Bill > SB1055

This bill enacts the "Sports Wagering For Stronger Schools Act," which amends several Tennessee statutes to establish a regulatory framework for sports betting in the state. The key provisions include: - Creating the Tennessee Sports Wagering Commission to oversee and regulate the sports betting industry, including issuing permits to qualified operators, enforcing regulations, and requiring financial and operational audits. - Levying a 10% privilege tax on the gross sports wagering revenue of operators, with the proceeds earmarked for pre-K-12 education. Municipalities can also levy up to an additional 2% tax on local sports betting revenue. - Establishing consumer protection requirements for operators, such as disclosing odds, providing problem gambling resources, and maintaining secure records of bets. - Prohibiting bets from prohibited persons like athletes, coaches, and those with access to inside information, as well as bets on prohibited events. - Allowing for online sports wagering platforms, but requiring in-person account creation and age/identity verification. - Requiring a local referendum before a city can authorize the operation of physical sports book locations.

Government Affairs

http://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=SB1055&ga=111