Jun18
Tennessee Sports Betting Reaches $13 Billion Milestone, Funds State Initiatives
Tennessee Soon to Open the Door for Sports Betting, Governor Still Reluctant
May 5, 2019 Aleksandra Zolotic
The Bill which aims to legislate online sports wagering in Tennessee has finally been approved and sent to the Governor’s desk. Although the concept seems well-planned, with determined age limits and a certain percentage of revenue planned for education…
…still there are certain obstacles. However, Lee is unclear about putting his signature on the Bill. As he pointed out, he will let it become law without g it.
Still Opposes
Governor Lee is still against the legislation but approaches the duty with a high level of professionalism. Although he strongly disapproves the idea of expanded gambling in his state personally, Lee is trying to work with the regulators to make the proposal as acceptable as possible. As far as Laine Arnold, Lee’s press secretary announced:
“The governor has said he does not believe that the expansion of gambling is best, but he recognizes that many in the legislature found this to be an issue they want to explore further. He plans to let this become law without his signature.”
The Bill okays web-based sports wagering but requires punters to be physically present in Tennessee. Brick-and-mortar locations will not have permission to host sports betting. The cost of the license for the operators…
… which show interest in operating sportsbooks in this state would be $7,500. If a single operator wishes to offer more than one sportsbook, it would have to attain a license for each of the venues.
Age Restrictions Established
Wanting to pay special attention from preventing minors to place bets, the Bill strictly defines that those who are under 21 are not permitted to gamble. In addition to this, athletes, as well as the owners of a team involved in a game, are prohibited. The restriction also includes people who run sports betting operations…
… and any other individuals who may influence a game’s outcome. The purpose of such strictly defined rules in the Bill is to protect the sensitive groups above all and enable as fairer as possible gaming.
More Focus on Responsible Gambling
In addition to this, more and more companies try to raise awareness of all the potential gambling-related problems. That’s why they invest more funds in education and treatment and local authorities to contribute to the promotion of responsible betting. With that being said…
…the expected gain from taxes on online betting should bring $50 million per year to the state. The licensed suppliers will have to pay a 10% tax on adjusted gross revenue and the money will be used for educational purposes.
Source:
“Tennessee Legislature es Online Sports Betting Bill”, Narayan Niji, europeangaming.eu, May 2, 2019.
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I understand why Lee is against the whole idea, as gambling is a sensitive topic. On the other hand, there are plenty of positive examples in other states that things can work well when regulated. We shall see!