Payday Loan Bills Removed From Discussion in Tennessee
A pair of bills seeking to outline acceptable forms of deposit at Tennessee online sportsbooks have been removed from discussion in the state legislature.
House Bill 824 and Senate Bill 1029 were the two companion bills aiming to change sports betting rules and regulations in Tennessee.
While Action 24/7 Sportsbook was not specifically mentioned in the two bills that were introduced, it was clear that it was the target of the legislation. Action 24/7 has had a bumpy and interesting start to sports betting while trying to compete with some of the top industry leaders.
Action 24/7 and Advance Financial 24/7 are owned by the same company, and lawmakers have been concerned with how these companies are working together to cause problem gambling. Customers are able to take out a loan at Advance Financial 24/7 and then use those funds to deposit at the sportsbook.
Similarly, some bettors have been using sports betting winnings to help pay off loans at Advance Financial 24/7. This process has upset legislators in the state, and there were some that were looking to make this practice illegal.
The biggest problem with trying to stop this from happening with sports bettors in Tennessee is that there wasn’t enough specific language in the bill. Removing the bills from the discussion does not suggest that this problem is resolved, but it will take other attempts to make a change.
The Tennessee Education Lottery has continued to draw criticism from lawmakers and industry experts in recent weeks for its handling of the industry as a whole. The Sports Wagering Advisory Committee could potentially become the new leader of this industry, as a bill is in the legislature to make this a reality.
Action 24/7 and Advance Financial 24/7 have continued to operate business as usual while a bill was in play and will continue to do so moving forward.
Arkansas Looking to Compete With Tennessee
Tennessee sports betting has enjoyed tremendous success since launching on Nov. 1, but the state of Arkansas could soon provide some healthy competition. A bill was introduced this week in Arkansas that would call for the state to approve online sports betting.
There are currently three retail sportsbooks up and running in Arkansas, but this state is one of the smallest markets in the US. If a new bill is passed, each casino property would be eligible to apply for three online sports betting skins.
In February, the total sports betting handle in Arkansas was under $6 million, which is a slow day for the sports betting market in Tennessee. Allowing online sports betting will naturally help the market in Arkansas grow as that is the most popular form of betting in the US.
It’s unclear when Arkansas could potentially legalize or launch online sports betting, but it could ultimately have a small effect on the Tennessee industry. Tennessee has been seeing revenue streaming in from Arkansas residents since Nov. 1, and this could potentially start to swing things in the other direction.
Check back for more TN sports betting news and the latest sports news in The Volunteer State.
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