Tennessee Sports Betting Promos and Bonuses: Best Offers for April 2024

Tennessee sports betting promos quick facts

All Tennessee sportsbook promo codes

Of Tennessee’s 11 online sportsbooks, only BetMGM, Caesars, and SuperBook require a promo code to be punched in at the first deposit to redeem its welcome bonus. Most of the other active operators in the state boast sign-up offers 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 possesses 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 welcome offer of $150 in bonus bets with any winning first wager of $5 or more. No FanDuel promo code is required.

1. Register and download the mobile app to make your first deposit of at least $10.
2. Place your initial $5 wager on any sports market.
3. Win or lose, you'll earn $150 in bonus bets.
4. You will receive the bonus bets within 72 hours of placing your qualifying wager.
5. The bonus bets must be used within seven days, or they will expire.

What does the promo mean for you?

This promo means new Tennessee players can obtain $150 in bonus bets from FanDuel if they place a $5 first wager on any market. It doesn't matter if your first bet wins or loses, you'll collect the bonus regardless.

How much money can be earned with the promo?

The amount of real cash that can be earned with the FanDuel promo depends on multiple factors. For example, if you choose to wager the entire reward on an underdog pick and win, you'll garner a nice chunk of change. If your picks keep losing, though, your bonus won't amount to much in terms of real cash. 

Why is this bonus better than others?

While it's not as large of a potential bonus as Caesars' offer, FanDuel's reward is great for new bettors since it only requires a $5 initial risk. The other great feature is that you don't have win (or lose) your first wager, meaning the bonus bets are basically guaranteed. 

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, get $200 in bonus bets offer. No DraftKings promo code is required.

In addition, DK new and existing users can use their no sweat SGP every day for the NBA playoff games.

1. You must deposit a minimum of $5 and bet it on any market.
2. You will receive $150 in bonus bets instantly.
3. The $200 is segmented into eight (8) $25 increments.
4. You can’t withdraw bonus funds as real cash.
5. Bonus bets will expire in 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 total of $200 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 is this bonus better than others?

DraftKings makes it easy for new players to earn $200 in bonus funds by requiring a measly $5 bet. Few other bonuses offer that kind of bang for your buck.

BetMGM TN welcome offer 🦁

BetMGM Sportsbook’s efforts to woo new players to its Tennessee online sportsbooks and sports betting app involve first-bet insurance paid back via bonus bets. Use our exclusive BetMGM bonus code SBRBONUS to claim this sign-up offer, which can protect you up to $1,500.

1. A $10 minimum deposit is required.
2. First bet must lose for bonus bets to be released.
3. A dollar-for-dollar bonus bet insurance amount is guaranteed, up to $1,500.
4. First bet losing wagers of $49 or less will be paid out in a single bonus bet.
5. First bet losing wagers of $50-or-more will be paid out in five 20% increments.
6. A $1,500 first bet loss would earn five (5) $300 bonus bets.
7. There is a seven-day expiration on bonus bets acquired.
8. Bonus bets cannot 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 $1,500. 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, you won't earn any extra 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) $300 bonus bets after your first $1,500 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 is this bonus better than others?

Very few operators offer first bet insurance of $1,500 or more, plus BetMGM doesn’t force new players to risk all their bonus bets on a single wager.

Caesars TN welcome offer 🏛

 Caesars online sportsbook and sports betting app continues to be aggressive in their marketing approach to Tennessee’s new players. Their current welcome offer consists of a $1,000 first bet on Caesars. The Caesars Sportsbook promo code SBRBONUS1000 is required at the time of first deposit.

1. New users can sign up in TN using promo code SBRBONUS1000.
2. Make your initial deposit of $10 or more.
3. Place a qualifying wager within 30 days of registration on any sports market.
4. If your bet loses, you'll get your money back, up to $1,000, as a single bonus bet.
5. You must use the bonus bet within 14 days, or it will expire.

What does the promo mean for you?

New users in Tennessee can earn the $1,000 first bet on Caesars. If your bet loses, you'll get your money back, up to $1,000, as a single bonus bet.

How much money can be earned with the promo?

The amount of money you can earn from this promo depends on how your use your bonus bets. If you pick winners, you can potentially cash out a decent chunk of change. However, if your bonus bets are used to make losing bets, you'll get nothing.

Why is this bonus better than others?

The $1,000 in bonus bets is one of the highest dollar value in guaranteed bonus bets of any TN online sportsbook. Only BetMGM offers a higher total potential bonus. 

How we rate and review sports betting promotions

Our 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 12 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 our experts concentrate 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?
• Are there playthrough requirements to request a withdrawal of funds from an account wallet?
• What the expiration date is after acquiring bonus funds and first bet insurance?

Not all welcome bonuses are created equal. Some only require a minimal risk, as low as $5, while others need you to lose a large first bet in order to fully. Some welcome offers are great for novice gamblers who prefer low-stakes entertainment. Others, like Caesars, are better for experienced bettors who can easily handle a four-figure losing bet.

Types of Tennessee betting sign-up offers and 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

Bonus bets have risen to prominence over the past year or so. Many of the best TN sportsbooks offer some form of a 'bet & get' deal. This type of offer has proven extremely popular among new bettors, and for good reason. 

These bonuses normally require only a minimum deposit ($10 or less) and a small real money wager of $5 or $10. After that, your account is credited with a chunk of bonus bets, normally in the $100 to $200 range. 

You can't withdraw these bonus bets as cash. Instead, you must use them to make additional wagers. That gives you extra chances to make some profit while you get familiar with a new sportsbook platform. Just watch out for any extra conditions, like needing your first bet to win in order to qualify, or how quickly your bonus bets expire. 

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, Caesars often uses a $1,000 first-bet insurance offer. You can wager up to $1,000 on a first bet, and if it fails, they will credit your account back with $1,000 in bonus bets. In most cases, you don't earn any bonus funds if your first bet ends up winning.

Referral bonus

Sportsbooks frequently offer more than just welcome bonuses. A common promotion is to hand out referral bonuses to existing players who can recruit their friends to sign up for the first time.

You'll get a unique code or link to send out. If someone makes a new account and a first-time deposit using that link, you'll earn a small reward — usually a $10 to $100 bonus bet or cashback equivalent. Check out our best sportsbook referrals page for more information on how to claim these bonuses.

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 11 online sportsbooks but has since lost (TwinSpires) and gained (Fanatics) one. However, the 11 active sports betting apps could have more operators join them shortly as BallyBet and ZenSports are in the pipeline, ready for launch and application approval.

Note: WynnBET closed operations in the state on Aug. 11, 2023.

Tennessee online and 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.  

Sports betting by category

It doesn't matter what sport or league is your favorite; there's a great sportsbook bonus waiting for you at any number of legal and licensed sportsbooks in your state. Here's a list of the best sportsbooks by category, to make your decisions even easier:

Responsible sports betting with Tennessee promos

The Tennessee Sports Wagering Advisory Council (SWAC) 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.

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.

The Tennessee REDLine can be reached 24/7 via phone or text at 1-800-889-9789

National U.S. gambling helpline: 1-800-GAMBLER

Tennessee sports betting recent news

Mar. 12, 2024: Tennessee announces their performance results for the first two months of 2024, with betting activity up 14.4% from the same time last year. 

Jan. 2024: PrizePicks launches peer-to-peer gaming in Tennessee.

Jun. 2023: The state of Tennessee announces that it will soon tax sportsbooks based on handle as opposed to revenue.

Dec. 2022: Online Tennessee sportsbooks set an all-time handle record, accepting $439.5 million in wagers during November 2022.

Aug. 2022: Betly becomes the 10th active online sportsbook within the state.

Dec. 2021: The TELC gives control of sports wagering regulations to the Sports Wagering Advisory Council (SWAC).

Nov. 2021: Tennessee surpasses $2 billion in annual betting handle in its first 12 months since launching online sportsbooks.

Nov. 2020: Three approved commercial online sportsbooks (BetMGM, DraftKings, FanDuel) become the first to go live in Tennessee.

Apr. 2020: The Tennessee Education Lottery Corporation (TELC) approves finalized sports betting regulations, allowing operators to begin applying for licenses.

Nov. 2019: Tennessee lawmakers officially form a Sports Betting Advisory Council responsible for drafting the state's first set of sports betting regulations.

May 2019: Gov. Bill Lee allows sports betting bill to pass without signing off on it, making Tennessee the first state in the nation to allow online sportsbooks.

Sportsbook promos and bonuses in other regions

The legal status of sports betting varies from state to state. That means you'll find different sportsbooks with a variety of different promos (or none at all) depending on which state you're in. See our legal sports betting state tracker for information on all 50 U.S. states.

Sportsbook promos & bonuses in legal U.S. states

Sportsbook promos & bonuses in international regions

• Canada sportsbook promos (excluding Ontario)

• U.K. sportsbook promos