Opinions Wanted on New Sports Betting Rules
The Sports Wagering Advisory Council (SWAC) in Tennessee continues to work hard in preparation for taking over the sports betting industry in January.
This group is still looking for a new executive director, but other members of the organization continue to work on drafting new rules.
The 2019 Gaming Act officially legalized sports betting in the state of Tennessee, and it also put the Tennessee Education Lottery in charge. After some months of turmoil and questionable decisions, the TEL was more than happy to give the ultimate power to the SWAC.
The SWAC recently published a new draft of updated sports betting rules, and it is looking to enact these changes later in the year. Before the rules changes take place, the SWAC is seeking the opinion of sports betting operators in the state.
There will be a meeting held on October 5, 2021, and that is when the SWAC will be looking to hear some opinions about the new rules changes. Anyone that has an opinion is welcome to make a formal presentation during that meeting, and comments will also be accepted as long there is time for them.
October 5 is not the last day that comments or opinions can be heard as the SWAC will also accept written comments past that date. There have been a number of major issues or concerns tied to sports betting, and comments or opinions about the new proposed rules could be a bit overwhelming.
Sports betting in Tennessee officially launched in November 2020, and that state saw some immediate results. Things have started to slow down over the last few months, but that will all change once the NFL season begins this week.
Tennessee will also be getting two new sports betting operators later this year as the TEL recently approved both Barstool Sportsbook and Wagr to offer sports betting. There is no launch date for either company at this time, but they should occur during the NFL season.
A Look at Potential Rule Changes
Sports bettors in Tennessee are not going to notice any major changes regardless of what rules are adjusted by the SWAC. Most of the discussion is centered around rules for sports betting operators, especially as it pertains to the 10% hold requirement.
This 10 percent hold requirement is the highest in the US sports betting industry and it has become a major challenge for some operators in the state. Not only that, but the fact that operators are launching at different times has made this unfair.
There is one major rule change that the SWAC is seeking input on, and it is one that will come with plenty of comments from operators. It’s not likely that this requirement will go away entirely but something will have to be changed.
The SWAC is proposing a new system to fine operators that don’t follow the requirement as some companies simply choose to ignore the rule. Smaller sportsbooks are then at a disadvantage yet again as they don’t have the means to ignore it.
This will be an interesting story to follow over the next few weeks leading up to the meeting on October 5.
Check back for more TN sports betting updates and the latest sports news in The Volunteer State.
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