News Sports Betting Imminent in Tennessee

Sports Betting Imminent in Tennessee

-

Fans of sports betting in the US state of Tennessee will be able to bet on their favourite sports events when the coronavirus shutdown ends, after sports betting rules were given the green light. 

The Tennessee Education Lottery has approved the rules and regulations for mobile sports betting to get underway in the state, having made small adjustments to some aspects of the payout policies, and is aiming to allow betting firms to apply for operating licenses next week. The rules met the approval of the board of directors of the Lottery on Wednesday. Speaking about the regulations, the chair of the board, Susan Lanigan, said that a lot of work went into getting to this stage:

“These rules reflect the significant work that went into establishing the processes and requirements for licensing and regulating interactive sports wagering in Tennessee. The board thanks the TEL and the Sports Wagering Advisory Council for their thoughtful help and guidance.”

The biggest controversy around the regulations is the payout rate. Originally set at 85%, this has now been raised to 90%, but is still significantly lower than average rates in other states.

The regulations set the fee for operating licenses at $750,000 while supplier licenses are at $75,000 with a non-refundable application fee of $50,000. Subcontractors and others who provide services to operators or suppliers will have to buy a Level III licence, at a cost of $7,500. The lottery board have a period of 90 days to assess an application, and there will be no total limit on the number of applications. All operators will be required to pay a tax of 20% of gross income.

The regulations, which also impose tight restrictions on marketing, were first published back in November, following the passage of a law on mobile wagering, which was signed by Governor Bill Lee in May 2019.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

BGC Issues Football Social Media Rules

UK betting industry body the Betting and Gaming Council (BGC) has released new rules that are aimed at...

UKGC Calls Time on Consultation

The UK Gambling Commission (UKGC) has issued a last call for evidence on the issue of how it should...

UK Politician Speaks Out on Affordability Checks

UK Conservative MP Laurence Robertson has spoken out over the proposals for affordability checks in the UK gambling industry,...

Kindred Reveals Extent of High Risk Gambling

One of the biggest betting operators in the UK has become the first to make public the...

New Report Shows Effects of Problem Gambling

A new report has been presented to the UK government, which details the costs of problem gambling...

UKGC Tackles Game Design

The UK gambling regulator, the UKGC has announced a new range of measures which are aimed at...

Must read

Guide to Online Casino Bonuses

Anyone who has visited an online casino site...

The online casino sector is one of...

You might also likeRELATED
Recommended to you