The Tennessee Sports Wagering Council (SWC) imposed $50,000 in fines on Bovada.lv, an unlicensed sportsbook operating in Tennessee, after investigators confirmed the site continued accepting wagers despite multiple cease-and-desist orders. The SWC, which is responsible for regulating legal online sports betting in the state, levied the fines last week following repeated infractions by Bovada.
Bovada received multiple cease-and-desist orders at addresses in Curaçao but did not comply, according to council officials. Investigators placed wagers on the Bovada platform three times, including one as recently as October 16, confirming that the site was actively conducting business with Tennessee-based users.
Under Tennessee’s Sports Gaming Act, accepting unlicensed wagers can incur fines starting at $10,000 and escalating to $25,000 for repeated offenses. In this case, the council issued the maximum allowable fines across three separate instances.
In its cease-and-desist notices, the SWC instructed Bovada to enable immediate fund withdrawals for Tennessee users, ensuring bettors can access their deposits without further risk.
SWC Executive Director Mary Beth Thomas strongly urged bettors to withdraw their funds from Bovada immediately, emphasizing that the council’s regulatory role is to protect the public interest through a safe, regulated environment. Thomas cautioned residents that simply accessing a sports betting website within Tennessee borders does not confirm it is licensed to operate there.
Tennessee, with more than $4.7 billion wagered last fiscal year through legal online sportsbooks, is the largest “online-only” sports betting market in the U.S. The SWC has coordinated with federal and state law enforcement agencies to step up enforcement against unlicensed operators, like Bovada, which operate outside the protections provided to consumers by licensed sportsbooks.
Licensed operators in Tennessee are required by law to follow strict regulations, including measures to secure personal data, ensure financial protections for users, and maintain sufficient reserves to pay out winnings.
The SWC also cited a recent study from the American Gaming Association, noting that U.S. bettors spend an estimated $64 billion each year with illegal sportsbooks and bookies. The SWC emphasized that only licensed operators can provide critical protections for bettors, such as securing personal information, safeguarding deposits, and preventing underage betting.
Original article: https://www.yogonet.com/international/noticias/2024/10/30/83662-tennessee-sports-wagering-council-fines-bovada-50-000-for-operating-without-a-license
