Tennessee’s Legislature is just one step away from passing a bill which will clarify the legal nature of fantasy sport betting, and will also regulate it and put a tax on it.
On Monday night, The House decided to give the Fantasy Sports tax Act a pass, however, earlier this month, the state attorney general stated a legal opinion, considering fantasy sports contests to be illegal gambling.
A similar bill has been passed in the Senate as well, but the changes introduced by the House have to be included in the document. It is stated in the House’s bill that companies offering their services and contests online must hold a license issued by the state. Certain limits are also established, namely, no more than $2,500 per month of bet by one player. The aim of the bill is to allow the state to make fantasy sport operators pay particular gaming taxes.