Legislative update: three new states – Illinois, Iowa and Texas – have introduced sports betting legislation, bringing the total number of states with active #sportsbetting bills to 18. https://t.co/PkSveUHklN pic.twitter.com/9V2Fp9JKdP
— American Gaming Assn (@AmerGamingAssn) February 1, 2019
Daniel Kustelski, CEO of Chalkline Sports, has operated a sports book in South Africa and an ADW (horse racing book) based in Kentucky. This week, he spoke at ICE London, the world’s largest annual gaming conference. Daniel says:
“We’re encouraged by the sports betting bill being presented in the Tennessee legislature. This is part of a progressive trend of 28 states that have regulated or are considering sports betting regulation. The best step forward now is for the Tennessee legislature to approve this bill with strong player protections, a low tax rate (to combat offshore options) and a mobile option.”
The “Tennessee Sports Gaming Act” would allow local governments to decide whether or not to allow sports betting. According to the bill’s sponsor, state representative Rick Staples, the bill’s intention is to allow local governments to have a new form of income.
“Billions of dollars leave the state of Tennessee to our neighboring states with casino and table gambling. Billions. So, this is a new stream of revenue that the federal government is allowing the states to take advantage of,” said Rep. Staples.
According to Eilers & Krejcik, as well as Oxford Economics, it has been determined that the main variables in play are low (6.5%) to high (15%) and the market penetration of the betting products.
Currently, there are 5.1M individuals over the age of 21, the legal age to gamble in the U.S. According to the Oxford Economics predictions, at a 10% tax rate, TN can expect:
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