Sports betting in Tennessee has picked up since his 1st of November Start, but market regulators still have a lot to find out.
The Tennessee Education Lottery‘s Sports betting advisory board met on Tuesday to discuss several topics that had never surfaced in the nearly year and a half it took to adopt TN sports betting: how certain violations are classified, different payment methods, and sports pools and peer-to-peer Bets.
While not all is clear, the Tennessee market has got off to an impressive start. There was $ 523 million Bet in the state from start to 31 January With $ 49 million in gross sports betting revenue.
The council also heard new information from the lottery on account bans announced at last week’s board meeting. Two had unspecified sports betting 74 accounts Law enforcement recently shut down to investigate these issues.
Learn more about sports betting bans in Tennessee
Last week’s session left the details there, but the lottery provided some additional information when pushed by the councilor Kevin Carroll.
Carroll asked if the accounts were 74 people or people with multiple accounts:
“It was both,” said Danny DiRienzo, an investigator for sports games at the lottery. “There was a group of individual accounts and another group of multiple accounts used by one person.”
A closer look at peer-to-peer betting
ZenSports had already applied for the license for sports betting in Tennessee in November, but the application has not yet been completed.
The sports betting provider wants to offer both traditional sports betting and peer-to-peer betting. P2P would let any two bettors agree on the platform and place a bet against each other. ZenSports would charge a transaction fee and hold the money until the bet is settled.
TEL CEO Rebecca Hargrove told the council that the lottery is not for P2P betting. There are two reasons:
- It’s not entirely clear that this is allowed under the Empowering Act as the licensees must be the ones who will accept the bet.
- Without technically accepting and paying out the bet, there is no adjusted gross income for taxation according to the law.
The lottery will seek an opinion from the Attorney General’s office at the suggestion of the Councilor Tom Lee.
However, the council took the lap pools more positively and advised the lottery to pursue them as a different form of revenue. Changes to make this possible in Tennessee are unlikely to happen before then March madnesseven though.
Does Tennessee allow sports betting gift cards?
Another positive conversation was about gift cards for sports betting providers. The council did not object to this as long as the cards could not be purchased with credit.
“I don’t want to be a payday lender – I just took advantage of it, I don’t choose payday lenders – I don’t want to be someone who keeps putting people into debt,” the council said Chairman Billy Organ said. “But when they have the money in their pockets and can buy it, they can buy it. I don’t know why they would, but I don’t want to fall victim to people in any way. “
There’s another reason payday lenders might naturally think of organ. A lawmaker behind a bill that looked at payday lenders and their involvement in sports betting told LSR that at least one person had made profits Action 24/7 diverted to repay loans from Action’s sister company Prepayment around the clock.