Tennessee wagering council challenges sports event contracts under state law
Tennessee’s Sports Wagering Council told the CFTC that the council has sole authority to license sports betting in the state and considers sports event contracts wagers under state law. Executive Director Mary Beth Thomas said contracts offered by firms including Kalshi, Crypto.com and Robinhood violate that law; Tennessee has not issued Kalshi a cease-and-desist letter. Thomas also raised concerns about account funding and collegiate event contracts.
The council’s position could affect prediction-market firms offering sports contracts and their permitted products in Tennessee.