The prediction-market operator argues that CFTC oversight pre-empts state wagering rules, despite a recent Sixth Circuit ruling favouring Tennessee.
Officials say the state’s handle-based taxes benefit when more bettors place wagers physically inside Tennessee, while prediction markets and illegal books do not
Tennessee replaces its unique 20% tax on adjusted gross gaming revenue with a 1.85% tax on handle, becoming the only US jurisdiction with this tax scheme.
Southland Casino Hotel, located across the river in West Memphis, AR, launched its Betly Sportsbook in Tennessee to serve its “many loyal patrons” there.
TwinSpires was one of the smallest operators in both verticals. Parent company Churchill Downs Incorporated to sell market access rights, creating “interesting” opportunities for other operators.
New regulator approves Fubo, bringing the number of online sportsboks to ten in Tennessee. Company says it is preparing to launch in TN and several other US states.
Bally Bet, Fubo Sportsbook, Gamewise, SuperBook, and ZenSports have all applied for TN sports betting licenses with predecessor and a sixth unnamed application is en route.
Bettors placed $365.7 million in sports wagers in November; Handle for the full calendar year likely to exceed $2.5 billion.
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