Section 1350-05-.05 - APPROVAL OF LICENSURE(1) The Sports Wagering Council shall review each license application and renewal application received and either approve or deny the application within ninety (90) days of receipt of a fully completed application, as determined by the Sports Wagering Council. The Sports Wagering Council has the discretion to approve, deny, or condition the application based on the adequacy of the information submitted.(2) Each license shall expire on the last day of the twelfth month following its issuance and shall become invalid on that date unless renewed.(3) If the license, or renewal license, is granted, the licensee must remit payment in accordance with the following schedule, within ten (10) days of receipt of the notification letter approving the application or renewal application.(a) For Fantasy sports operators with annual adjusted revenue, multiplied by the resident percentage, equal to or greater than $2,000,000.................... $75,000.(b) For Fantasy sports operators with annual adjusted revenue, multiplied by the resident percentage, equal to or greater than $1,000,000 but less than $2,000,000................................................................................................ $50,000.(c) For Fantasy sports operators with annual adjusted revenue, multiplied by the resident percentage, equal to or greater than $500,000 but less than $1,000,000....................................... $22,500.(d) For Fantasy sports operators with annual adjusted revenue, multiplied by the resident percentage, equal to or greater than $100,000 but less than $500,000..................................... $10,000.(e) For Fantasy sports operators with annual adjusted revenue, multiplied by the resident percentage, equal to or greater than $50,000 but less than $100,000.................................... $5,000.(f) For Fantasy sports operators with annual adjusted revenue, multiplied by the resident percentage, equal to or greater than $10,000 but less than $50,000...................................... $2,500.(g) For Fantasy sports operators with annual adjusted revenue, multiplied by the resident percentage, less than $10,000..................................... $1,000.(4) Payments will be accepted in the form of a check made payable to the Sports Wagering Council.(5) License fees are nonrefundable.Tenn. Comp. R. & Regs. 1350-05-.05
Emergency rules filed June 16, 2023 to become effective July 1, 2023; effective through December 28, 2023. New rules filed September 15, 2023; effective 12/14/2023.Authority: T.C.A. §§ 4-49-201, 4-49-208, and 4-49-212.