Tennessee close to sports betting launch
Minor adjustments to the payout percentage have now been given the green light for operators to begin applying for licenses next week.
US.- The state of Tennessee has taken a step closer to launching legal sports betting, with operators set to apply for licenses from next week.
Minor adjustments to the payout percentage have now been given the green light for operators to begin applying for licenses next week.
The fixed payout rate remains the most controversial element of the rules. It has now been amended to 90 per cent after originally being set to 85 per sent.
This still sets a hold percentage of 10 per cent, which represents significantly higher average rates than states like Nevada and New Jersey.
The changes were approved by the Tennessee Education Lottery at a meeting on Wednesday (April 15th).
Tennessee Education Lottery Board Chair, Susan Lanigan, said: “These rules reflect the significant work that went into establishing the processes and requirements for licensing and regulating interactive sports wagering in Tennessee.
“The board thanks the TEL and the Sports Wagering Advisory Council for their thoughtful help and guidance.”
The lottery board will have 90 days to approve or deny an application once the submitted.
Additionally, there will be no limit on the number of issued licenses, provided that all applicants meet Tennessee’s suitability requirements.
