Southern State Regulates Fantasy Sports. Adds Privilege Tax. 5 Pieces Informed Intel.

Which state governor signed into law new fantasy sports laws? Tennessee

What is this new tax on fantasy sports? 6%  privilege tax on all adjusted revenues of fantasy sports contests offered by a fantasy sports operator to Tennessee consumers

Where is the regulation within Tennessee state government? The Tennessee Secretary of State

What will be required of fantasy sports operators?

• Application to the Tennessee Secretary of State
• Receive a license
• Maintain records of all Tennesee players for at least 5 years
• Annual reporting
• Fees- licensing, renewal, operational fees- all will be set by the TN Secretary of State
• A violation triggers the TN Deceptive Trade Act (read: the state can impose big fines)
• No minors betting
• No betting on sports involving minors, including college if the participants are predominantly minors

Tennessee Senate Bill 2109

PR news Wire | Ryan Co. | Tennessee Enacts Fantasy Sports Bill, Privilege Tax