus funds if you lose your first bet at Caesars online sportsbook or sports betting app.

However, if your first bet loses, you will earn up to $1,250 in first bet insurance. How much money you can make depends on your next bet because Caesars requires the entire bonus fund amount to be wagered on a single bet. So, if that wager loses, you won’t earn any money. If your bonus bet wins, you get to keep the profits of that and any subsequent wager that is ruled a winner. Bettors can’t withdraw the bonus funds themselves.

Why this bonus is better than others

It’s the most lucrative first-bet insurance on the market today, and it also comes with 2,000 reward points that you can redeem for Caesars VIP experiences.

How we rate & review sports betting promotions

SBR’s editorial team is helping educate those new to Tennessee sports betting on the ins and outs of the best online sportsbooks via independent and thorough reviews of all 11 operators. However, our team of experts also applies similar grading philosophies when rating and reviewing sports betting app promotions. This step is where reading the fine print can be used to ensure you are earning the best bang for your welcome bonus buck. Here is what SBR’s editorial team concentrates on before rating a sportsbook’s welcome promotion:

• What is the minimum and maximum value of the sign-up offer?
• Is the welcome promotion guaranteed just by making a first deposit or wager?
• Does the welcome bonus require a promo code at the time of the first deposit?
• How much do new players deposit to unlock the welcome promotion?
• What are the terms and conditions of the welcome bonus playthrough requirement to request a withdrawal of funds from an account wallet?
• What the expiration date is after acquiring bonus funds and first bet insurance?

Types of Tennessee betting sign-up offers & bonuses

In the wake of vast sports betting legalization in many American states recently, operators appear hell-bent on sticking with what works and categorizing sign-up offers and welcome bonuses into three basic categories: the deposit match bonus, bonus bets, and, most popular, first bet insurance. Below is a detailed explanation of each promotion and how operators use them to earn your business.

Deposit match bonus

If an operator offers a deposit match welcome bonus, jump on it, as they are a rarity these days. Deposit match bonuses are typically a percentage of your first deposit, up to a specific amount. For example, a 100% deposit match up to $500 would take a $500 initial deposit and double your account funds to $1,000. A 50% deposit match, like at Action 24/7 in Tennessee, would take an $800 first deposit and kick in $400 in bonus funds for a bankroll total of $1,200 to start.

Bonus bet

The bonus bet is more prevalent during pre-registration of states about to launch online sports betting, but you can still find some operators, like DraftKings, offering new players this sign-up offer.

An example of a bet bonus is when you make a minimum deposit of $10, and the operator provides $200 in bonus bets. Sometimes, you must make a first wager on any moneyline event to unlock the bonus bets. Also, bonus bets could be distributed as a single wager or in small increments. At DraftKings, $150 bet bonuses are chopped into six (6) $25 increments.

First bet insurance

The most common sign-up offer for new players in Tennessee these days is first-bet insurance. This type of bonus benefits both the player and operator as there is a chance no welcome bonus funds are awarded should the player win their first wager.

In other cases, operators will stake one’s account up to a specific amount of the first bet when a first bet loses. For example, at Caesars, you can wager up to $1,250 on a first bet, and if it fails, they will credit your account back with $1,250 in insurance funds. Caesars awards no welcome bonus funds if your first bet wins and the promotion period is closed.

Tennessee online sportsbooks

With no retail sportsbooks in the state, Tennessee is unique in that the Sports Wagering Advisory Council currently has unlimited sports betting licenses to award interested operators. The state started 2022 with 12 online sportsbooks but lost one when TwinSpires left the market. However, the 11 active sports betting apps could have three more operators join them shortly as BallyBet, BetFanatics, and ZenSports are in the pipeline, ready for launch and application approval.

Tennessee online & mobile sportsbooks

Tennessee betting resources

You might be confused if you’re new to sports betting and first stumbled upon this Tennessee sportsbook promos page. This page is just one of several Tennessee sports betting resources SBR’s editorial team published to help interested players make an educated decision. You’ll also want to check out each page below and start with Tennessee’s best sportsbooks and betting apps. Don’t forget to look into a full rundown of how various sports betting app bonuses work and our deep dive review of the best TN online sportsbook, FanDuel.  

Responsible sports betting with Tennessee promos

The Tennessee Sports Wagering Advisory Council replaced the Tennessee Education Lottery as the governing body of sports betting in the state back in January 2022. In addition to reviewing applications, issuing licenses, enforcing laws, and performing regular audits of sports betting site operators, the SWAC is also a problem gambling liaison. The council works with the state’s Mental Health and Substance Abuse Services department to help those struggling with responsible gambling.  

• Treatment options are available via an in-person meeting or telehealth video conferencing.
• The Tennessee REDLine can be reached 24/7 via phone or text at 1-800-889-9789

For more information, you can contact:

· Dr. James Whelan, Executive Director, The Gambling Clinic

· The University of Memphis, Department of Psychology

· (901) 678-3736

· jwhelan@memphis.edu

The SWAC also provides individuals with resources to help identify problem gambling. Operators do their part by limiting sports betting app session times and allowing players to set a bankroll budget over a specific period so they don’t risk more than they can afford.

Sportsbook promos & bonuses in other regions

Sportsbook promos & bonuses in legal U.S. states

Sportsbook promos & bonuses in international regions

• Canada sportsbook promos (excluding Ontario)
• U.K. sportsbook promos