In Nashville, this weekend Tennessee Lottery officials updated the public on when there could possibly be a lunch date for sports betting. The officials said, there really is no time frame the Lottery Commission is working with. This despite the state giving the green light to legalize sports betting in July of 2019. The Tennessee Lottery Commission will be in charge of legalized sports betting, has been accepting comments from the public. The lottery officials wanted to have clear transparency when it comes to how they will regulate the new industry. They will be taking comments until Monday, January 6, 2020. At that time they will have to commence special hearings to determine what the next step will be. In the fall of last year, a nine-person sports betting advisory board was formulated with nine people. The nine people have expertise in the gaming industry. It is this board that will be considering what the rules for sports betting are.
There Is No Clear Information On How Long The Advisory Board Will Take To Make Decisions
Some sports betting providers who have committed to applying for licenses are voicing frustrations because they say they haven’t been given vague answers. Once the advisory decides on what the rules and regulations are for sports betting in the state, they will craft the wording on the applications.
A source who wanted to remain anonymous said, ‘this process is complicated, with all types of legal issues that must be addressed. This work can not be completed in a few hours, it takes time to get it right.’ Sports betting vendors who were at the public briefing said if sports betting is not up and running in time for ‘March Madness’ that would be a real tragedy. Tennessee Sports Betting company called ‘Better Collective TN’ send their CEO to the briefing. Cal Spears the CEO of Better Collective said “He and his company are extremely optimistic about the success of sports betting in the state. Even with all the issues over rules, Spears says once it’s up and running it will be a raging success.’
One Rule Under Consideration Is That Players Would Reach An 85% Ceiling On Payouts
One rule now being considered is that sports betting players would have to play with a cap of 85% payouts. Spears says that’s a ‘very poor number’ and much lower than other states. Spears says in order to be competitive with other states that number will have to increase. Spears went on to say that the amount that players could win per bet would “be the poison pill’ if it’s left as a rule. Spears was extremely critical of the lottery commission for even considering an amount could dissuade companies’ live DraftKings and Fanduel from even applying for a license. There is so much money on the line Spears indicated, that everything has to be figured out, every tiny detail has to be perfect Spears said.