Tennessee Opens Door towards Legal Online Sports Betting; Regulations in Progress
Tennessee sports betting is officially introduced for review. An announcement made by Tennessee’s Lottery revealed that there are drafts in place for the proposal of sports wagering regulations. The drafts indicate that the state is almost ready to implement laws that will make online sports betting legal. This makes Tennessee the first state to legalize online gambling without Retail sportsbooks.
The Lottery has opened up the platform to receive public feedback about this for a period of 30 days after this announcement was made. The regulations have been drawn up and are ready to be passed as law.? The document is also available for public viewing before the next meeting of the Sports Wagering Advisory Council. A first time thing in Tennessee, this board was created to oversee the online sports betting market under the guidance of Nevada based gaming attorney Jennifer Roberts.
As the owner of a Law firm that deals with gaming law, Jennifer Roberts is an expert in this field. She is also the director of the International Center for Gaming Regulation. Online gambling enthusiasts can be reassured that these proceedings are safe under her watchful eye.
Gambling enthusiast are advised to be patient, however, because the event will come to pass after a few more months. The state will only begin taking license applications after the regulations have been sanctioned.
What to expect from Tennessee Sports Betting
Tennessee sports betting online means mobility. The luxury to play wherever you are and whenever you want to. So when can Tennessean app developers expect to be creating the latest apps to update the new sports betting feature? State Representative Rick Staples suggested patience, explaining that there would be a process to vetting applicants so it will take time. In his words:
“We want to make sure that it’s about the quality of the product and not rushing for any particular reason. If we are going to ahead of we’re going to show other states how to it”.
The State Lottery will be able to approve a discretionary number of apps, there is no set limit. In terms of costs, the recipients of the licensing will be liable to pay $750 000 dollars per year. Each app will also pay 20% in taxes on gaming revenues.
Draft Rules: What you need to know
All Tennessee sports betting will be required to use the official league data for live bets. This means that holders of licenses must partner with leagues to buy the rights to use their data. Unless, of course, online sportsbooks can prove that leagues cannot provide data on commercially reasonable terms.
Other than that: Draft regulations are there to be viewed and critiqued if needs be, the lottery encourages everyone to leave their comments for the purpose of making sure that they cater for all sports betting enthusiasts. Keep visiting RiverNileCasino.com for more news!