The Tennessee Sports Wagering Council has fined the online gambling site Bovada.lv a hefty amount after the company was caught operating without a license within state lines. According to an official statement from the Council's executive director yesterday, Bovada faces $50,000 in penalties for its unauthorized sportsbook activities in Tennessee.
Despite receiving cease and desist notices dispatched to addresses in Curaçao, the Council's investigators confirmed Bovada's non-compliance by placing bets on the platform on multiple occasions, the most recent of which was last Wednesday. The Sports Gaming Act provides for a fine structure that starts at $10,000 for the initial violation for unlawfully accepting bets, then increases to $15,000 for the second strike, and peaks at $25,000 for the third.
The Council's mandate expands beyond penalizing offenders, with the cease and desist orders instructing Bovada to open pathways for Tennessee clients to retrieve funds from the unregulated sportsbook. "The Sports Wagering Council recommends that Tennessee users of Bovada withdraw their funds immediately," the executive director Thomas articulated, emphasizing the council's commitment to fostering a safeguarded, regulated betting environment.
In a push to educate local punters, the statement highlighted the risks of engaging with unlicensed operators—a bettor's sensitive personal and financial data might not only be left unprotected but could be funneled to criminal factions. Moreover, the ever-present danger of their funds vanishing without recourse for recovery. The SWC's actions are in lockstep with state and federal law enforcement agencies tasked with wiping out illicit sportsbooks like Bovada.
With Tennessee standing as the country's top 'online-only' sports wagering market, tallying upwards of $4.7 billion in bets last year via legally sanctioned bookmakers, the industry's integrity remains paramount. A comprehensive list of approved sportsbooks is available at the Council's website, assuring bettors that their wagers are secure and under-21s and credit betting are barred. This crackdown comes amid findings from the American Gaming Association that Americans place nearly $64 billion in bets annually with unregulated sportsbooks.
