Tennessee Education Lottery Exploring Changes
Sports betting in Tennessee is off to a record-setting start, but the Tennessee Education Lottery is still looking to make some adjustments to the industry.
The Sports Wagering Advisory Council recently met and discussed several topics, and additional guidelines are expected to be announced.
One of the biggest points of discussion centered around banned accounts at the various sportsbooks in the state of Tennessee. According to a report during the meeting, one sportsbook had already banned 74 accounts, and local and state law enforcement officers are looking into the issue.
There wasn’t a ton of in-depth information provided regarding the banned accounts, but it was noted that these were both individual accounts and instances where one person was trying to use multiple accounts.
The Tennessee sports betting law provides a detailed list of individuals that are unable to open up a sports betting account, and sportsbooks are supposed to regularly audit for these accounts. This list includes collegiate and professional athletes, coaches, officials, and other gameday personnel.
The Tennessee Education Lottery is also looking to more clearly define some of the language included for violation of sports betting laws, and what those punishments will be. FanDuel and DraftKings have both been fined by the TEL in the past, but the punishments have been extremely minor.
The state of Tennessee could also start to see gift cards being bought and sold for sportsbook credit. This issue was brought up to the council, and there was no opposition to the matter. These cards would have to be purchased with cash, as it was determined that buying gift cards with credit could lead to problem gambling.
Even though Tennessee is off to a great start to sports betting, some minor changes could make the market one of the biggest in the US.
Could Peer-to-Peer Betting be Coming Soon
ZenSports officially applied for a Tennessee sports betting license in November, but no action has been taken at this time. The Tennessee Education Lottery has acknowledged that the application is still on the table, and action is expected to be taken soon.
ZenSports specializes in peer-to-peer betting, and it would become the first in Tennessee to offer this form. The company also applied for the right to offer traditional sports betting, but offering the P2P option could potentially be a big draw for ZenSports.
Peer-to-peer betting has become extremely popular in other parts of the world, but it has not yet caught on in the United States. This form of betting allows bettors to set their own stakes, and it allows for other customers to call them on their bet.
At this time, it appears that the TEL is expected to deny the application because of some technicalities in the current sports betting law. Some in the TEL don’t believe this form of betting is allowed since individuals customers are not allowed to set odds or offer bets.
The attorney general’s office is expected to make a final ruling, and the fate of ZenSports’ application will lie in that decision. If P2P betting is not allowed, ZenSports could re-apply, but only as a traditional sportsbook.
Check back for more TN sports betting news and the latest sports news in The Volunteer State.
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