Wednesday, November 14, 2018

Tennessee Lawmaker Introduces Sports Betting Bill; State Elects Anti-Gambling Governor

Casino News Daily
Tennessee Lawmaker Introduces Sports Betting Bill; State Elects Anti-Gambling Governor

Sports betting will be taxed at 10% on revenue, if House Bill 1 passes through the Tennessee Legislature

A Tennessee lawmaker has moved to propose the legalization of sports betting so that the state can take advantage of additional revenue and the growing interest in regulated wagering across the United States.

The Tennessee General Assembly adjourned just two weeks before the US Supreme Court’s mid-May ruling that struck down the long-standing federal ban on sports betting, and local lawmakers did not have the chance to take any actions regarding the legalization of the activity on the territory of the state.

However, it seems that the case will be different next year. News emerged earlier this week that Rep. Rick Staples has tabled a bill that proposes the legalization of sports betting in Tennessee. The bill contains provisions for the regulation and taxation of the local wagering market, if one is created.

Dubbed House Bill 1, the piece of legislation was introduced last week, a day after the November 6 midterm elections. Under its provisions, communities will be able to decide whether they want sports betting in their respective regions via local elections.

If legalized, sports betting services will be taxed at 10% on revenue. Tax money will be split between the Tennessee general fund, local governments as well as community colleges and colleges of applied technologies.

Governor-Elect Opposes Sports Betting

During his election campaign, Governor-elect Bill Lee made it clear that he was not a big fan of sports betting. During an October debate, Mr. Lee said that he would be working closely with the state’s General Assembly to make sure that lawmakers would not approve any legislation calling for the legalization of betting.

The soon-to-be Governor further pointed out that he believed “organized betting frequently develops into organized crime that [they] don’t need in [their] state.”

Despite Mr. Lee’s stance on sports gambling, it seems that it is here to stay with more and more states jumping into the mix. As many as five states currently offer legal sports betting and Pennsylvania and Rhode Island are expected to join in anytime now. Neighboring Mississippi was among the first states to legalize and launch sports betting following the SCOTUS ruling. And according to figures reported by the Mississippi Gaming Commission, the state collected $660,000 in sports betting taxes for the month of September.

Under Rep. Staples’ bill, a state gaming commission will be created to oversee the sports betting industry. Commission members will be appointed by the Governor, the House Speaker, and the Lieutenant Governor. The bill sets a $7,500 license fee for companies interested to operate legal sports betting in Tennessee.

Rep. Staples started working on his bill the moment he heard the sports betting ban was struck down, the lawmaker has himself told media outlets. He worked closely with the General Assembly’s legal advisors to craft the piece. House Bill 1 took around five months to be prepared and was finished on October 1.

Follow us on Facebook and Twitter to stay up to date on the day’s top casino news stories.

The post Tennessee Lawmaker Introduces Sports Betting Bill; State Elects Anti-Gambling Governor appeared first on Casino News Daily.

No comments:
Write comments

Popular Posts