Why the arrival of legal sports betting could be music to Tennessee’s ears | Opinion

• Matt Kalish is co-founder and president of DraftKings North America.

Under normal circumstances, one visit to Nashville is all it takes to understand its Music City moniker.

Live-band melodies pour from bars along Broadway, the Grand Ole Opry hosts legendary artists while famous stretches of honky-tonks and dance halls line the city.

Meanwhile, southwest in Memphis, stands Elvis Presley’s Graceland, rock-and-roll innovating Sun Studio and the blues clubs of Beale Street steeped in an iconic melting pot of culture.

Tennessee is without question a renowned musical powerhouse, but music is not why the state is about to make history — that credit goes to sports betting.

Tennessee will be able to reap benefits of multimillion-dollar business

Regulated sports betting, a multi-billion-dollar industry, has arrived in Tennessee and marks the first state in the nation to adopt online interactive and a mobile-only market.

This means that while casinos and retail sportsbooks will remain outside the borders, fans within the Volunteer State will be able to use their smartphones to register and legally wager online on live sports.

Since sports betting became law just over a year ago following a landmark Supreme Court decision, Tennessee will join as the 21st state in the country to accept a legal sports bet.

Hear more Tennessee Voices:Get the weekly opinion newsletter for insightful and thought provoking columns.

To date, there has been over $256 million generated in nationwide state tax revenue from regulated sports betting where available, and the citizens of Tennessee will now reap the monetary benefits of this industry as well.

Consumer protection is an important part of the betting landscape

Financial impact aside, Tennessee’s mobile-oriented adoption of legal sports betting matters because it underscores the technological advances of the industry.

It also protects consumers from the shady illegal market that has persisted for many years.

As a legal sportsbook operator, DraftKings has become a leader in responsible gaming, including Platinum Membership of the National Council on Problem Gaming, the leading organization for people and their families who are affected by problem gambling and gambling addiction.

Unlike the underground illegal services, regulated sportsbook operators use consumer protection measures like cooldown periods, self-exclusions and betting limits to ensure responsible entertainment.

All of this is incorporated through the dynamic technology of online sports betting that brings fans closer to the action both before and during games while personalizing their experiences through machine learning within a safe mobile environment.

Betting will enhance sports culture in the Volunteer State even further

The abundance of Tennessee’s sports could make the state a major boon to the betting industry in short order as well, despite a lack of exposure to these products among regional fans according to recent consumer data.

A DraftKings study this past July of sports fans in Tennessee found only about 40% had made an online or in-person sports bet before outside the state, but 82% are interested in online wagering or at a retail location.

Keep in mind that along with being home to four major professional league teams with the NBA’s Memphis Grizzlies, NHL’s Nashville Predators, the MLS Nashville SC and NFL’s Tennessee Titans, the Volunteer State also boasts an impressive array of other sports to engage bettors.

Combining a motivated fanbase with a robust roster of local teams and technology-centric regulatory framework around mobile and online offerings, Tennessee is poised to enhance its sports culture even further.

Entering the Tennessee sports betting market is a pivotal moment for operators and fans alike, and we owe many thanks to the lawmakers who are helping make this historic launch possible.

This industry is a catalyst for increased fan engagement, innovative technology and economic growth through job creation and state tax revenue. There is so much to look forward to within this promising market, and as sports betting now officially available in the state, we can only hope it is music to Tennessee’s ears.

Matt Kalish is co-founder and president of DraftKings North America.