Chattanooga, TN – According to the statement, the illegal offshore sportsbook Bovada is no longer operating in Tennessee. The Curacao-based platform, which was unlicensed in the state, informed its Tennessee account holders on Tuesday, November 5, that it is permanently closing all accounts and returning available balances.
This closure follows recent cease and desist letters from the Tennessee Sports Wagering Council, which ordered Bovada to allow Tennessee users to withdraw funds.
The SWC had previously levied a $50,000 penalty against the sportsbook for operating without a license in the state. In response, Bovada has begun taking steps to comply with the SWC’s directives.
Licensed sportsbooks in Tennessee are required to adhere to strict regulations aimed at consumer protection.
These regulations ensure that sportsbooks hold sufficient reserves to pay out wagers, secure personal information, and restrict access to individuals under 21 years old. Additionally, betting on credit is prohibited.
A study commissioned by the American Gaming Association highlights the significant impact of illegal online sportsbooks, estimating that Americans wager nearly $64 billion annually through unlicensed platforms.