Underdog sues Tennessee over event contract enforcement
By SectorWire desk ·
Summary
Underdog has sued Tennessee officials in federal court after receiving a cease-and-desist letter concerning its event contract platform on 16 October. The company seeks a declaratory judgment and permanent injunction against enforcement of state wagering laws, arguing that federal regulation takes precedence. A September appeals ruling held that Tennessee could enforce its betting laws even if sports event contracts qualify as swaps.
Why it matters
The lawsuit challenges Tennessee’s ability to apply state wagering laws to Underdog’s event contract platform.