Blackpool were 2-0 up thanks to goals from Paul Dickov either side of the break, but goals from Caleb Folan and Dean Windass saw the home side claim a point which they more than deserved.
The match had to be stopped for over five minutes midway through the first half when Bryan Hughes was stretchered off with a head injury, Nicky Barmby came on the replace him on the left wing.
Blackpool took the lead six minutes before the break when Michael Flynn managed to get on the end of a long ball upfield from Stephen Crainey.
He flicked it on past the stranded Boaz Myhill, and on to the head of Dickov who converted the chance with ease from close range.
After the break Simon Grayson's men were soon 2-0 up as Dickov managed to bring down a long defensive clearance inside the Hull box, flicked the ball over the head of Michael Turner and lobbed Myhill with a clever left-footed effort from ten yards.
He squared the ball to the £1million frontman who slotted the ball home with ease from eight yards to bring Hull back into the game.
Phil Brown's men were then level on 71 minutes as Sam Ricketts showed great footwork to create space down the right and float in a cross onto the back post.
Blackpool were unable to clear the ball allowing Windass to pounce and hit the ball home from close range.
The Seasiders were reduced to ten men in the last two minutes when Kaspars Gorkss picked up his second yellow card of the game after scything down Hull substitute Dean Marney just inside the Tigers half.