Cash

The Tennessee Education Lottery (TEL) Board of Directors on Wednesday approved rules for sports betting in Tennessee.

After months of deliberation, the board finally decided on a cap of 90 percent after going back and forth on what to set the cap at. The original proposed number was 85, suggested in November.

“These rules reflect the significant work that went into establishing the processes and requirements for licensing and regulating interactive sports wagering in Tennessee,” board chair Susan Lanigan said in a release. 

There is no limit to the number of licenses that may be issued for interactive sports gaming operations, but licensees and suppliers must meet suitability requirements. Applications for potential licenses can be accessed as early as next week on the TEL website.

The TEL will have 90 days to approve or deny any application from potential licensees once the application has been successfully completed in agreement with the Tennessee Sports Gaming Act of 2019.

Tennessee state law authorizes wagering on sporting events via the internet, mobile device or other telecommunications platforms, provided the person is at least 21 years old and is physically located in the state of Tennessee when the wager is placed.

“We will continue to work with all parties involved to protect the consumer, promote fairness in sports and regulate this new Tennessee industry that provides critical education funds to the state," TEL president and CEO Rebecca Hargrove said.

With the COVID-19 pandemic, professional and college sports have been temporarily suspended. It is unknown when sports will be played again, but legalized betting will be permissible in July.  

This post originally appeared in our sister publication, the Nashville Post

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