The Tennessee Sports Wagering Advisory Council meeting February 18 determined that the proposed sports betting rules need another draft, and the 85 percent cap on payouts could end up in the 90 percent range.
Although revisions will delay the eventual start of sports betting, many of the changes will be cheered by stakeholders and bettors. The goal is to have betting go live by football season, according to Sports Handle.
Tennessee, which legalized mobile-only sports betting in the spring of 2019, has no casinos or gaming commission. The Tennessee Education Lottery Corp. oversees sports betting has yet to open the application process.
Another change the council is making concerns a proposed rule that would make a parlay card a loss if one leg is a tie. In other legal jurisdictions, including Nevada and New Jersey, a tie on a parlay simply makes that leg null, odds are revised and the parlay goes on.
Regulators appear to be listening to public comments and say they will remove the requirement in the next draft.
“I am encouraged we are making progress,” said council member Tom Lee, a Nashville-based attorney and lobbyist. “I wish we hadn’t been so delayed, but that is now past. What counts is what we do next, and I am convinced the time we take in the next sixty days to get this right will be worth it for players, licensees, and the state.”
