The board of directors of the Tennessee Education Lottery Corp. will meet August 14 in Nashville to discuss implementation of online/mobile sports betting, legalized in the state on July 1.
The TELC website states, “In its role as the regulator of this legislation, the Tennessee Education Lottery Corp. is working to create the requirements and processes necessary for the licensing and regulation of online sports wagering in Tennessee. Information will be posted to this page as it becomes available.”
The new sports betting law requires TELC to form a nine-member Sports Wagering Advisory Council. Governor Bill Lee and House and Senate speakers each will nominate three members. However, it’s rumored House Speaker Glen Casada, who is expected to resign August 2 due to a political scandal, still will select panel members.
With no brick-and-mortar casinos, Tennessee is the first state in the U.S. to legalize only online/mobile sports wagering, which probably won’t be available until 2020. Observers said 10 companies are ready to enter the state’s sports betting market.
By allowing only mobile/online wagering, the market will have to deal with fewer regulatory expenses, which will allow more tax revenue to go toward education. Analysts said the legislation creates a completely open market where sports betting providers will not need to have an existing casino license; the free market will encourage competition that give players more options.
Critics say the 20 percent tax on sports betting wagering is somewhat higher than in other states. The law also requires live betting to use only official data supplied by pro sports leagues.
