Illinois, Maryland, Montana, Nevada, New Jersey, and Ohio already sent cease-and-desist letters to trading platforms Kalshi and Robinhood. Michigan also launched investigations into such markets last week.
Tennessee Asks CFTC to Shut Down Prediction Betting MarketsIn its two-page letter addressed to CFTC Acting Chair Caroline Pham, the Tennessee Sports Wagering Council cites 13 alleged violations of state laws and regulations from prediction markets.
The Tennessee Sports Gambling Act (Act) defines “Wager” as “a sum of money that is risked by a bettor on the unknown outcome of one or more sporting events, including, but not limited to, the form of fixed-odds betting, a future bet, live betting, a money line bet, pari-mutuel betting, parlay bet, pools, proposition bet, spread bet, or in any other form or manner as authorized by rule promulgated by the council.”
The SWC went on to state, “a person or entity that accepts a sum of money risked on the outcome of a sporting event without a valid license issued by the SWC violates the Act.”
In addition, the agency also cites the “many requirements of its sports betting Licensees in order to protect those who choose to wager in our state” that were enacted by Tennessee legislators.
Tennessee Asks CFTC to Shut Down Prediction Betting Markets-
Tennessee Asks CFTC to Shut Down Prediction Betting Markets
- Lists of persons or categories ineligible to place wagers
- Responsible gambling requirements that include self-exclusion
- Prevents the use of credit cards and cryptocurrency to fund accounts
- Regulations that do not permit kiosks for establishing or accessing accounts Tennessee Asks CFTC to Shut Down Prediction Betting Markets
- Wagering on injuries, penalties, or actions of college athletes along with in-game prop bets on college teams
Jose is an iGaming analyst with wide experience within the sector. He has been working as content writer on casino and betting websites for more than 10 years, contributing on websites like Pokerlistings, Casinobee, Betpack among others, sharing his insights and perspective for the future ofthe iGaming market.
