§ 4-51-307. Removal of Member
A member of the council may be removed from the council by the appointing authority if, in the opinion of the appointing authority, the member has committed misfeasance or malfeasance in office or neglect of duty.
§ 4-51-308. Reports of Board
The board shall prepare and submit an annual report to the governor, the speaker of the senate, and the speaker of the house of representatives containing the following information: The number of active licensees; The aggregate gross and net revenue of all licensees; and The financial impact on this state and local governments as the […]
§ 4-51-309. Requirements for Escrow Account — Insurance — Cash-on-Hand
The board shall prescribe by rule: The amount of a bond in escrow and the amount of cash that must be kept on hand to ensure that there exists adequate reserves to pay off bettors; and Any insurance requirements for a licensee. The licensee may maintain the bond at any bank lawfully operating in this […]
§ 4-51-310. Financial Practices — Audits of Licensees — Post-Employment Restrictions
The board shall prescribe by rule: Minimum requirements by which each licensee must exercise effective control over its internal fiscal affairs, including, without limitation, requirements for: Safeguarding assets and revenues, including evidence of indebtedness; Maintenance of reliable records relating to accounts, transactions, profits and losses, operations, and events; and Global risk management; Requirements for internal […]
§ 4-51-311. Persons Authorized to Engage in Sports Wagering
Except for those persons ineligible to place bets under § 4-51-312, a person who is twenty-one (21) years of age or older and who is physically located in this state may place a wager in the manner authorized by law. A licensee shall ensure that all wagers accepted in this state are from qualified bettors […]
§ 4-51-312. Persons Ineligible to Place a Bet or Wager
The following persons or categories of persons shall not, directly or indirectly, wager or bet on a sporting event in this state: Any member, officer, or employee of the council, board, or corporation; With respect to a licensee, any principal owner, partner, member of the board of directors, officer, or supervisory employee; With respect to […]
§ 4-51-313. Wagers as Contracts
Notwithstanding § 29-19-101, each wager placed in accordance with this part is deemed to be an enforceable contract.
§ 4-51-302. Part Definitions
As used in this part, unless the context otherwise requires: “Adjusted gross income” means the total of all money paid to a licensee as bets minus the total amount paid out to winning bettors over a specified period of time, which includes the cash equivalent of any merchandise or thing of value awarded as a […]
§ 4-51-303. Restrictions on and Regulation of Licenses
A person issued a license to offer interactive sports wagering under this part is subject to all provisions of this part relating to licensure, regulation, and civil and criminal penalties.
§ 4-51-301. Short Title
This part shall be known and may be cited as the “Tennessee Sports Gaming Act.”