Tennessee sports betting regulator fines two offshore sportsbooks
The Sports Wagering Council has fined Lowvig and Sportsbetting.ag.
US.- The Tennessee Sports Wagering Council (SWC) has fined offshore sportsbooks Lowvig and Sportsbetting.ag $50,000 each for operating illegally in the state. The regulator said they had failed to comply with cease-and-desist letters issued in April.
The regulator said the firms are the sixth and seventh illegal operations to be fined. “Eliminating illegal sportsbooks from Tennessee is a primary focus of the SWC with its mission to protect the public interest of Tennessee through a safe and regulated sports betting environment,” it said.
The SWC stated that any businesses in Tennessee working with illegal offshore sportsbooks could face criminal penalties. The Sports Gaming Act authorises it to impose a $10,000 fine for the first offence of accepting wagers without a licence, rising to $15,000 for the second and $25,000 for the third. Subsequent offenses may lead to the imposition of a $25,000 fine each.
SWC executive director Mary Beth Thomas said: “Tennessee is the largest online-only sports betting market in the US with more than $5bn wagered in Tennessee so far this fiscal year, and licensed sportsbooks in Tennessee go through a rigorous process before they have the privilege to do business here. In contrast to our legal sportsbooks, illegal operators do not offer any of the same consumer protections the law requires of licensed entities, and if a consumer continues to do business with an illegal sportsbook, they are giving away their personal and financial information to criminals.”
The regulator has released new rules for sports betting in the state. Effective June 30, new rules add multi-factor identification requirements for various account activities, define more responsible gaming terms and introduce new conditions on the processes for voiding or cancelling wagers. There are also changes to know-your-customer (KYC) requirements, marketing and advertising rules and more.
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