TN Sports Betting Bill Separating Betting Payday Loans Withdrawn
A TN The sports betting bill, which would prevent sports betting from accepting bets from payday loan customers, was viewed as a bit too broad.
Rep. Darren Jernigan‘s HB 824 was returned to the clerk last week and Senator Richard Briggs backed up SB 1029 Wednesday Night, effectively ending the chances of the proposal in 2021.
The bill focused on preventing anyone with a high interest loan through Advance financing around the clock betting with the company’s sister business, Action 24/7.
Action 24/7 received permission to make cash deposits for sports betting customers at its Advance Financial locations across the state in January. Jernigan and Briggs wanted to prevent two things:
- Take cash from a high yield loan and use it to fund a TN sports betting account.
- Allowing loan customers to create sports betting accounts in the hopes that gambling can be used to pay off loans.
Action 24/7 lawyers battled the TN sports betting bill
Action 24/7 lawyers have been working overtime lately.
Along with winning an injunction for Action 24/7 to end the temporary suspension and ensure that the Tennessee Education Lottery does not exceed the jurisdiction of the court on this matter, they have also opposed this bill.
Action attorneys told Briggs in a meeting earlier this week that some payment providers associated with other sports betting in Tennessee are able to borrow money as well.
“Advance Financial denied it did anything else or even claimed less than the other online gambling sites,” said Briggs.
How many crossovers are there?
Advance Financial didn’t use Action 24/7 to answer questions about how many of its loan customers are also bettors. One of those loan customers told Jernigan that their winnings were being held to pay off a loan. The client eventually decided against testifying and Advance Financial denied that it ever happened.
Action 24/7 regularly promotes his ability to make cash deposits. That sounds good on the surface, but not when the money is lent at high interest rates EPIC risk management Brianne Doura-Schawohl said:
“Playing with cash that is loaned out at an extremely high rate of interest, with the money that is otherwise intended to meet basic needs, is no better or safer. Any suggestion that gambling is a way to pay back a loan, make money, or solve financial problems is predatory. “
Sports betting advisory committee plays a bigger role?
A bill related to sports betting has found its way out of that Senate State and Local Government Committee Wednesday.
SB 588 is sponsored by It is. Ed Jacksoneven though Jackson said the bill came to him from Lt. Governor Randy McNally. The bill would give that Advisory Committee on Sports Betting a real force.
The amended SB 588 gives the committee the oversight to take disciplinary action against sports betting in the state. The committee could meet itself and make decisions about sports betting without the lottery board of directors.
The bill was approved by a 9-0 votealthough Briggs – the chairman of the Senate committee – isn’t sure it’s a change:
“I know there have been some questions about the best structure on the lottery board, and there are some members who think it didn’t work out really well. I support this amendment but I think at some point in the future we may have to look at a different structure to how we do it because there have been problems.
“We’re new to the sports game but it just seems like there were issues that came up in multiple ways and we may need a different structure to look at this.”