The Volunteer State has dealt a devastating blow to the sweepstakes sector, finally pushing through draft laws to outlaw the sector locally
Even though state regulators have been somewhat distracted by prediction markets of late, a third state, in the face of Tennessee, has now officially gone on to prohibit sweepstakes social casinos this year alone.
Tennessee Turns Lights Off for Sweepstakes Casinos
The argument against the sector comes from a familiar place – by using dual currencies, these casinos are effectively offering unregulated iGaming. Despite the industry arguing the opposite, and adding that it was established in a historic precedent.
With an overwhelming backing. Senate BIll 2136/House Bill 1885 eventually landed on the desk of Gov. Bill Lee, who also threw his support behind the legislator. Moving forward, virtual currency, dual currency, and multi-currency online casinos will not be able to play.
“This legislation gives the state stronger tools to investigate bad actors, hold them accountable, and shut down unlawful operations that exploit consumers,” argued Sen. Ferrell Halie, who sponsored SB2136…