An online sportsbook that saw its license from the state of Tennessee suspended for about a week in March said the regulatory issue will soon be completely resolved.
TN Action 24/7, one of seven sportsbooks in the state, said in an email Thursday that the compliance issue between it and regulators with the Tennessee Education Lottery is “coming to a close.”
“We are pleased that this matter is coming to a close,” Tina Hodges, CEO of the sportsbook, said in a statement. “We appreciate our loyal players and friends across the state for their unwavering support. Tennessee is our home. We are proud to be the only locally owned and operated licensed sportsbook. We remain committed to working with the TEL Board and the Sports Wagering Council to maintain an environment of compliance and integrity for the Tennessee sports wagering community.”
Action 24/7 provided a letter dated May 12 from the TEL that stated the book is currently in “good standing.” Litigation stemming from the license suspension apparently also been put to rest, which is positive for the nascent legal sports betting business in the Volunteer State.
Now in full compliance
The letter stated that there is no “active investigation” by regulators into the sportsbook. Alleged identity fraud and other financial crime that occurred on the platform earlier this year are still being investigated by law enforcement, but that’s separate from the sportsbook’s relationship with regulators.
Regulators said in March that credit card fraud, money laundering, and illegal proxy betting on the Super Bowl happened on the platform. The TEL previously alleged that Action 24/7 lacked the required proper internal controls to prevent the alleged fraud, but the letter stated the sportsbook is currently in full compliance. There are no restrictions on the book to do business.
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