The offshore sportsbook Bovada has ceased its operations in Tennessee as of November 5, following actions taken by the Tennessee Sports Wagering Council (SWC). The Curacao-based company, which was operating without a license in the state, informed account holders that it would permanently close their accounts and return any available balances.
In recent months, the SWC issued cease and desist letters to Bovada, mandating that the company allow Tennessee users to withdraw their funds. As a result of these directives and a $50,000 penalty for illegal operations, Bovada began the process of complying with the SWC’s orders.
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Billy Orgel, chairman of the Sports Wagering Council, emphasized the importance of consumer protection offered by licensed operators. He highlighted that the closure of Bovada is a significant step towards eliminating unlicensed sportsbooks in Tennessee. The SWC works to ensure a safe and regulated sports betting environment in collaboration with state and federal law enforcement.
Licensed sportsbooks in Tennessee are required to safeguard consumers by holding reserves for wagers and securing personal information. They must also adhere to state laws, such as preventing underage gambling and prohibiting credit-based wagering.
A study by the American Gaming Association estimates that Americans place nearly $64 billion in bets annually with illegal sportsbooks and bookies. Unlicensed betting poses risks such as compromised personal information and potential loss of funds without recourse.
Tennessee, recognized as the largest “online-only” sports betting market in the U.S., saw over $4.7 billion wagered in the last fiscal year through legally licensed online sportsbooks. For more information on licensed sportsbooks in Tennessee, visit the SWC’s website by clicking here.
The Tennessee Sports Wagering Council is dedicated to protecting public interest through regulated sports gambling. The SWC manages the licensing process for online sports wagering operators and monitors compliance with state laws, including the Tennessee Sports Gaming Act and the Tennessee Fantasy Sports Act.
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