Sports Wagering Advisory Council Committee Has Plenty to Change
The Sports Wagering Advisory Council in Tennessee continues to get things in place to take over the sports betting industry on January 1.
The Tennessee Education Lottery is currently the top group in charge, but the SWAC has already started working on ways to improve the industry.
The three-person Rulemaking Committee met on Monday to discuss some pressing issues, but there weren’t many answers that came from these talks. The biggest discussion centered around the 10% hold requirement that is currently in place and how to treat operators that don’t follow those guidelines.
Any new rules will be up for an official vote in November, but that will come after a period of public comment. The Rulemaking Committee still has plenty to iron out, but it is clear that the SWAC aims to improve sports betting in the state.
After much discussion, the SWAC agreed to keep the 10% hold requirement in place, but it will only fine operators a maximum of $25,000 if they do not follow that rule. This requirement is the largest of its kind in the United States, and it has made things difficult for some of the operators.
There is a chance that some operators will simply choose to pay the $25,000 fine and waive the hold requirement, but the Rulemaking Committee proposed a $100,000 fine for repeat offenders. This is one rule that will likely draw some public comment as it affects the entire industry.
No Fees For Suppliers, Vendors
Another big discussion centered around the application process for suppliers and vendors in the state of Tennessee. Both of these groups must currently pay an application fee, but the SWAC will be eliminating that rule moving forward.
During this meeting, it was noted that the SWAC does not have the same authority as the TEL, and therefore they could not charge for the application fee. The SWAC is also going to be implementing a new system to approve suppliers and vendors as there are a number of applications still under review.
The process to apply for a sports betting operating license hasn’t changed, but this is another area that the SWAC hopes to improve when reviewing these applications.
New Markets Coming?
Since the Tennessee sports betting industry is still relatively young, new betting markets continue to be added. This has been a long and drawn-out process in the past, but the SWAC will be changing the way this is done in 2022 and beyond.
The TEL currently accepts requests for new wagering markets to be added, but that has caused that group to be flooded with requests. In this meeting, the SWAC agreed that it did not want to be forced to add a new rule every time a new market was approved.
The SWAC also met to discuss how a suspension of a sports betting license would be dealt with moving forward. This comes on the heels of the TEL dealing with a number of issues with this earlier in 2021, and it ended up with a court battle.
Check back for more TN sports betting updates and the latest sports news in The Volunteer State.
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