Bills from Tennessee to stop payday loan funds in sports betting have been withdrawn.
- Tennessee Action 24/7 Sportsbook will still be able to accept deposits through payday loans provided by its Advance Financial 24/7 lending agency.
- House Bill 824 and Senate Bill 1029 which sought to prevent lending agencies from being used as a method of funding sports betting accounts are now dead for 2021.
- Lawmakers in the Tennessee General Assembly still believe that the collaboration of these two types of companies is a dangerous mix for players of the voluntary state.
NASHVILLE, Tennessee – Two bills in Tennessee that were intended to change the way sports betting is funded have been withdrawn. Accompanying invoices, Bill 824 and Senate Bill 1029 no longer part of the Tennessee General Assembly2021 discussions. The Senate bill was fired wednesday review, while his House counterpart remains on the clerk’s desk, which is equally worth removing.
What was the problem?
24/7 Tennessee Action, the mobile bookmaker whose license has been revoked for a week due to fraudulent activity, receives funds from its players via Financial advance 24 hours a day, 7 days a week payday loans. Each business is under the same owner. Not only do they allow their sports betting accounts to be funded by loans from their agency, but they also allow players to repay the loans with the winnings earned from bets made on their sports betting.
Bill 824 and Senate Bill 1029 wanted to ensure that Tennessee would not allow these two types of businesses to be able to work side by side in this way. However, lawmakers felt that the the measurements were not precise enough in their drafts, which led to the eventual disappearance of the proposals.
Tennessee Action 24/7 was also taking 24/7 action to make those bills disappear, pitting them on every corner and hiring legal teams to challenge them. Action 24/7’s legal teams managed to get the bookmaker’s license back on his appeal to court and now they’ve won them yet another victory by helping to prevent these two bills from going forward. . It is safe to say that the lawyers on their team earned their wages helping the company solve both of these issues.
There are still lawmakers who create gossip despite the death of bills for 2021. The idea of allow sports bettors to take out loans with interest rates of up to 279.5% and repaying them with gambling winnings is not suitable for the integrity or morals of the Tennessee sports betting market.
Some in the Tennessee General Assembly hope that the Sports betting advisory committee of the Tennessee Educational Lottery (TEL) will be able to take the reins of the regulated sports betting industry. Right now, government officials are looking to shift TEL and the Committee into a role reversal, where the Committee will have the final say on decisions in the sports betting market and TEL will provide input.
Currently, TEL makes the decisions for sports betting in Tennessee and the committee sits at meetings to provide advice.
Keywords: Advance Financial 24/7 | Bill 824 House | Senate Bill 1029 | Sports Betting Advisory Committee | Tennessee | 24/7 Tennessee Action | Tennessee Educational Lottery | Tennessee General Assembly
Christina has been writing for as long as she can remember and doing dedicated research on the newly regulated sports betting market. She comes from a family of sports enthusiasts who occasionally engage in friendly bets. During the winter months, you can see Christina baking cookies and beating all of the Mario Kart staff… the N64 version of course.