Section 1350-05-.07 - PLAYER ACCOUNT ACTIVITY(1) Amount of monthly deposits. No new player shall be permitted to deposit more than two thousand five hundred dollars ($2,500) of cash or a cash equivalent, per month with a Fantasy sports operator unless the player demonstrates that he or she should be entitled to increase his or her monthly deposit limits in accordance with these rules and the published rules of the Fantasy sports operator. (a) No player shall be granted an increase in his or her deposit limit prior to verification of their identity in accordance with these rules.(b) No player who is classified as a beginning player shall be allowed to request an increase in their deposit limit.(c) In order to be eligible for a deposit limit increase, a player must demonstrate, to the Fantasy sports operator's reasonable satisfaction, that he or she qualifies for an increase under policies and procedures established by the Fantasy sports operator, based on the player's annual income or net worth.(d) Fantasy sports operators shall establish and publish reasonable procedures for increasing a player's deposit limit, but in no circumstances shall such deposit limits be increased unless the player has an annual income of more than $150,000 (or $300,000 jointly with a spouse) or financial net worth greater than $500,000, calculated as follows: 1. Any individual whose net worth, or joint net worth with that individual's spouse, exceeds five hundred thousand dollars ($500,000).(i) For purposes of calculating net worth under this subsection, the individual's primary residence shall not be included as an asset;(ii) Indebtedness that is secured by the individual's primary residence, up to the estimated fair market value of the primary residence at the time of the request for account increase, shall not be included as a liability (except that the amount of such indebtedness outstanding at the time of the request for account increase exceeds the amount outstanding sixty (60) days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess shall be included as a liability); and(iii) Indebtedness that is secured by the individual's primary residence in excess of the estimated fair market value of the primary residence at the time of the request for account increase shall be included as a liability.2. Any individual who had an individual gross income in excess of one hundred fifty thousand dollars ($150,000) in each of the two (2) most recent years, or joint income with that individual's spouse in excess of three hundred thousand dollars ($300,000) in each of those years and has a reasonable expectation of reaching the same income level in the current year.(2) Enforcement of self-exclusion. A Fantasy sports operator must take all reasonable steps to immediately refuse service to or otherwise enact appropriate restrictions that prevent an individual who has set limitations in accordance with T.C.A. § 4-49-205(a)(12) from entering fantasy sports contests. These policies and procedures include, without limitation, the following:(a) The maintenance of a registry of those individuals who have self-imposed limitations on their account, including the name, address, and account details of individuals who have self-imposed restrictions on their account;(b) The closing of the player's account held by the individual who has self-excluded;(c) Employee training to ensure enforcement of these policies and procedures;(d) Provisions precluding an individual who has self-excluded from being allowed to again engage in fantasy sports contests until a reasonable amount of time of not less than thirty (30) days has passed since the individual self-excluded; and(e) Fantasy sports operators shall take all reasonable steps to prevent any marketing material from being sent to an individual who has self-excluded.(3) Recordkeeping requirements. The Fantasy sports operator shall maintain the following records, for a period of five (5) years, beginning with the date each player account was created, and make these records available for inspection at the request of the Sports Wagering Council or the Attorney General and Reporter:(a) The date of each fantasy sports contest played;(b) The classification of the player, i.e., Beginning or Highly Experienced;(c) The entry fee paid for each fantasy sports contest played;(d) The prize, if any, awarded for each fantasy sports contest played;(e) All deposits and withdrawals made from each account; and(f) The date and description of any self-imposed limitation taken by any player.Tenn. Comp. R. & Regs. 1350-05-.07
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, 4-49-203, and 4-49-212.