Tennessee Gov. Bill Lee signed two gambling bills on May 22, the last day of his 10-day decision window. SB 2136 bans virtual, dual, and multi-currency online sweepstakes casino games in the state, including products such as slots, table games, bingo, lottery-style games, video poker, and unlicensed sports wagering. The ban targets games that use virtual currency systems where participants can exchange currency for cash or cash prizes. SB 1992 creates a new Class E felony for prediction market manipulation. Tennessee becomes the seventh state to outlaw sweepstakes casino operations and one of the first to criminalize prediction market contract manipulation, following earlier civil enforcement efforts against Kalshi.
"Tennessee Gov. Bill Lee has signed two gambling-related bills on the final day of his decision window, banning online sweepstakes casinos and creating a new Class E felony for prediction market manipulation. The dual signing makes Tennessee the seventh U.S. state to outlaw sweepstakes casino operations and one of the first to criminalize the manipulation of prediction market contracts."
"SB 2136 bans virtual, dual, and multi-currency online sweepstakes casino games; SB 1992 makes prediction market manipulation a Class E felony. Tennessee becomes the seventh U.S. state to outlaw sweepstakes casinos, joining California, Connecticut, New Jersey, New York, Montana, and Louisiana. The prediction market law follows Tennessee's failed civil enforcement effort against Kalshi in February."
"SB 2136 prohibits online sweepstakes games that utilize virtual currency systems, allowing participants to exchange currency for cash or cash prizes. The law covers a broad range of casino-style products, including slots, table games, bingo, lottery-style games, video poker, and unlicensed sports wagering. Tennessee Attorney General Jonathan Skrmetti had already issued cease-and-desist letters earlier this year that pushed major operators out of the Tennessee market."
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