TN Sports Betting Advisory Council prepares for unexpected new assignments
The latest TN Sports betting meeting at the Tennessee Education Lottery focused on how its board of directors should be relieved of its regulatory obligations.
Members from the TEL and the Sports betting advisory board agreed that they should move forward with the expectation that the council will be the regulator for sports betting.
That is the likely result after that SB 588 has passed both chambers and is waiting Governor Bill LeeSignature.
Did the council want a TN sports betting authority?
The SWAC is a council appointed by multiple lawmakers to advise the TEL board and weigh possible situations regarding sports betting in Tennessee.
That will change next year when the laws are passed. It’s not even clear if this was something the nine members wanted at all.
“We had no hand in legislation”, Billy organ said. “Much of the way it was designed was news to all of us.”
TEL ‘very happy’ to give away responsibility
TEL CEO Rebecca Hargrove sounded pleased to remove these regulatory obligations from their plate:
“We are excited about the legislation that has been passed. We believe that our organization is an operational organization that acts as an operator rather than a regulator. So it is a very positive result to have a regulator regulating sports betting. “
“We are very excited and excited to work with you on how to best get what you need to implement.”
Hargrove stated during the nearly two-hour meeting that the TEL was understaffed to handle TN sports betting as well. There were only two employees involved in sports betting, which was fine for four operators, she said. Now with seven and four other applications pending, sports betting in Tennessee is starting to draw resources from the lottery.
The SWAC has a long list of tasks to complete before taking over the supervision January 1st. This includes reviewing the rules to see if changes are needed and hiring a staff that shouldn’t be less than 12th Guys, said Hargrove.
Hargrove: Hire someone with knowledge first
Hargrove’s suggestion is to hire a manager first, preferably one with a background in sports betting.
“You might make some decisions that don’t have operational knowledge of sports betting in terms of regulation. Then a manager comes along and says: “Wow! Why did you hire six lawyers? ‘”
Finding someone who understands sports betting is even more important than it sounds to the SWAC. According to a story from Play Tennessee, the members have no background in sports betting or even gaming.
In Tennessee, this is even more important as the current regulator is not entirely up to date on its own rules. This is what put the TEL on the losing end of a lawsuit after mishandling the suspension of Action 24/7.
Will the TN sports betting regulation be pending?
Hargrove had TEL General Counsel Guard McCutcheon Make a list of the daily sports betting obligations for the SWAC.
It is up to the SWAC to decide which tasks the TEL will continue to perform during the transition – if at all.
“If we want to stop all applications by the time you post your rules and adopt those rules on January 1st, we will,” said Hargrove. “We don’t have to run any other applications if you don’t want to.”
There are four Operator applications up to verification with a fifth Application delivered to the lottery Tuesday.
Peer-to-Peer TN Sports Betting Market?
It sounds like if Peer to peer Betting is left to the new regulators.
There is nothing in the law to say that peer-to-peer betting is against the law, McCutcheon said. As long as the law is obeyed and a tax is paid, it is considered a lawful activity.
There are two pending peer-to-peer applicants wishing to be admitted to traditional sports betting. They would then also offer peer-to-peer betting if Tennessee were the first market to regulate and allow this.
Tennessee fastest to handle $ 1 billion
April’s grip was on $ 172 millionaccording to preliminary figures from Hargrove. That just makes the total grip shy $ 1.1 billion since his 1st of November Start, which makes TN sports betting the fastest to get to grips with $ 1 billion.
Of course, this has some reservations, as not every state started with mobile betting. Three of the largest operators – BetMGM, DraftKings Sports Betting and FanDuel Sports Betting – also went live at the start.
Tennessee’s start came at a great time of the year too. The start in November meant his first six months contain half of the NFL Season, the NFL playoffs and the Super bowlas well as the vast majority of March madness Action.