Compliance Updates
Nuvei Wins Approval to Process Sports Betting Payments in Tennessee
Nuvei Corporation, the global payment technology partner of thriving brands, announced that its wholly owned subsidiary has received approval to support the sports betting industry in Tennessee.
The Sports Wagering Committee of the Tennessee Education Lottery Corporation has approved Nuvei’s registration as a vendor. The approval authorizes Nuvei to provide its innovative payment technology to all licensed and regulated sports betting operators across the State.
Tennessee legalized sports betting in 2019 and it launched on November 1, 2020. Sports wagering began after the State started licensing sportsbooks who applied for licensure. Wagering on sports is legal anywhere within Tennessee’s borders for customers over the age of 21.
Nuvei has previously received state approval for sports betting in Colorado, Indiana and West Virginia.
Compliance Updates
Arizona Department of Gaming Announces Allocation for Event Wagering License for Fanatics
The Arizona Department of Gaming (ADG) announced that it has allocated an event wagering operator license to Fanatics Betting and Gaming as the designee for Tonto Apache Sports Betting, an organization of the Tonto Apache Tribe, pursuant to A.R.S. § 5-1304 and A.A.C. R19-4-105 and 106.
On January 16, 2024, ADG announced that it would begin accepting applications for available event wagering licenses, which included one event wagering license reserved for Arizona Tribes and no less than one event wagering license reserved for Arizona Sports Franchises, as defined in A.R.S. § 5-1301(7).
The application window for event wagering licenses opened on February 16, 2024, and closed on March 4, 2024. Applicants were required to submit their completed applications within this timeframe in order to have been considered for an event wagering license.
Compliance Updates
Minnesota Senate Committee Advances Sports Betting Bill
The Senate Tax Committee advanced legislation authored by Senator Matt Klein (DFL – Mendota Heights) to legalize Sports Betting in Minnesota. This was the second time the bill has been heard in Taxes, after making a stop last year. The hearing focused on changes to tax rates and revenue disbursements.
Senator Aric Putnam (DFL – St. Cloud) offered an amendment that made several major tax and revenue related changes, which were adopted by voice vote. The tax rate was changed to 20% on net revenues from sports betting. Revenues as a result of that change would then be dispersed to:
(1) 20% for tax relief for charitable gaming organizations,
(2) 10% for treatment and awareness programs for problem wagering,
(3) 15% for Explore Minnesota Tourism for large sporting events,
(4) 5% to the Minnesota Racing Commission for racetracks,
(5) 5% for the Minnesota State High School League for youth sports and activities,
(6) and the remainder to the general fund.
Senator Klein said: “The changes made in Senate Taxes Committee today have made this a better bill for Minnesotans. I am thankful for the committee’s thoughtful consideration of this legislation and willingness to work toward the best balance of needs and interests.
“As a result of this work, we are now able to support our allied charities who engage in gaming so they can continue the good work they do for our state. We are also able invest in the state high school league’s ability to foster participation in a wider array of activities, attract more large sporting events to Minnesota, and continue to focus efforts on problem wagering awareness.”
SF1949 passed the Senate Taxes Committee as amended and was referred to the Senate Finance Committee.
Arizona
Arizona Department of Gaming Announces Allocation for Event Wagering License
The Arizona Department of Gaming (ADG) announced today that it has allocated an event wagering operator license to Fanatics Betting and Gaming as the designee for Tonto Apache Sports Betting, an organization of the Tonto Apache Tribe, pursuant to A.R.S. § 5-1304 and A.A.C. R19-4-105 and 106.
On January 16, 2024, ADG announced that it would begin accepting applications for available event wagering licenses, which included one event wagering license reserved for Arizona Tribes and no less than one event wagering license reserved for Arizona Sports Franchises, as defined in A.R.S. § 5-1301(7).
The application window for event wagering licenses opened on February 16, 2024, and closed on March 4, 2024. Applicants were required to submit their completed applications within this timeframe in order to have been considered for an event wagering license.
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