The Changes In Mandatory Hold Of Tennessee Sportsbooks

There was one central topic at Tuesday’s hearing on proposed rule changes: mandatory holds. The Sports Wagering Advisory Committee proposed some tweaks because it has to promulgate its own rules as part of this process, and one is reviewing the ten percent hold every three months instead if yearly. Four online TN sportsbooks offered their thoughts about these ideas – BetMGM (Betfair), Caesars Sportsbook , DraftKings Sotck Bookies’n Penn National Barstool

The Tennessee legislature did not mandate a hold for sportsbooks operating in the state, but Penn wants to help maximize tax revenue and thinks this might be one way.

Barstool Sportsbook only launched last month so it’s too early yet on whether they’ll follow industry trends or create their own – Josh Pearl fromPenn Interactive knows there are other ways that could impact legislation going forward.

Caesars Sportsbook: capped payouts ‘profoundly anti-consumer’
Dean Hestermann, director of issues management and strategic communications at Caesars said Tennessee has a chance to decide how consumer-friendly its sports betting market should be. The DC area’s GambetDC where they dominate with around 50% share is what he called out specifically for having higher odds than other places in order get more betscome.

A surprising conversation with Ricardo Lomardo, VP of government affairs at MGM Resorts
Ricardo pulled out the old-faithful line that regulated books are at a significant disadvantage to those offshore operators who pay no taxes. He mentioned how they might have to limit certain offerings because of mandated hold time restrictions for screenings in airports which was first proposed by SWAC on behalf of airline passengers during an earlier roundtable discussion about border security issues related thereto (BetMGM).

DraftKings is concerned about compliance

DraftKing’s senior manager of government affairs, Kevin Cochran made his employer’s stance pretty clear: Draftkings wants to be in compliance. Councilmember Tom Lee asked him explain how a quarterly assessment was harder than an annual one from the standpoint that it takes more time and resources for them as well as being difficult on their employees too who have workload increases every three months instead just once per year during tax season which can last up until march 31st.

The SWAC held a meeting to discuss whether or not they should keep their sportsbook payouts. Fortunately, it looks like Councilmember Hanes Torbett had some friends who are willing to help him make the right decision for Tennessee’s gambling industry because after all…to quote one friend “We know this needs your OK”.
A voice from off camera says ‘Heard enough?’ And then everyone laughs at how easy that was!

In an interview with the Tennessean, gambling law expert Alexander Graham highlights several issues related to advertising and responsibility. One issue is how operators are hindered by Tennessee’s rules when it comes time for promotions around high-interest events happening quickly such as sports betting promos; they must submit these materials 10 days in advance of their intent date or else lose them entirely (which has happened). Another concern raised was about responsible game play messaging – multiple swac members mentioned having not seen this memo from American Gaming Association’s August recommendations on simplifying things like terminology used across multistate operations.

PointsBet is joining the Tennessee sports betting scene, and they plan on going big. Pointsbet Senior Vice President of Customer & Insights Ron Shell gave a presentation at last week’s SWAC meeting about their future plans for expanding into that market with details such as application process info from several companies already approved or awaiting approval by commission beforehand.

PointsBet is joining the Tennessee sports betting scene, and they plan on going big. Pointsbet Senior Vice President of Customer & Insights Ron Shell gave a presentation at last week’s SWAC meeting about their future plans for expanding into that market with details such as application process info from several companies already approved or awaiting approval by commission beforehand.